Squarepoint Ops LLC Takes Position in CNB Financial Corporation $CCNE

Squarepoint Ops LLC purchased a new position in CNB Financial Corporation (NASDAQ:CCNE) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 26,742 shares of the bank’s stock, valued at approximately $611,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC raised its position in shares of CNB Financial by 46.8% in the second quarter. Tower Research Capital LLC TRC now owns 1,995 shares of the bank’s stock valued at $46,000 after buying an additional 636 shares during the last quarter. The Manufacturers Life Insurance Company purchased a new stake in CNB Financial during the 2nd quarter valued at about $215,000. Jump Financial LLC acquired a new stake in CNB Financial in the 1st quarter valued at about $238,000. Cubist Systematic Strategies LLC lifted its stake in CNB Financial by 20.7% in the 1st quarter. Cubist Systematic Strategies LLC now owns 10,713 shares of the bank’s stock worth $238,000 after purchasing an additional 1,834 shares in the last quarter. Finally, Quantinno Capital Management LP acquired a new position in shares of CNB Financial during the 2nd quarter worth approximately $260,000. 52.35% of the stock is owned by institutional investors and hedge funds.

CNB Financial Trading Down 1.0%

Shares of CNB Financial stock opened at $26.88 on Wednesday. The stock has a 50 day moving average of $25.50 and a 200 day moving average of $24.66. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.97 and a current ratio of 0.97. The firm has a market capitalization of $792.42 million, a price-to-earnings ratio of 13.51 and a beta of 0.74. CNB Financial Corporation has a fifty-two week low of $19.32 and a fifty-two week high of $28.04.

CNB Financial (NASDAQ:CCNE) last announced its quarterly earnings results on Thursday, October 30th. The bank reported $0.82 EPS for the quarter, beating the consensus estimate of $0.78 by $0.04. The business had revenue of $77.70 million for the quarter, compared to analyst estimates of $68.50 million. CNB Financial had a return on equity of 10.38% and a net margin of 11.92%. As a group, research analysts predict that CNB Financial Corporation will post 2.04 earnings per share for the current year.

CNB Financial Announces Dividend

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

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Wall Street Zen raised CNB Financial from a “hold” rating to a “buy” rating in a report on Saturday. Weiss Ratings reaffirmed a “hold (c)” rating on shares of CNB Financial in a research note on Monday. Finally, Janney Montgomery Scott raised shares of CNB Financial to a “strong-buy” rating in a research report on Wednesday, October 22nd. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $27.75.

CNB Financial Company 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.