State Street Corp Acquires 8,942 Shares of CNB Financial Co. (NASDAQ:CCNE)

State Street Corp boosted its holdings in shares of CNB Financial Co. (NASDAQ:CCNE) by 2.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 424,579 shares of the bank’s stock after buying an additional 8,942 shares during the quarter. State Street Corp’s holdings in CNB Financial were worth $10,215,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Bank of New York Mellon Corp boosted its stake in shares of CNB Financial by 3.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 132,168 shares of the bank’s stock worth $2,698,000 after acquiring an additional 4,973 shares during the last quarter. Acadian Asset Management LLC raised its holdings in CNB Financial by 131.1% in the 2nd quarter. Acadian Asset Management LLC now owns 9,276 shares of the bank’s stock worth $188,000 after purchasing an additional 5,263 shares during the period. American Century Companies Inc. lifted its position in CNB Financial by 16.7% during the second quarter. American Century Companies Inc. now owns 357,127 shares of the bank’s stock valued at $7,289,000 after purchasing an additional 51,080 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in CNB Financial by 2.7% during the second quarter. Dimensional Fund Advisors LP now owns 944,685 shares of the bank’s stock valued at $19,280,000 after purchasing an additional 24,666 shares during the period. Finally, AQR Capital Management LLC increased its position in CNB Financial by 5.7% in the second quarter. AQR Capital Management LLC now owns 10,543 shares of the bank’s stock worth $215,000 after buying an additional 568 shares in the last quarter. 52.35% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on CCNE. Keefe, Bruyette & Woods lifted their price objective on CNB Financial from $27.00 to $30.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. StockNews.com lowered shares of CNB Financial from a “buy” rating to a “hold” rating in a research report on Wednesday, October 30th.

CNB Financial Price Performance

NASDAQ:CCNE opened at $25.35 on Friday. The business’s 50-day simple moving average is $26.83 and its two-hundred day simple moving average is $24.11. CNB Financial Co. has a 52 week low of $17.74 and a 52 week high of $29.29. The stock has a market cap of $532.20 million, a PE ratio of 10.83 and a beta of 0.70. 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 issued its 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. CNB Financial had a return on equity of 10.13% and a net margin of 14.90%. The company had revenue of $94.21 million for the quarter, compared to the consensus estimate of $55.40 million. As a group, analysts forecast that CNB Financial Co. will post 2.3 EPS for the current fiscal year.

CNB Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Friday, November 29th were given a dividend of $0.18 per share. The ex-dividend date of this dividend was Friday, November 29th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.84%. CNB Financial’s dividend payout ratio is 30.77%.

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.