Summit Global Investments Makes New $247,000 Investment in CNB Financial Co. (NASDAQ:CCNE)

Summit Global Investments purchased a new stake in shares of CNB Financial Co. (NASDAQ:CCNE) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 9,949 shares of the bank’s stock, valued at approximately $247,000.

Several other hedge funds also recently modified their holdings of the company. Intech Investment Management LLC acquired a new position in CNB Financial during the fourth quarter worth about $203,000. SG Americas Securities LLC boosted its position in shares of CNB Financial by 17.4% during the 4th quarter. SG Americas Securities LLC now owns 8,808 shares of the bank’s stock valued at $219,000 after purchasing an additional 1,305 shares in the last quarter. PDT Partners LLC acquired a new position in shares of CNB Financial in the 3rd quarter worth approximately $221,000. Los Angeles Capital Management LLC bought a new stake in shares of CNB Financial in the 4th quarter worth approximately $285,000. Finally, Franklin Resources Inc. lifted its stake in CNB Financial by 95.1% during the third 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 during the last quarter. 52.35% of the stock is currently owned by institutional investors and hedge funds.

CNB Financial Stock Performance

Shares of CCNE opened at $22.59 on Wednesday. The company has a 50-day moving average of $24.56 and a two-hundred day moving average of $25.18. The stock has a market cap of $473.94 million, a price-to-earnings ratio of 9.49 and a beta of 0.65. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.95 and a quick ratio of 0.94. CNB Financial Co. has a one year low of $17.74 and a one year high of $29.29.

CNB Financial (NASDAQ:CCNE) last posted its quarterly earnings data on Tuesday, January 28th. The bank reported $0.66 EPS for the quarter, topping analysts’ consensus estimates of $0.61 by $0.05. CNB Financial had a net margin of 14.97% and a return on equity of 10.24%. On average, equities research analysts expect that CNB Financial Co. will post 2.04 earnings per share for the current year.

CNB Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Friday, February 28th were issued a dividend of $0.18 per share. The ex-dividend date was Friday, February 28th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.19%. CNB Financial’s dividend payout ratio is 30.25%.

Analysts Set New Price Targets

Several research firms have issued reports on CCNE. Keefe, Bruyette & Woods dropped their price target on CNB Financial from $30.00 to $28.00 and set a “market perform” rating on the stock in a report on Monday, January 13th. StockNews.com cut CNB Financial from a “buy” rating to a “hold” rating in a report on Friday, February 14th.

About CNB Financial

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.