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

Banc Funds Co. LLC decreased its position in CNB Financial Corporation (NASDAQ:CCNE) by 33.2% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 271,776 shares of the bank’s stock after selling 135,000 shares during the period. Banc Funds Co. LLC owned about 0.92% of CNB Financial worth $6,577,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Pinnacle Holdings LLC acquired a new stake in shares of CNB Financial during the 3rd quarter valued at about $1,213,000. American Century Companies Inc. increased its stake in shares of CNB Financial by 7.9% in the 2nd quarter. American Century Companies Inc. now owns 543,476 shares of the bank’s stock valued at $12,424,000 after purchasing an additional 39,825 shares in the last quarter. Squarepoint Ops LLC acquired a new position in CNB Financial in the 2nd quarter worth about $611,000. Oppenheimer & Close LLC acquired a new position in CNB Financial in the 3rd quarter worth about $1,782,000. Finally, Davis Asset Management L.P. boosted its position in CNB Financial by 27.7% during the second quarter. Davis Asset Management L.P. now owns 894,033 shares of the bank’s stock worth $20,438,000 after purchasing an additional 194,033 shares in the last quarter. Institutional investors and hedge funds own 52.35% of the company’s stock.

CNB Financial Stock Up 0.1%

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

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

CNB Financial Increases Dividend

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

Analysts Set New Price Targets

Several analysts have commented on CCNE shares. Wall Street Zen raised CNB Financial from a “hold” rating to a “buy” rating in a report on Saturday, February 21st. Weiss Ratings raised CNB Financial from a “hold (c)” rating to a “buy (b)” rating in a research note on Thursday. Finally, Stephens increased their target price on CNB Financial from $28.00 to $35.00 and gave the company an “overweight” rating in a research report on Wednesday, February 11th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $32.00.

About CNB Financial

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.