Royce & Associates LP Has $9.01 Million Stock Position in CNB Financial Co. (NASDAQ:CCNE)

Royce & Associates LP cut its holdings in CNB Financial Co. (NASDAQ:CCNE) by 6.6% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 362,249 shares of the bank’s stock after selling 25,769 shares during the quarter. Royce & Associates LP’s holdings in CNB Financial were worth $9,006,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Empowered Funds LLC lifted its position in shares of CNB Financial by 5.3% during the 3rd quarter. Empowered Funds LLC now owns 68,956 shares of the bank’s stock valued at $1,659,000 after acquiring an additional 3,484 shares during the period. Thrivent Financial for Lutherans raised its holdings in shares of CNB Financial by 11.5% during the third quarter. Thrivent Financial for Lutherans now owns 46,851 shares of the bank’s stock valued at $1,128,000 after purchasing an additional 4,850 shares during the period. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of CNB Financial during the 3rd quarter worth about $640,000. Martingale Asset Management L P grew its stake in shares of CNB Financial by 1.6% in the 3rd quarter. Martingale Asset Management L P now owns 62,534 shares of the bank’s stock valued at $1,505,000 after buying an additional 1,013 shares during the period. Finally, PDT Partners LLC bought a new stake in CNB Financial in the 3rd quarter valued at about $221,000. 52.35% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on CCNE shares. StockNews.com lowered CNB Financial from a “buy” rating to a “hold” rating in a report on Friday, February 14th. Keefe, Bruyette & Woods decreased their price target on shares of CNB Financial from $30.00 to $28.00 and set a “market perform” rating for the company in a research note on Monday, January 13th.

CNB Financial Price Performance

CCNE stock opened at $22.54 on Wednesday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.94 and a current ratio of 0.95. The business has a 50-day simple moving average of $24.67 and a two-hundred day simple moving average of $25.21. The company has a market capitalization of $472.89 million, a P/E ratio of 9.47 and a beta of 0.65. CNB Financial Co. has a 52-week low of $17.74 and a 52-week high of $29.29.

CNB Financial (NASDAQ:CCNE) last announced its quarterly earnings results on Tuesday, January 28th. The bank reported $0.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.05. CNB Financial had a return on equity of 10.24% and a net margin of 14.97%. Research analysts expect that CNB Financial Co. will post 2.04 EPS for the current fiscal year.

CNB Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Friday, February 28th were issued a $0.18 dividend. The ex-dividend date of this dividend was Friday, February 28th. This represents a $0.72 annualized dividend and a dividend yield of 3.19%. CNB Financial’s dividend payout ratio is currently 30.25%.

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.