Thrivent Financial for Lutherans Sells 21,350 Shares of CNB Financial Corporation $CCNE

Thrivent Financial for Lutherans trimmed its position in CNB Financial Corporation (NASDAQ:CCNE) by 67.9% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 10,090 shares of the bank’s stock after selling 21,350 shares during the quarter. Thrivent Financial for Lutherans’ holdings in CNB Financial were worth $244,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. AQR Capital Management LLC raised its stake in CNB Financial by 201.7% in the first quarter. AQR Capital Management LLC now owns 43,890 shares of the bank’s stock valued at $977,000 after buying an additional 29,343 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in CNB Financial by 4.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,271 shares of the bank’s stock valued at $273,000 after acquiring an additional 546 shares during the period. Empowered Funds LLC lifted its holdings in CNB Financial by 7.4% during the 1st quarter. Empowered Funds LLC now owns 77,776 shares of the bank’s stock valued at $1,731,000 after purchasing an additional 5,370 shares during the last quarter. Jane Street Group LLC bought a new position in CNB Financial during the first quarter worth $714,000. Finally, Los Angeles Capital Management LLC increased its holdings in shares of CNB Financial by 104.6% in the second quarter. Los Angeles Capital Management LLC now owns 20,520 shares of the bank’s stock valued at $469,000 after purchasing an additional 10,490 shares during the last quarter. Institutional investors own 52.35% of the company’s stock.

CNB Financial Stock Down 1.2%

Shares of NASDAQ CCNE opened at $29.49 on Thursday. The stock has a market capitalization of $869.37 million, a P/E ratio of 12.14 and a beta of 0.73. The stock’s fifty day moving average is $27.52 and its 200 day moving average is $25.89. CNB Financial Corporation has a 52 week low of $19.32 and a 52 week high of $30.84. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.97 and a current ratio of 0.97.

CNB Financial (NASDAQ:CCNE) last announced its quarterly earnings data on Tuesday, January 27th. The bank reported $0.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.10. CNB Financial had a net margin of 15.29% and a return on equity of 11.83%. The firm had revenue of $87.16 million for the quarter, compared to the consensus estimate of $73.10 million. Sell-side analysts forecast that CNB Financial Corporation will post 2.04 earnings per share for the current fiscal year.

CNB Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Friday, February 27th will be issued a $0.19 dividend. The ex-dividend date of this dividend is Friday, February 27th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.6%. This is a boost from CNB Financial’s previous quarterly dividend of $0.18. CNB Financial’s dividend payout ratio (DPR) is 29.63%.

Analyst Upgrades and Downgrades

CCNE has been the subject of several research analyst reports. Stephens lifted their target price on shares of CNB Financial from $28.00 to $35.00 and gave the stock an “overweight” rating in a report on Wednesday, February 11th. Weiss Ratings restated a “hold (c)” rating on shares of CNB Financial in a report on Monday, December 29th. Janney Montgomery Scott upgraded CNB Financial to a “strong-buy” rating in a research note on Wednesday, October 22nd. Finally, Wall Street Zen cut CNB Financial from a “buy” rating to a “hold” rating in a report on Saturday, January 31st. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, CNB Financial currently has an average rating of “Moderate Buy” and an average price target of $32.00.

About CNB Financial

CNB Financial Corporation (NASDAQ: CCNE) is a bank holding company headquartered in Clearfield, Pennsylvania. The company operates through its wholly owned subsidiary, CNB Bank & Trust, providing a full suite of community banking services. With a focus on relationship-driven banking, CNB Financial seeks to serve individuals, small businesses and agricultural clients across central Pennsylvania.

The company’s core offerings include deposit products such as checking accounts, savings accounts, money market accounts and certificates of deposit.