Geode Capital Management LLC Boosts Stake in CNB Financial Corporation $CCNE

Geode Capital Management LLC raised its stake in shares of CNB Financial Corporation (NASDAQ:CCNE) by 5.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 506,116 shares of the bank’s stock after acquiring an additional 24,327 shares during the quarter. Geode Capital Management LLC’s holdings in CNB Financial were worth $11,572,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Blair William & Co. IL lifted its stake in shares of CNB Financial by 11.9% during the 1st quarter. Blair William & Co. IL now owns 9,508 shares of the bank’s stock worth $212,000 after purchasing an additional 1,008 shares during the last quarter. Jump Financial LLC bought a new position in CNB Financial in the first quarter worth about $238,000. Cubist Systematic Strategies LLC lifted its position in shares of 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 last quarter. Strs Ohio bought a new stake in shares of CNB Financial in the 1st quarter valued at about $263,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of CNB Financial by 4.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,271 shares of the bank’s stock valued at $273,000 after buying an additional 546 shares in the last quarter. 52.35% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of CNB Financial in a research note on Monday. Wall Street Zen downgraded CNB Financial from a “buy” rating to a “hold” rating in a research report on Sunday, November 16th. Finally, Janney Montgomery Scott upgraded CNB Financial to a “strong-buy” rating in a report on Wednesday, October 22nd. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $27.75.

CNB Financial Stock Down 0.3%

CCNE stock opened at $26.17 on Wednesday. The stock has a market capitalization of $771.49 million, a PE ratio of 13.15 and a beta of 0.74. CNB Financial Corporation has a 52 week low of $19.32 and a 52 week high of $28.30. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.13. The firm has a 50 day moving average of $24.62 and a 200 day moving average of $24.09.

CNB Financial (NASDAQ:CCNE) last issued its quarterly earnings results on Thursday, October 30th. The bank reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 net margin of 11.92% and a return on equity of 10.38%. Sell-side analysts forecast that CNB Financial Corporation will post 2.04 earnings per share for the current year.

CNB Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 12th. Investors of record on Friday, November 28th will be paid a $0.18 dividend. The ex-dividend date is Friday, November 28th. This represents a $0.72 dividend on an annualized basis and a yield of 2.8%. CNB Financial’s dividend payout ratio (DPR) is 36.18%.

CNB Financial Company 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.