CNB Financial Co. (NASDAQ:CCNE) Shares Purchased by Acadian Asset Management LLC

Acadian Asset Management LLC grew its holdings in shares of CNB Financial Co. (NASDAQ:CCNE) by 131.1% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 9,276 shares of the bank’s stock after acquiring an additional 5,263 shares during the period. Acadian Asset Management LLC’s holdings in CNB Financial were worth $188,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of CCNE. PNC Financial Services Group Inc. boosted its holdings in CNB Financial by 41.6% in the fourth quarter. PNC Financial Services Group Inc. now owns 8,841 shares of the bank’s stock valued at $200,000 after purchasing an additional 2,599 shares during the last quarter. Staley Capital Advisers Inc. purchased a new position in shares of CNB Financial during the 4th quarter valued at approximately $258,000. BNP Paribas Financial Markets grew its position in shares of CNB Financial by 21.0% during the fourth quarter. BNP Paribas Financial Markets now owns 17,043 shares of the bank’s stock worth $385,000 after buying an additional 2,957 shares in the last quarter. BHZ Capital Management LP increased its stake in shares of CNB Financial by 1.4% in the fourth quarter. BHZ Capital Management LP now owns 57,904 shares of the bank’s stock worth $1,308,000 after buying an additional 791 shares during the last quarter. Finally, Empowered Funds LLC raised its holdings in CNB Financial by 8.1% in the first quarter. Empowered Funds LLC now owns 60,792 shares of the bank’s stock valued at $1,240,000 after acquiring an additional 4,550 shares in the last quarter. 52.35% of the stock is owned by hedge funds and other institutional investors.

CNB Financial Trading Down 1.9 %

NASDAQ:CCNE opened at $24.83 on Friday. The company has a market cap of $521.53 million, a PE ratio of 10.43 and a beta of 0.69. The business’s 50 day moving average is $23.76 and its two-hundred day moving average is $21.06. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.20. CNB Financial Co. has a 52 week low of $17.45 and a 52 week high of $26.87.

CNB Financial (NASDAQ:CCNE) last announced its quarterly earnings data on Thursday, July 18th. The bank reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.05. CNB Financial had a return on equity of 10.37% and a net margin of 15.30%. The firm had revenue of $89.52 million for the quarter, compared to analysts’ expectations of $55.30 million. On average, analysts predict that CNB Financial Co. will post 2.25 EPS for the current year.

CNB Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Friday, August 30th were given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.90%. The ex-dividend date of this dividend was Friday, August 30th. This is an increase from CNB Financial’s previous quarterly dividend of $0.18. CNB Financial’s dividend payout ratio is currently 30.25%.

Analyst Ratings Changes

Separately, StockNews.com lowered shares of CNB Financial from a “buy” rating to a “hold” rating in a report on Wednesday, August 21st.

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.