Banc Funds Co. LLC Reduces Stock Position in CNB Financial Co. (NASDAQ:CCNE)

Banc Funds Co. LLC cut its holdings in CNB Financial Co. (NASDAQ:CCNE) by 3.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 481,576 shares of the bank’s stock after selling 15,612 shares during the quarter. Banc Funds Co. LLC owned approximately 2.29% of CNB Financial worth $11,587,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of CCNE. PDT Partners LLC purchased a new position in shares of CNB Financial during the third quarter valued at approximately $221,000. Martingale Asset Management L P boosted its holdings in CNB Financial by 1.6% in the third quarter. Martingale Asset Management L P now owns 62,534 shares of the bank’s stock valued at $1,505,000 after acquiring an additional 1,013 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new position in CNB Financial during the 3rd quarter valued at $640,000. Thrivent Financial for Lutherans raised its holdings in CNB Financial by 11.5% in the 3rd quarter. Thrivent Financial for Lutherans now owns 46,851 shares of the bank’s stock worth $1,128,000 after purchasing an additional 4,850 shares in the last quarter. Finally, Empowered Funds LLC lifted its position in shares of CNB Financial by 5.3% in the 3rd quarter. Empowered Funds LLC now owns 68,956 shares of the bank’s stock worth $1,659,000 after purchasing an additional 3,484 shares during the period. Hedge funds and other institutional investors own 52.35% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, StockNews.com cut shares of CNB Financial from a “buy” rating to a “hold” rating in a research report on Wednesday, October 30th.

CNB Financial Stock Down 0.5 %

Shares of NASDAQ:CCNE opened at $27.91 on Monday. The firm has a market capitalization of $585.83 million, a P/E ratio of 11.93 and a beta of 0.68. 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 stock has a 50 day moving average price of $25.66 and a 200-day moving average price of $23.20. CNB Financial Co. has a 52-week low of $17.74 and a 52-week high of $29.29.

CNB Financial (NASDAQ:CCNE) last posted its quarterly earnings data on Monday, October 21st. The bank reported $0.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.04. CNB Financial had a return on equity of 10.13% and a net margin of 14.90%. The business had revenue of $94.21 million during the quarter, compared to the consensus estimate of $55.40 million. As a group, equities research analysts anticipate that CNB Financial Co. will post 2.3 EPS for the current fiscal year.

CNB Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 2.58%. The ex-dividend date is Friday, November 29th. CNB Financial’s payout ratio is currently 30.77%.

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.