Bank of America Corp DE Increases Stake in CNB Financial Co. (NASDAQ:CCNE)

Bank of America Corp DE boosted its stake in CNB Financial Co. (NASDAQ:CCNE) by 29.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 33,554 shares of the bank’s stock after buying an additional 7,559 shares during the period. Bank of America Corp DE owned 0.16% of CNB Financial worth $834,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of CCNE. Rhumbline Advisers boosted its holdings in CNB Financial by 1.8% in the fourth quarter. Rhumbline Advisers now owns 31,557 shares of the bank’s stock worth $784,000 after acquiring an additional 565 shares in the last quarter. Tower Research Capital LLC TRC boosted its stake in CNB Financial by 618.8% in the 4th quarter. Tower Research Capital LLC TRC now owns 2,099 shares of the bank’s stock worth $52,000 after purchasing an additional 1,807 shares in the last quarter. Wells Fargo & Company MN grew its position in CNB Financial by 14.0% during the 4th quarter. Wells Fargo & Company MN now owns 16,299 shares of the bank’s stock valued at $405,000 after purchasing an additional 1,997 shares during the last quarter. Invesco Ltd. increased its stake in CNB Financial by 8.8% during the 4th quarter. Invesco Ltd. now owns 40,672 shares of the bank’s stock valued at $1,011,000 after purchasing an additional 3,281 shares in the last quarter. Finally, Empowered Funds LLC lifted its stake in shares of CNB Financial by 5.0% in the fourth quarter. Empowered Funds LLC now owns 72,406 shares of the bank’s stock worth $1,800,000 after buying an additional 3,450 shares in the last quarter. 52.35% of the stock is owned by institutional investors.

CNB Financial Trading Up 2.7%

Shares of CCNE stock opened at $21.98 on Monday. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.19. CNB Financial Co. has a 12-month low of $18.60 and a 12-month high of $29.29. The stock has a market capitalization of $461.12 million, a P/E ratio of 9.24 and a beta of 0.63. The firm’s 50 day moving average is $21.85 and its 200 day moving average is $23.95.

CNB Financial (NASDAQ:CCNE) last posted its quarterly earnings data on Monday, April 14th. The bank reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.53 by $0.04. The company had revenue of $57.55 million during the quarter, compared to analysts’ expectations of $54.05 million. CNB Financial had a return on equity of 10.24% and a net margin of 14.97%. Research analysts expect that CNB Financial Co. will post 2.04 earnings per share for the current year.

CNB Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 13th. Investors of record on Friday, May 30th will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.28%. The ex-dividend date is Friday, May 30th. CNB Financial’s payout ratio is 30.90%.

Wall Street Analysts Forecast Growth

CCNE has been the subject of a number of recent analyst reports. Wall Street Zen lowered shares of CNB Financial from a “buy” rating to a “hold” rating in a report on Friday, February 14th. Stephens initiated coverage on CNB Financial in a report on Monday, April 14th. They issued an “overweight” rating and a $26.50 target price for the company. Finally, Keefe, Bruyette & Woods lowered their price target on CNB Financial from $27.00 to $25.00 and set a “market perform” rating on the stock in a report on Wednesday, April 16th.

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.