Banc Funds Co. LLC Cuts Stake in CNB Financial Co. (NASDAQ:CCNE)

Banc Funds Co. LLC reduced its holdings in CNB Financial Co. (NASDAQ:CCNE - Free Report) by 11.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 426,776 shares of the bank's stock after selling 54,800 shares during the period. Banc Funds Co. LLC owned about 2.03% of CNB Financial worth $10,610,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in CCNE. Geode Capital Management LLC raised its position in CNB Financial by 2.0% during the third quarter. Geode Capital Management LLC now owns 474,032 shares of the bank's stock worth $11,408,000 after acquiring an additional 9,359 shares during the period. American Century Companies Inc. lifted its stake in CNB Financial by 13.3% during the fourth quarter. American Century Companies Inc. now owns 455,640 shares of the bank's stock worth $11,327,000 after purchasing an additional 53,661 shares in the last quarter. State Street Corp boosted its holdings in CNB Financial by 2.2% during the 3rd quarter. State Street Corp now owns 424,579 shares of the bank's stock valued at $10,215,000 after acquiring an additional 8,942 shares during the period. JPMorgan Chase & Co. increased its stake in CNB Financial by 17.9% during the fourth quarter. JPMorgan Chase & Co. now owns 183,675 shares of the bank's stock worth $4,566,000 after purchasing an additional 27,874 shares during the period. Finally, Wealth Enhancement Advisory Services LLC boosted its stake in shares of CNB Financial by 19.8% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 150,309 shares of the bank's stock valued at $3,616,000 after purchasing an additional 24,883 shares during the period. 52.35% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Stephens assumed coverage on CNB Financial in a research report on Monday, April 14th. They issued an "overweight" rating and a $26.50 price target on the stock. StockNews.com lowered shares of CNB Financial from a "buy" rating to a "hold" rating in a research note on Friday, February 14th. Finally, Keefe, Bruyette & Woods reduced their target price on CNB Financial from $27.00 to $25.00 and set a "market perform" rating for the company in a report on Wednesday, April 16th.

CNB Financial Stock Performance

NASDAQ CCNE traded up $0.63 on Tuesday, hitting $21.78. 21,614 shares of the company's stock were exchanged, compared to its average volume of 58,235. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.95 and a quick ratio of 0.94. The firm's 50-day moving average price is $22.92 and its two-hundred day moving average price is $24.82. The firm has a market cap of $456.84 million, a price-to-earnings ratio of 9.15 and a beta of 0.53. CNB Financial Co. has a fifty-two week low of $18.60 and a fifty-two week high of $29.29.

CNB Financial (NASDAQ:CCNE - Get Free Report) last posted its quarterly earnings results on Monday, April 14th. The bank reported $0.57 earnings per share for the quarter, topping analysts' consensus estimates of $0.53 by $0.04. The business had revenue of $57.55 million for the quarter, compared to analysts' expectations of $54.05 million. CNB Financial had a net margin of 14.97% and a return on equity of 10.24%. On average, research analysts expect that CNB Financial Co. will post 2.04 EPS for the current year.

CNB Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Friday, February 28th were issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.31%. The ex-dividend date was Friday, February 28th. CNB Financial's dividend payout ratio is currently 30.90%.

CNB Financial 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.