Squarepoint Ops LLC Acquires Shares of 26,742 CNB Financial Corporation $CCNE

Squarepoint Ops LLC acquired a new stake in CNB Financial Corporation (NASDAQ:CCNE) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 26,742 shares of the bank’s stock, valued at approximately $611,000. Squarepoint Ops LLC owned about 0.09% of CNB Financial at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Davis Asset Management L.P. lifted its position in CNB Financial by 27.7% during the second quarter. Davis Asset Management L.P. now owns 894,033 shares of the bank’s stock valued at $20,438,000 after purchasing an additional 194,033 shares during the period. Hotchkis & Wiley Capital Management LLC lifted its holdings in shares of CNB Financial by 78.0% in the 1st quarter. Hotchkis & Wiley Capital Management LLC now owns 256,460 shares of the bank’s stock valued at $5,706,000 after buying an additional 112,370 shares during the period. Ameriprise Financial Inc. lifted its holdings in shares of CNB Financial by 16.1% in the 2nd quarter. Ameriprise Financial Inc. now owns 347,883 shares of the bank’s stock valued at $7,953,000 after buying an additional 48,326 shares during the period. American Century Companies Inc. boosted its stake in shares of CNB Financial by 10.5% in the first quarter. American Century Companies Inc. now owns 503,651 shares of the bank’s stock worth $11,206,000 after buying an additional 48,011 shares during the last quarter. Finally, Nuveen LLC acquired a new stake in CNB Financial during the first quarter worth about $1,024,000. Institutional investors and hedge funds own 52.35% of the company’s stock.

CNB Financial Stock Down 1.0%

CNB Financial stock opened at $26.88 on Wednesday. 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 stock has a market capitalization of $792.42 million, a PE ratio of 13.51 and a beta of 0.74. The business has a 50 day simple moving average of $25.50 and a 200-day simple moving average of $24.66. CNB Financial Corporation has a 12 month low of $19.32 and a 12 month high of $28.04.

CNB Financial (NASDAQ:CCNE) last released its quarterly earnings results on Thursday, October 30th. The bank reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.04. The firm had revenue of $77.70 million for the quarter, compared to analysts’ expectations of $68.50 million. CNB Financial had a net margin of 11.92% and a return on equity of 10.38%. On average, analysts anticipate that CNB Financial Corporation will post 2.04 EPS for the current fiscal year.

CNB Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, December 12th. Investors of record on Friday, November 28th were given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 2.7%. The ex-dividend date was Friday, November 28th. CNB Financial’s dividend payout ratio is 36.18%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on CCNE. Janney Montgomery Scott raised CNB Financial to a “strong-buy” rating in a report on Wednesday, October 22nd. Wall Street Zen upgraded shares of CNB Financial from a “hold” rating to a “buy” rating in a research note on Saturday. Finally, Weiss Ratings restated a “hold (c)” rating on shares of CNB Financial in a research report on Monday. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, CNB Financial has an average rating of “Moderate Buy” and a consensus price target of $27.75.

CNB Financial Profile

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.