Pekin Hardy Strauss Inc. Lowers Stake in CNB Financial Co. (NASDAQ:CCNE)

Pekin Hardy Strauss Inc. decreased its holdings in shares of CNB Financial Co. (NASDAQ:CCNE) by 18.6% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 207,248 shares of the bank’s stock after selling 47,425 shares during the period. Pekin Hardy Strauss Inc. owned 0.99% of CNB Financial worth $4,986,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in CNB Financial by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 1,052,624 shares of the bank’s stock worth $21,463,000 after purchasing an additional 15,870 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of CNB Financial by 2.7% in the second quarter. Dimensional Fund Advisors LP now owns 944,685 shares of the bank’s stock worth $19,280,000 after buying an additional 24,666 shares in the last quarter. American Century Companies Inc. lifted its stake in shares of CNB Financial by 16.7% in the second quarter. American Century Companies Inc. now owns 357,127 shares of the bank’s stock worth $7,289,000 after buying an additional 51,080 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of CNB Financial by 3.9% during the second quarter. Bank of New York Mellon Corp now owns 132,168 shares of the bank’s stock valued at $2,698,000 after buying an additional 4,973 shares during the last quarter. Finally, Empowered Funds LLC increased its position in shares of CNB Financial by 5.3% during the third quarter. Empowered Funds LLC now owns 68,956 shares of the bank’s stock valued at $1,659,000 after acquiring an additional 3,484 shares in the last quarter. 52.35% of the stock is currently owned by hedge funds and other institutional investors.

CNB Financial Price Performance

NASDAQ CCNE opened at $28.13 on Friday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.94 and a current ratio of 0.95. The company has a market capitalization of $590.45 million, a price-to-earnings ratio of 12.02 and a beta of 0.68. The stock has a 50-day moving average of $25.32 and a 200 day moving average of $22.92. CNB Financial Co. has a one year low of $17.74 and a one year high of $29.29.

CNB Financial (NASDAQ:CCNE) last released its quarterly earnings data on Monday, October 21st. The bank reported $0.61 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.04. CNB Financial had a net margin of 14.90% and a return on equity of 10.13%. The firm had revenue of $94.21 million during the quarter, compared to analysts’ expectations of $55.40 million. On average, sell-side analysts forecast that CNB Financial Co. will post 2.3 EPS for the current year.

CNB Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be paid a $0.18 dividend. The ex-dividend date is Friday, November 29th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.56%. CNB Financial’s dividend payout ratio (DPR) is currently 30.77%.

Analyst Upgrades and Downgrades

Separately, StockNews.com downgraded CNB Financial from a “buy” rating to a “hold” rating in a research note on Wednesday, October 30th.

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.