Thrivent Financial for Lutherans Boosts Stake in CNB Financial Co. (NASDAQ:CCNE)

Thrivent Financial for Lutherans increased its holdings in shares of CNB Financial Co. (NASDAQ:CCNE) by 11.5% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 46,851 shares of the bank’s stock after acquiring an additional 4,850 shares during the period. Thrivent Financial for Lutherans owned approximately 0.22% of CNB Financial worth $1,128,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Vanguard Group Inc. grew its holdings in CNB Financial by 1.5% in the first quarter. Vanguard Group Inc. now owns 1,052,624 shares of the bank’s stock valued at $21,463,000 after purchasing an additional 15,870 shares during the period. Bank of New York Mellon Corp grew its stake in CNB Financial by 3.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 132,168 shares of the bank’s stock valued at $2,698,000 after acquiring an additional 4,973 shares during the period. Acadian Asset Management LLC grew its stake in CNB Financial by 131.1% in the 2nd quarter. Acadian Asset Management LLC now owns 9,276 shares of the bank’s stock valued at $188,000 after acquiring an additional 5,263 shares during the period. American Century Companies Inc. increased its holdings in CNB Financial by 16.7% in the 2nd quarter. American Century Companies Inc. now owns 357,127 shares of the bank’s stock worth $7,289,000 after acquiring an additional 51,080 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its position in CNB Financial by 2.7% during the second quarter. Dimensional Fund Advisors LP now owns 944,685 shares of the bank’s stock worth $19,280,000 after acquiring an additional 24,666 shares during the period. Hedge funds and other institutional investors own 52.35% of the company’s stock.

Analyst Upgrades and Downgrades

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

CNB Financial Price Performance

Shares of CNB Financial stock opened at $27.91 on Monday. The stock has a market capitalization of $585.83 million, a P/E ratio of 11.93 and a beta of 0.68. The business has a 50 day simple moving average of $25.66 and a two-hundred day simple moving average of $23.20. CNB Financial Co. has a 12 month low of $17.74 and a 12 month high of $29.29. 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 (NASDAQ:CCNE) last posted its quarterly earnings data on Monday, October 21st. The bank reported $0.61 EPS for the quarter, beating the consensus estimate of $0.57 by $0.04. CNB Financial had a return on equity of 10.13% and a net margin of 14.90%. The firm had revenue of $94.21 million during the quarter, compared to the consensus estimate of $55.40 million. As a group, analysts predict that CNB Financial Co. will post 2.3 EPS for the current fiscal year.

CNB Financial Announces Dividend

The firm 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. This represents a $0.72 annualized dividend and a dividend yield of 2.58%. The ex-dividend date is Friday, November 29th. CNB Financial’s dividend payout ratio is currently 30.77%.

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.