Vanguard Group Inc. Boosts Stake in CNB Financial Corporation (CCNE)
Vanguard Group Inc. boosted its stake in CNB Financial Corporation (NASDAQ:CCNE) by 26.6% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 490,396 shares of the bank’s stock after buying an additional 102,942 shares during the period. Vanguard Group Inc. owned about 3.29% of CNB Financial Corporation worth $11,716,000 as of its most recent SEC filing.
Several other hedge funds have also recently modified their holdings of CCNE. Wellington Management Group LLP purchased a new stake in shares of CNB Financial Corporation during the first quarter valued at approximately $13,472,000. Emerald Mutual Fund Advisers Trust boosted its stake in shares of CNB Financial Corporation by 204.4% in the first quarter. Emerald Mutual Fund Advisers Trust now owns 153,402 shares of the bank’s stock valued at $3,665,000 after buying an additional 103,000 shares during the last quarter. LSV Asset Management boosted its stake in shares of CNB Financial Corporation by 29.3% in the first quarter. LSV Asset Management now owns 149,849 shares of the bank’s stock valued at $3,579,000 after buying an additional 33,955 shares during the last quarter. Stifel Financial Corp boosted its stake in shares of CNB Financial Corporation by 4.1% in the first quarter. Stifel Financial Corp now owns 184,547 shares of the bank’s stock valued at $4,413,000 after buying an additional 7,257 shares during the last quarter. Finally, SG Americas Securities LLC bought a new stake in shares of CNB Financial Corporation during the first quarter valued at about $169,000. Hedge funds and other institutional investors own 42.36% of the company’s stock.
Shares of CNB Financial Corporation (NASDAQ:CCNE) traded up 0.08% during mid-day trading on Thursday, reaching $24.37. The company’s stock had a trading volume of 2,730 shares. The firm has a market capitalization of $370.08 million, a P/E ratio of 14.66 and a beta of 0.84. CNB Financial Corporation has a 1-year low of $18.01 and a 1-year high of $28.43. The company’s 50-day moving average is $25.01 and its 200 day moving average is $24.08.
CNB Financial Corporation (NASDAQ:CCNE) last announced its quarterly earnings data on Friday, July 21st. The bank reported $0.44 EPS for the quarter, beating analysts’ consensus estimates of $0.32 by $0.12. CNB Financial Corporation had a return on equity of 10.92% and a net margin of 20.21%. The company had revenue of $28.08 million during the quarter, compared to the consensus estimate of $27.14 million. On average, analysts expect that CNB Financial Corporation will post $1.60 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 1st will be given a dividend of $0.165 per share. The ex-dividend date is Wednesday, August 30th. This represents a $0.66 dividend on an annualized basis and a dividend yield of 2.71%. CNB Financial Corporation’s dividend payout ratio (DPR) is presently 39.76%.
Several brokerages have issued reports on CCNE. BidaskClub cut CNB Financial Corporation from a “buy” rating to a “hold” rating in a report on Monday, July 31st. Zacks Investment Research upgraded CNB Financial Corporation from a “hold” rating to a “buy” rating and set a $28.00 target price for the company in a report on Monday, July 24th.
In other news, Director Dennis L. Merrey sold 2,000 shares of the stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $26.56, for a total transaction of $53,120.00. Following the completion of the sale, the director now owns 49,570 shares in the company, valued at approximately $1,316,579.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 4.40% of the stock is currently owned by corporate insiders.
About CNB Financial Corporation
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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