48,926 Shares in CNB Financial Corporation $CCNE Bought by Cresset Asset Management LLC

Key Points

• Cresset Asset Management LLC has acquired a new position in CNB Financial Corporation, purchasing 48,926 shares valued at approximately $1.09 million.
• CNB Financial recently declared a quarterly dividend of $0.18 per share, representing a 2.9% yield and a dividend payout ratio of 30.25%.
• CNB Financial's stock received a target price increase from Keefe, Bruyette & Woods, raising it to $29.00 with a consensus rating of "Moderate Buy".

Cresset Asset Management LLC bought a new stake in shares of CNB Financial Corporation (NASDAQ:CCNE - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 48,926 shares of the bank's stock, valued at approximately $1,089,000. Cresset Asset Management LLC owned approximately 0.23% of CNB Financial as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Bank of America Corp DE raised its position in CNB Financial by 29.1% during the 4th quarter. Bank of America Corp DE now owns 33,554 shares of the bank's stock valued at $834,000 after purchasing an additional 7,559 shares in the last quarter. Public Employees Retirement System of Ohio bought a new stake in CNB Financial during the 4th quarter valued at $84,000. Dimensional Fund Advisors LP raised its position in CNB Financial by 3.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,011,205 shares of the bank's stock valued at $25,139,000 after purchasing an additional 33,424 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position in CNB Financial by 22.5% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 60,461 shares of the bank's stock valued at $1,345,000 after purchasing an additional 11,112 shares in the last quarter. Finally, Blair William & Co. IL raised its position in CNB Financial by 11.9% during the 1st quarter. Blair William & Co. IL now owns 9,508 shares of the bank's stock valued at $212,000 after purchasing an additional 1,008 shares in the last quarter. 52.35% of the stock is owned by institutional investors.

CNB Financial Stock Up 0.6%

Shares of CCNE traded up $0.15 during trading hours on Wednesday, hitting $26.78. The company had a trading volume of 91,530 shares, compared to its average volume of 173,929. CNB Financial Corporation has a one year low of $19.32 and a one year high of $29.29. The company's fifty day moving average price is $23.83 and its two-hundred day moving average price is $23.08. 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 capitalization of $789.47 million, a PE ratio of 11.25 and a beta of 0.68.

CNB Financial (NASDAQ:CCNE - Get Free Report) last announced its earnings results on Tuesday, July 22nd. The bank reported $0.63 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $49.97 million. As a group, equities analysts forecast that CNB Financial Corporation will post 2.04 earnings per share for the current fiscal year.

CNB Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Friday, August 29th will be paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 2.7%. The ex-dividend date is Friday, August 29th. CNB Financial's payout ratio is 30.25%.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods boosted their price target on CNB Financial from $26.00 to $29.00 and gave the stock a "market perform" rating in a research report on Thursday, July 24th. One analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, CNB Financial currently has an average rating of "Moderate Buy" and an average price target of $27.75.

CNB Financial 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.