Royce & Associates LP Has $6.86 Million Stake in CNB Financial Corporation $CCNE

by · The Cerbat Gem

Royce & Associates LP trimmed its stake in shares of CNB Financial Corporation (NASDAQ:CCNE – Free Report) by 22.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 262,180 shares of the bank’s stock after selling 75,423 shares during the period. Royce & Associates LP’s holdings in CNB Financial were worth $6,861,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Wellington Management Group LLP raised its holdings in shares of CNB Financial by 116.1% during the third quarter. Wellington Management Group LLP now owns 1,876,033 shares of the bank’s stock worth $45,400,000 after acquiring an additional 1,007,751 shares during the period. Vanguard Group Inc. raised its holdings in shares of CNB Financial by 38.3% during the third quarter. Vanguard Group Inc. now owns 1,572,656 shares of the bank’s stock worth $38,058,000 after acquiring an additional 435,300 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of CNB Financial by 37.8% during the third quarter. Dimensional Fund Advisors LP now owns 1,480,034 shares of the bank’s stock worth $35,817,000 after acquiring an additional 406,167 shares during the period. American Century Companies Inc. raised its holdings in shares of CNB Financial by 11.4% during the third quarter. American Century Companies Inc. now owns 605,374 shares of the bank’s stock worth $14,650,000 after acquiring an additional 61,898 shares during the period. Finally, Maltese Capital Management LLC raised its holdings in shares of CNB Financial by 228.4% during the third quarter. Maltese Capital Management LLC now owns 478,200 shares of the bank’s stock worth $11,572,000 after acquiring an additional 332,600 shares during the period. 52.35% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on CCNE. Stephens lifted their price target on shares of CNB Financial from $28.00 to $35.00 and gave the company an “overweight” rating in a research note on Wednesday, February 11th. Wall Street Zen lowered shares of CNB Financial from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. Keefe, Bruyette & Woods lifted their price target on shares of CNB Financial from $30.00 to $34.00 and gave the company a “market perform” rating in a research note on Tuesday, April 21st. Weiss Ratings upgraded shares of CNB Financial from a “hold (c)” rating to a “buy (b)” rating in a research note on Thursday, March 12th. Finally, DA Davidson began coverage on shares of CNB Financial in a research note on Friday, May 15th. They issued a “neutral” rating and a $34.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $34.33.

View Our Latest Research Report on CNB Financial

CNB Financial Price Performance

Shares of CCNE stock opened at $30.80 on Friday. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.13. CNB Financial Corporation has a 1 year low of $21.19 and a 1 year high of $31.80. The firm’s fifty day moving average price is $30.05 and its two-hundred day moving average price is $28.20. The firm has a market capitalization of $912.60 million, a P/E ratio of 10.96 and a beta of 0.65.

CNB Financial (NASDAQ:CCNE – Get Free Report) last issued its quarterly earnings results on Monday, April 20th. The bank reported $0.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.82 by $0.06. CNB Financial had a net margin of 17.62% and a return on equity of 12.14%. The firm had revenue of $83.32 million for the quarter, compared to analyst estimates of $79.35 million. On average, equities analysts predict that CNB Financial Corporation will post 3.53 EPS for the current fiscal year.

CNB Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Monday, June 1st will be given a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend is Monday, June 1st. CNB Financial’s dividend payout ratio (DPR) is 27.05%.

About CNB Financial

(Free Report)

CNB Financial Corporation (NASDAQ: CCNE) is a bank holding company headquartered in Clearfield, Pennsylvania. The company operates through its wholly owned subsidiary, CNB Bank & Trust, providing a full suite of community banking services. With a focus on relationship-driven banking, CNB Financial seeks to serve individuals, small businesses and agricultural clients across central Pennsylvania.

The company’s core offerings include deposit products such as checking accounts, savings accounts, money market accounts and certificates of deposit.

See Also

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