Arrowstreet Capital Limited Partnership Decreases Holdings in CNB Financial Co. (NASDAQ:CCNE)

Arrowstreet Capital Limited Partnership decreased its stake in CNB Financial Co. (NASDAQ:CCNE - Free Report) by 29.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 62,669 shares of the bank's stock after selling 26,377 shares during the period. Arrowstreet Capital Limited Partnership owned 0.30% of CNB Financial worth $1,558,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Intech Investment Management LLC bought a new position in CNB Financial during the 4th quarter worth approximately $203,000. SG Americas Securities LLC lifted its holdings in CNB Financial by 17.4% in the fourth quarter. SG Americas Securities LLC now owns 8,808 shares of the bank's stock valued at $219,000 after buying an additional 1,305 shares during the period. Summit Global Investments acquired a new stake in CNB Financial during the 4th quarter worth about $247,000. Los Angeles Capital Management LLC acquired a new position in shares of CNB Financial in the 4th quarter valued at about $285,000. Finally, Franklin Resources Inc. boosted its position in shares of CNB Financial by 95.1% during the 3rd quarter. Franklin Resources Inc. now owns 22,032 shares of the bank's stock valued at $530,000 after purchasing an additional 10,737 shares in the last quarter. 52.35% of the stock is owned by institutional investors and hedge funds.

CNB Financial Stock Down 1.2 %

NASDAQ:CCNE traded down $0.26 on Wednesday, hitting $20.59. The stock had a trading volume of 12,520 shares, compared to its average volume of 57,825. The firm's fifty day simple moving average is $23.32 and its two-hundred day simple moving average is $24.86. The stock has a market cap of $431.98 million, a P/E ratio of 8.65 and a beta of 0.53. CNB Financial Co. has a 1 year low of $17.74 and a 1 year high of $29.29. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.94 and a current ratio of 0.95.

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 the consensus estimate of $0.53 by $0.04. CNB Financial had a return on equity of 10.24% and a net margin of 14.97%. The company had revenue of $57.55 million during the quarter, compared to the consensus estimate of $54.05 million. Analysts predict that CNB Financial Co. will post 2.04 earnings per share for the current year.

CNB Financial Dividend Announcement

The company also recently declared 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 was Friday, February 28th. This represents a $0.72 annualized dividend and a dividend yield of 3.50%. CNB Financial's payout ratio is currently 30.90%.

Analysts Set New Price Targets

Several equities analysts have issued reports on CCNE shares. StockNews.com lowered CNB Financial from a "buy" rating to a "hold" rating in a research note on Friday, February 14th. Stephens initiated coverage on CNB Financial in a report on Monday. They issued an "overweight" rating and a $26.50 price target on the stock. Finally, Keefe, Bruyette & Woods lowered their target price on CNB Financial from $30.00 to $28.00 and set a "market perform" rating on the stock in a research report on Monday, January 13th.

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.