First Trust Advisors LP raised its position in CNB Financial Corp (NASDAQ:CCNE) by 16.0% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 43,936 shares of the bank’s stock after purchasing an additional 6,047 shares during the quarter. First Trust Advisors LP owned 0.29% of CNB Financial worth $1,268,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Maltese Capital Management LLC purchased a new stake in shares of CNB Financial during the second quarter worth $651,000. LSV Asset Management increased its position in shares of CNB Financial by 16.6% during the second quarter. LSV Asset Management now owns 172,649 shares of the bank’s stock worth $5,189,000 after acquiring an additional 24,600 shares during the period. Renaissance Technologies LLC increased its position in shares of CNB Financial by 8.1% during the second quarter. Renaissance Technologies LLC now owns 249,300 shares of the bank’s stock worth $7,494,000 after acquiring an additional 18,600 shares during the period. Northern Trust Corp increased its position in shares of CNB Financial by 40.5% during the second quarter. Northern Trust Corp now owns 262,367 shares of the bank’s stock worth $7,887,000 after acquiring an additional 75,580 shares during the period. Finally, Dimensional Fund Advisors LP increased its position in shares of CNB Financial by 8.3% during the second quarter. Dimensional Fund Advisors LP now owns 509,416 shares of the bank’s stock worth $15,314,000 after acquiring an additional 38,942 shares during the period. 43.90% of the stock is currently owned by institutional investors.
Shares of CCNE stock opened at $23.96 on Friday. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.95 and a quick ratio of 0.95. The firm has a market cap of $390.03 million, a P/E ratio of 13.54 and a beta of 0.76. CNB Financial Corp has a 12 month low of $23.71 and a 12 month high of $32.86.
CNB Financial (NASDAQ:CCNE) last issued its earnings results on Friday, October 19th. The bank reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.02. The firm had revenue of $32.81 million during the quarter, compared to the consensus estimate of $31.80 million. CNB Financial had a net margin of 19.33% and a return on equity of 12.58%. On average, sell-side analysts anticipate that CNB Financial Corp will post 2.24 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 14th. Investors of record on Friday, November 30th will be paid a dividend of $0.17 per share. The ex-dividend date is Thursday, November 29th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.84%. CNB Financial’s payout ratio is currently 38.42%.
A number of research firms have recently weighed in on CCNE. BidaskClub raised CNB Financial from a “sell” rating to a “hold” rating in a research report on Friday, August 24th. ValuEngine lowered CNB Financial from a “buy” rating to a “hold” rating in a research report on Wednesday, September 19th. Zacks Investment Research raised CNB Financial from a “hold” rating to a “buy” rating and set a $29.00 price objective on the stock in a research report on Wednesday, October 24th. Finally, Boenning Scattergood reiterated a “buy” rating on shares of CNB Financial in a research note on Monday, October 22nd. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and two have issued a buy rating to the company. CNB Financial currently has a consensus rating of “Hold” and a consensus price target of $31.17.
In other news, Director Francis X. Straub III bought 4,000 shares of the stock in a transaction that occurred on Monday, November 26th. The stock was purchased at an average price of $26.00 per share, for a total transaction of $104,000.00. Following the completion of the purchase, the director now owns 10,090 shares in the company, valued at approximately $262,340. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last quarter, insiders have purchased 4,179 shares of company stock valued at $109,352. Insiders own 4.20% of the company’s stock.
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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. It 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.
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