Hotchkis & Wiley Capital Management LLC Purchases 112,370 Shares of CNB Financial Corporation $CCNE

Key Points

• Hotchkis & Wiley Capital Management LLC increased its holdings in CNB Financial Corporation by 78.0%, owning 256,460 shares valued at approximately $5.7 million as of the latest SEC filing.
• CNB Financial's stock has an average price target of $27.75, with recent performance indicating a PE ratio of 10.99 and earnings per share of $0.63, which exceeded analyst expectations.
• The company also announced a quarterly dividend of $0.18, representing an annualized yield of 2.8%, payable on September 12th to shareholders on record by August 29th.

Hotchkis & Wiley Capital Management LLC boosted its stake in shares of CNB Financial Corporation (NASDAQ:CCNE - Free Report) by 78.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 256,460 shares of the bank's stock after acquiring an additional 112,370 shares during the quarter. Hotchkis & Wiley Capital Management LLC owned 1.22% of CNB Financial worth $5,706,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CCNE. Wells Fargo & Company MN increased its stake in shares of CNB Financial by 14.0% in the fourth quarter. Wells Fargo & Company MN now owns 16,299 shares of the bank's stock valued at $405,000 after buying an additional 1,997 shares in the last quarter. Invesco Ltd. increased its stake in shares of CNB Financial by 8.8% in the fourth quarter. Invesco Ltd. now owns 40,672 shares of the bank's stock valued at $1,011,000 after buying an additional 3,281 shares in the last quarter. Barclays PLC increased its stake in shares of CNB Financial by 13.8% in the fourth quarter. Barclays PLC now owns 31,333 shares of the bank's stock valued at $779,000 after buying an additional 3,805 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of CNB Financial by 3.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,011,205 shares of the bank's stock valued at $25,139,000 after buying an additional 33,424 shares in the last quarter. Finally, Tower Research Capital LLC TRC increased its stake in shares of CNB Financial by 618.8% in the fourth quarter. Tower Research Capital LLC TRC now owns 2,099 shares of the bank's stock valued at $52,000 after buying an additional 1,807 shares in the last quarter. 52.35% of the stock is currently owned by institutional investors and hedge funds.

CNB Financial Trading Down 0.8%

CCNE traded down $0.21 during midday trading on Friday, reaching $26.31. 97,487 shares of the company were exchanged, compared to its average volume of 152,635. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.94 and a current ratio of 0.94. CNB Financial Corporation has a one year low of $19.32 and a one year high of $29.29. The stock has a market capitalization of $775.62 million, a P/E ratio of 11.05 and a beta of 0.72. The stock's 50-day simple moving average is $24.01 and its 200 day simple moving average is $23.04.

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

CNB Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Friday, August 29th will be issued 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 is Friday, August 29th. CNB Financial's payout ratio is 30.25%.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods raised their target price on CNB Financial from $26.00 to $29.00 and gave the company a "market perform" rating in a research note on Thursday, July 24th. One analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price 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.