Royce & Associates LP trimmed its stake in CNB Financial Corp (NASDAQ:CCNE) by 0.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 721,138 shares of the bank’s stock after selling 4,025 shares during the period. Royce & Associates LP owned approximately 4.72% of CNB Financial worth $19,701,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Dimensional Fund Advisors LP grew its position in shares of CNB Financial by 5.2% in the 3rd quarter. Dimensional Fund Advisors LP now owns 400,203 shares of the bank’s stock valued at $10,934,000 after buying an additional 19,807 shares during the last quarter. Wells Fargo & Company MN grew its position in shares of CNB Financial by 53.0% in the 3rd quarter. Wells Fargo & Company MN now owns 17,103 shares of the bank’s stock valued at $468,000 after buying an additional 5,928 shares during the last quarter. SG Americas Securities LLC purchased a new position in shares of CNB Financial in the 3rd quarter valued at $208,000. Prudential Financial Inc. grew its position in shares of CNB Financial by 13.1% in the 3rd quarter. Prudential Financial Inc. now owns 45,400 shares of the bank’s stock valued at $1,240,000 after buying an additional 5,260 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System purchased a new position in shares of CNB Financial in the 3rd quarter valued at $215,000. 42.85% of the stock is currently owned by hedge funds and other institutional investors.
A number of research analysts recently commented on the stock. ValuEngine downgraded shares of CNB Financial from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, November 14th. Zacks Investment Research raised shares of CNB Financial from a “hold” rating to a “strong-buy” rating and set a $32.00 target price on the stock in a research report on Monday, October 23rd. Finally, Boenning Scattergood reaffirmed a “buy” rating on shares of CNB Financial in a research report on Friday, October 20th.
CNB Financial (NASDAQ:CCNE) last issued its quarterly earnings results on Thursday, October 19th. The bank reported $0.47 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.39 by $0.08. The firm had revenue of $28.55 million during the quarter, compared to analysts’ expectations of $28.52 million. CNB Financial had a net margin of 20.28% and a return on equity of 10.94%. research analysts predict that CNB Financial Corp will post 1.67 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, December 1st will be paid a dividend of $0.165 per share. This represents a $0.66 dividend on an annualized basis and a yield of 2.38%. The ex-dividend date of this dividend is Thursday, November 30th. CNB Financial’s dividend payout ratio is currently 39.05%.
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About CNB Financial
CNB Financial Corporation is a financial holding company. The Company is the holding company of CNB Bank (the Bank); CNB Securities Corporation, which maintains investments in debt and equity securities; CNB Insurance Agency, which provides for the sale of nonproprietary annuities and other insurance products, and Holiday Financial Services Corporation, which offers small balance unsecured loans and secured loans, primarily collateralized by automobiles and equipment.
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