Maltese Capital Management LLC Raises Position in CNB Financial Corporation $CCNE

Maltese Capital Management LLC boosted its position in CNB Financial Corporation (NASDAQ:CCNE) by 228.4% in the third quarter, HoldingsChannel reports. The firm owned 478,200 shares of the bank’s stock after buying an additional 332,600 shares during the quarter. CNB Financial accounts for about 1.7% of Maltese Capital Management LLC’s holdings, making the stock its 17th largest holding. Maltese Capital Management LLC’s holdings in CNB Financial were worth $11,572,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Peoples Financial Services CORP. purchased a new position in CNB Financial in the third quarter valued at about $28,000. Founders Capital Management bought a new stake in CNB Financial during the third quarter valued at approximately $31,000. Tower Research Capital LLC TRC grew its position in CNB Financial by 46.8% in the second quarter. Tower Research Capital LLC TRC now owns 1,995 shares of the bank’s stock worth $46,000 after acquiring an additional 636 shares in the last quarter. Russell Investments Group Ltd. increased its position in shares of CNB Financial by 16,173.3% during the 3rd quarter. Russell Investments Group Ltd. now owns 2,441 shares of the bank’s stock valued at $59,000 after purchasing an additional 2,426 shares during the last quarter. Finally, Legal & General Group Plc raised its stake in shares of CNB Financial by 35.5% during the third quarter. Legal & General Group Plc now owns 2,590 shares of the bank’s stock worth $63,000 after acquiring an additional 679 shares in the last quarter. Institutional investors own 52.35% of the company’s stock.

CNB Financial Stock Performance

CCNE opened at $27.42 on Tuesday. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.97 and a quick ratio of 0.97. The company has a 50 day simple moving average of $27.99 and a two-hundred day simple moving average of $26.38. The firm has a market cap of $808.34 million, a P/E ratio of 11.28 and a beta of 0.71. CNB Financial Corporation has a 1-year low of $19.32 and a 1-year high of $30.84.

CNB Financial (NASDAQ:CCNE) last announced its quarterly earnings data on Tuesday, January 27th. The bank reported $0.87 EPS for the quarter, beating the consensus estimate of $0.77 by $0.10. CNB Financial had a return on equity of 11.10% and a net margin of 15.29%.The business had revenue of $87.16 million for the quarter, compared to the consensus estimate of $73.10 million. Equities analysts forecast that CNB Financial Corporation will post 2.04 earnings per share for the current fiscal year.

CNB Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 13th. Stockholders of record on Friday, February 27th were issued a $0.19 dividend. This represents a $0.76 annualized dividend and a dividend yield of 2.8%. This is a positive change from CNB Financial’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend was Friday, February 27th. CNB Financial’s payout ratio is presently 31.28%.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. Weiss Ratings upgraded shares of CNB Financial from a “hold (c)” rating to a “buy (b)” rating in a report on Thursday. Stephens raised their price objective on shares of CNB Financial from $28.00 to $35.00 and gave the company an “overweight” rating in a research note on Wednesday, February 11th. Finally, Wall Street Zen upgraded shares of CNB Financial from a “hold” rating to a “buy” rating in a report on Saturday, February 21st. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $32.00.

About CNB Financial

CNB Financial Corporation (NASDAQ: CCNE) is a bank holding company headquartered in Clearfield, Pennsylvania. The company operates through its wholly owned subsidiary, CNB Bank & Trust, providing a full suite of community banking services. With a focus on relationship-driven banking, CNB Financial seeks to serve individuals, small businesses and agricultural clients across central Pennsylvania.

The company’s core offerings include deposit products such as checking accounts, savings accounts, money market accounts and certificates of deposit.