FJ Capital Management LLC Buys New Position in CNB Financial Corporation $CCNE

Key Points

• FJ Capital Management LLC has acquired a stake in CNB Financial Corporation, purchasing 13,910 shares valued at approximately $309,000, reflecting a growing interest from institutional investors in the bank.
• CNB Financial reported earnings of $0.63 per share for the last quarter, exceeding analysts' expectations, with revenue significantly up at $61.80 million compared to the estimate of $49.97 million.
• The company has declared a quarterly dividend of $0.18 per share, which will be paid on September 12th, representing a 2.7% dividend yield and a payout ratio of 30.25%.

FJ Capital Management LLC purchased a new stake in shares of CNB Financial Corporation (NASDAQ:CCNE - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 13,910 shares of the bank's stock, valued at approximately $309,000. FJ Capital Management LLC owned 0.07% of CNB Financial at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the business. Cubist Systematic Strategies LLC raised its position in CNB Financial by 20.7% during the first quarter. Cubist Systematic Strategies LLC now owns 10,713 shares of the bank's stock valued at $238,000 after buying an additional 1,834 shares during the period. Trexquant Investment LP raised its position in CNB Financial by 24.1% during the first quarter. Trexquant Investment LP now owns 33,899 shares of the bank's stock valued at $754,000 after buying an additional 6,580 shares during the period. Jump Financial LLC acquired a new position in CNB Financial during the first quarter valued at $238,000. Hotchkis & Wiley Capital Management LLC raised its position in CNB Financial by 78.0% during the first 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. Finally, Hsbc Holdings PLC increased its position in CNB Financial by 34.8% in the 1st quarter. Hsbc Holdings PLC now owns 21,205 shares of the bank's stock worth $473,000 after purchasing an additional 5,479 shares during the last quarter. 52.35% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods upped their target price 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 investment analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $27.75.

CNB Financial Stock Down 1.0%

Shares of NASDAQ CCNE traded down $0.26 during mid-day trading on Friday, reaching $26.05. 87,552 shares of the company traded hands, compared to its average volume of 144,498. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.94 and a current ratio of 0.94. The stock has a market cap of $767.95 million, a PE ratio of 10.95 and a beta of 0.72. The company's fifty day moving average is $24.36 and its two-hundred day moving average is $23.08. CNB Financial Corporation has a fifty-two week low of $19.32 and a fifty-two week high of $29.29.

CNB Financial (NASDAQ:CCNE - Get Free Report) last issued its quarterly earnings data on Tuesday, July 22nd. The bank reported $0.63 EPS for the quarter, beating analysts' consensus estimates of $0.58 by $0.05. The business had revenue of $61.80 million for the quarter, compared to analyst estimates of $49.97 million. CNB Financial had a return on equity of 9.79% and a net margin of 14.56%. On average, analysts expect that CNB Financial Corporation will post 2.04 earnings per share for the current 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. The ex-dividend date is Friday, August 29th. This represents a $0.72 annualized dividend and a yield of 2.8%. CNB Financial's dividend payout ratio is presently 30.25%.

About CNB Financial

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.