FJ Capital Management LLC Takes Position in CNB Financial Corporation $CCNE

FJ Capital Management LLC acquired a new stake in CNB Financial Corporation (NASDAQ:CCNE) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 13,910 shares of the bank’s stock, valued at approximately $309,000. FJ Capital Management LLC owned 0.07% of CNB Financial as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in CCNE. Hotchkis & Wiley Capital Management LLC grew its position in shares of CNB Financial by 78.0% in the first quarter. Hotchkis & Wiley Capital Management LLC now owns 256,460 shares of the bank’s stock valued at $5,706,000 after purchasing an additional 112,370 shares during the period. Segall Bryant & Hamill LLC purchased a new stake in shares of CNB Financial in the first quarter valued at $2,158,000. Stieven Capital Advisors L.P. grew its position in shares of CNB Financial by 37.4% in the first quarter. Stieven Capital Advisors L.P. now owns 291,390 shares of the bank’s stock valued at $6,483,000 after purchasing an additional 79,312 shares during the period. Ameriprise Financial Inc. grew its position in shares of CNB Financial by 35.8% in the fourth quarter. Ameriprise Financial Inc. now owns 298,954 shares of the bank’s stock valued at $7,432,000 after purchasing an additional 78,874 shares during the period. Finally, Cresset Asset Management LLC purchased a new stake in shares of CNB Financial in the first quarter valued at $1,089,000. Hedge funds and other institutional investors own 52.35% of the company’s stock.

CNB Financial Price Performance

CCNE stock opened at $26.31 on Monday. The stock has a 50-day moving average price of $24.01 and a two-hundred day moving average price of $23.04. CNB Financial Corporation has a 12-month low of $19.32 and a 12-month high of $29.29. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.18. The company has a market cap of $775.62 million, a PE ratio of 11.05 and a beta of 0.72.

CNB Financial (NASDAQ:CCNE) last posted its quarterly earnings results on Tuesday, July 22nd. The bank reported $0.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.58 by $0.05. CNB Financial had a return on equity of 9.79% and a net margin of 14.56%.The firm had revenue of $61.80 million during the quarter, compared to the consensus estimate of $49.97 million. As a group, research analysts predict that CNB Financial Corporation will post 2.04 EPS for the current year.

CNB Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Friday, August 29th will be given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend is Friday, August 29th. CNB Financial’s payout ratio is 30.25%.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods lifted their price objective on CNB Financial from $26.00 to $29.00 and gave the company a “market perform” rating in a research report on Thursday, July 24th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, CNB Financial presently has a consensus rating of “Moderate Buy” and an average price target of $27.75.

CNB Financial Company Profile

CNB Financial Corporation operates as the bank holding company for CNB Bank that provides a range of banking products and services for individual, business, governmental, and institutional customers. The company accepts checking, savings, and time deposit accounts; and offers real estate, commercial, industrial, residential, and consumer loans, as well as various other specialized financial services.