Geode Capital Management LLC Has $11.41 Million Stake in CNB Financial Co. (NASDAQ:CCNE)

Geode Capital Management LLC increased its position in CNB Financial Co. (NASDAQ:CCNE) by 2.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 474,032 shares of the bank’s stock after buying an additional 9,359 shares during the period. Geode Capital Management LLC’s holdings in CNB Financial were worth $11,408,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. SG Americas Securities LLC acquired a new stake in CNB Financial in the third quarter valued at approximately $181,000. Acadian Asset Management LLC lifted its holdings in shares of 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 in the last quarter. AQR Capital Management LLC grew its position in CNB Financial by 5.7% in the 2nd quarter. AQR Capital Management LLC now owns 10,543 shares of the bank’s stock valued at $215,000 after purchasing an additional 568 shares during the period. PDT Partners LLC acquired a new position in CNB Financial during the third quarter worth $221,000. Finally, Beese Fulmer Investment Management Inc. acquired a new position in CNB Financial during the third quarter worth $226,000. 52.35% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. StockNews.com downgraded shares of CNB Financial from a “buy” rating to a “hold” rating in a research report on Wednesday, October 30th. Keefe, Bruyette & Woods boosted their price objective on CNB Financial from $27.00 to $30.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th.

CNB Financial Price Performance

Shares of NASDAQ:CCNE opened at $24.86 on Wednesday. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.19. The stock has a market cap of $521.91 million, a PE ratio of 10.62 and a beta of 0.70. The stock’s fifty day simple moving average is $26.85 and its two-hundred day simple moving average is $24.26. CNB Financial Co. has a 1-year low of $17.74 and a 1-year high of $29.29.

CNB Financial (NASDAQ:CCNE) last released its quarterly earnings results on Monday, October 21st. The bank reported $0.61 earnings per share for the quarter, beating analysts’ consensus estimates of $0.57 by $0.04. CNB Financial had a net margin of 14.90% and a return on equity of 10.13%. The company had revenue of $94.21 million for the quarter, compared to analyst estimates 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 firm also recently announced a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Friday, November 29th were issued a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 2.90%. The ex-dividend date of this dividend was Friday, November 29th. CNB Financial’s dividend payout ratio is presently 30.77%.

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. 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.