CNB Financial Corporation $CCNE Shares Sold by Banc Funds Co. LLC

Banc Funds Co. LLC decreased its holdings in shares of CNB Financial Corporation (NASDAQ:CCNE) by 33.2% in the third quarter, Holdings Channel.com reports. The institutional investor owned 271,776 shares of the bank’s stock after selling 135,000 shares during the quarter. Banc Funds Co. LLC’s holdings in CNB Financial were worth $6,577,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Wellington Management Group LLP lifted its stake in shares of CNB Financial by 116.1% in the third quarter. Wellington Management Group LLP now owns 1,876,033 shares of the bank’s stock worth $45,400,000 after buying an additional 1,007,751 shares in the last quarter. Vanguard Group Inc. grew its stake in CNB Financial by 38.3% during the 3rd quarter. Vanguard Group Inc. now owns 1,572,656 shares of the bank’s stock valued at $38,058,000 after acquiring an additional 435,300 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in CNB Financial by 37.8% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,480,034 shares of the bank’s stock valued at $35,817,000 after acquiring an additional 406,167 shares during the last quarter. Davis Asset Management L.P. raised its holdings in CNB Financial by 27.7% in the 2nd quarter. Davis Asset Management L.P. now owns 894,033 shares of the bank’s stock valued at $20,438,000 after acquiring an additional 194,033 shares during the last quarter. Finally, American Century Companies Inc. lifted its stake in CNB Financial by 11.4% in the 3rd quarter. American Century Companies Inc. now owns 605,374 shares of the bank’s stock worth $14,650,000 after purchasing an additional 61,898 shares in the last quarter. 52.35% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CCNE has been the topic of several recent research reports. Weiss Ratings upgraded CNB Financial from a “hold (c)” rating to a “buy (b)” rating in a report on Thursday. Wall Street Zen upgraded CNB Financial from a “hold” rating to a “buy” rating in a research report on Saturday, February 21st. Finally, Stephens increased their price target on CNB Financial from $28.00 to $35.00 and gave the company an “overweight” rating in a report on Wednesday, February 11th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, CNB Financial currently has an average rating of “Buy” and an average target price of $32.00.

CNB Financial Trading Up 0.1%

Shares of CCNE opened at $27.13 on Friday. CNB Financial Corporation has a 12-month low of $19.32 and a 12-month high of $30.84. The firm has a market capitalization of $799.79 million, a P/E ratio of 11.16 and a beta of 0.71. The firm has a 50-day moving average price of $27.96 and a 200 day moving average price of $26.37. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.13.

CNB Financial (NASDAQ:CCNE) last issued its earnings results on Tuesday, January 27th. The bank reported $0.87 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.10. The company had revenue of $87.16 million for the quarter, compared to the consensus estimate of $73.10 million. CNB Financial had a net margin of 15.29% and a return on equity of 11.83%. Sell-side analysts forecast that CNB Financial Corporation will post 2.04 EPS for the current year.

CNB Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 13th. Stockholders of record on Friday, February 27th were given a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend was Friday, February 27th. This is a boost from CNB Financial’s previous quarterly dividend of $0.18. CNB Financial’s dividend payout ratio is presently 31.28%.

CNB Financial Company Profile

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.