CNB Bank Sells 1,526 Shares of CNB Financial Co. (NASDAQ:CCNE)

CNB Bank decreased its holdings in shares of CNB Financial Co. (NASDAQ:CCNE) by 0.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 166,257 shares of the bank’s stock after selling 1,526 shares during the quarter. CNB Financial comprises approximately 1.9% of CNB Bank’s investment portfolio, making the stock its 7th biggest holding. CNB Bank owned about 0.79% of CNB Financial worth $4,133,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Wealth Enhancement Advisory Services LLC boosted its holdings in CNB Financial by 19.8% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 150,309 shares of the bank’s stock worth $3,616,000 after buying an additional 24,883 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new stake in CNB Financial in the third quarter valued at approximately $640,000. Unison Advisors LLC bought a new position in shares of CNB Financial during the third quarter worth $692,000. Dimensional Fund Advisors LP grew its holdings in shares of CNB Financial by 2.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 944,685 shares of the bank’s stock valued at $19,280,000 after buying an additional 24,666 shares during the period. Finally, Franklin Resources Inc. increased its position in shares of CNB Financial by 95.1% in the 3rd quarter. Franklin Resources Inc. now owns 22,032 shares of the bank’s stock valued at $530,000 after buying an additional 10,737 shares in the last quarter. 52.35% of the stock is owned by institutional investors.

Analysts Set New Price Targets

CCNE has been the topic of several recent analyst reports. StockNews.com lowered CNB Financial from a “buy” rating to a “hold” rating in a report on Wednesday, October 30th. Keefe, Bruyette & Woods cut their price objective on CNB Financial from $30.00 to $28.00 and set a “market perform” rating on the stock in a report on Monday.

CNB Financial Stock Up 1.6 %

Shares of CCNE stock opened at $24.36 on Friday. The company has a market capitalization of $511.40 million, a price-to-earnings ratio of 10.41 and a beta of 0.71. CNB Financial Co. has a 12-month low of $17.74 and a 12-month high of $29.29. The firm has a fifty day moving average of $26.37 and a 200-day moving average of $24.63. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.19.

CNB Financial (NASDAQ:CCNE) last released its quarterly earnings results on Monday, October 21st. The bank reported $0.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.04. The firm had revenue of $94.21 million for the quarter, compared to the consensus estimate of $55.40 million. CNB Financial had a return on equity of 10.13% and a net margin of 14.90%. As a group, equities research analysts predict that CNB Financial Co. will post 2.3 earnings per share for the current fiscal year.

CNB Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Friday, November 29th were given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 2.96%. The ex-dividend date was Friday, November 29th. CNB Financial’s dividend payout ratio (DPR) is currently 30.77%.

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.