Brandywine Global Investment Management LLC lifted its position in shares of CNB Financial Corporation (NASDAQ:CCNE) by 38.7% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,952 shares of the bank’s stock after purchasing an additional 1,382 shares during the quarter. Brandywine Global Investment Management LLC’s holdings in CNB Financial Corporation were worth $119,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CCNE. SG Americas Securities LLC bought a new stake in CNB Financial Corporation in the first quarter worth $169,000. American International Group Inc. raised its stake in shares of CNB Financial Corporation by 7.4% in the first quarter. American International Group Inc. now owns 8,543 shares of the bank’s stock worth $204,000 after purchasing an additional 585 shares during the last quarter. KCG Holdings Inc. purchased a new position in shares of CNB Financial Corporation in the first quarter worth $215,000. Alliancebernstein L.P. raised its stake in shares of CNB Financial Corporation by 4.8% in the first quarter. Alliancebernstein L.P. now owns 10,940 shares of the bank’s stock worth $261,000 after purchasing an additional 500 shares during the last quarter. Finally, Wells Fargo & Company MN raised its stake in shares of CNB Financial Corporation by 2.0% in the second quarter. Wells Fargo & Company MN now owns 11,175 shares of the bank’s stock worth $268,000 after purchasing an additional 217 shares during the last quarter. Institutional investors own 42.36% of the company’s stock.
In other CNB Financial Corporation news, Director Dennis L. Merrey sold 2,000 shares of the stock in a transaction dated Wednesday, August 2nd. The shares were sold at an average price of $26.56, for a total value of $53,120.00. Following the completion of the transaction, the director now directly owns 49,570 shares of the company’s stock, valued at $1,316,579.20. The sale was disclosed in a filing with the SEC, which is available at this link. 4.40% of the stock is owned by company insiders.
Shares of CNB Financial Corporation (NASDAQ CCNE) opened at 28.31 on Friday. CNB Financial Corporation has a one year low of $18.01 and a one year high of $28.57. The stock has a market capitalization of $429.92 million, a P/E ratio of 17.03 and a beta of 0.87. The stock has a 50 day moving average price of $26.09 and a 200 day moving average price of $24.48.
CNB Financial Corporation (NASDAQ:CCNE) last posted its earnings results on Friday, July 21st. The bank reported $0.44 EPS for the quarter, beating the consensus estimate of $0.32 by $0.12. The firm had revenue of $28.08 million for the quarter, compared to analyst estimates of $27.14 million. CNB Financial Corporation had a return on equity of 10.92% and a net margin of 20.21%. Equities analysts forecast that CNB Financial Corporation will post $1.60 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Friday, September 1st were given a $0.165 dividend. The ex-dividend date was Wednesday, August 30th. This represents a $0.66 dividend on an annualized basis and a yield of 2.33%. CNB Financial Corporation’s payout ratio is currently 39.76%.
CCNE has been the subject of a number of analyst reports. Zacks Investment Research cut CNB Financial Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, September 19th. BidaskClub lowered CNB Financial Corporation from a “buy” rating to a “hold” rating in a research note on Monday, July 31st.
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CNB Financial Corporation Profile
CNB Financial Corporation is a financial holding company. The Company is the holding company of CNB Bank (the Bank); CNB Securities Corporation, which maintains investments in debt and equity securities; CNB Insurance Agency, which provides for the sale of nonproprietary annuities and other insurance products, and Holiday Financial Services Corporation, which offers small balance unsecured loans and secured loans, primarily collateralized by automobiles and equipment.
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