Geode Capital Management LLC Acquires 9,359 Shares of CNB Financial Co. (NASDAQ:CCNE)

Geode Capital Management LLC raised its holdings in CNB Financial Co. (NASDAQ:CCNE) by 2.0% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 474,032 shares of the bank’s stock after purchasing an additional 9,359 shares during the period. Geode Capital Management LLC owned approximately 2.26% of CNB Financial worth $11,408,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. Hotchkis & Wiley Capital Management LLC boosted its stake in shares of CNB Financial by 0.3% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 143,790 shares of the bank’s stock valued at $3,460,000 after buying an additional 390 shares during the period. AQR Capital Management LLC lifted its position in shares of CNB Financial by 5.7% during the 2nd quarter. AQR Capital Management LLC now owns 10,543 shares of the bank’s stock valued at $215,000 after acquiring an additional 568 shares during the period. Martingale Asset Management L P grew its holdings in shares of CNB Financial by 1.6% during the 3rd quarter. Martingale Asset Management L P now owns 62,534 shares of the bank’s stock worth $1,505,000 after purchasing an additional 1,013 shares in the last quarter. Empowered Funds LLC increased its position in shares of CNB Financial by 5.3% in the third 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. Finally, Thrivent Financial for Lutherans increased its position in shares of CNB Financial by 11.5% in the third 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 during the period. Institutional investors and hedge funds own 52.35% of the company’s stock.

CNB Financial Stock Performance

NASDAQ:CCNE opened at $24.86 on Wednesday. The stock’s 50-day moving average is $26.85 and its 200-day moving average is $24.26. CNB Financial Co. has a 1-year low of $17.74 and a 1-year high of $29.29. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.19. The stock has a market cap of $521.91 million, a P/E ratio of 10.62 and a beta of 0.70.

CNB Financial (NASDAQ:CCNE) last posted its earnings results on Monday, October 21st. The bank reported $0.61 earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $55.40 million. Equities research analysts anticipate that CNB Financial Co. will post 2.3 earnings per share for the current year.

CNB Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Friday, November 29th were issued a $0.18 dividend. The ex-dividend date of this dividend was Friday, November 29th. This represents a $0.72 dividend on an annualized basis and a yield of 2.90%. CNB Financial’s payout ratio is 30.77%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. StockNews.com downgraded shares of CNB Financial from a “buy” rating to a “hold” rating in a research note on Wednesday, October 30th. Keefe, Bruyette & Woods increased their target price on shares of CNB Financial from $27.00 to $30.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th.

CNB Financial 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.