Pekin Hardy Strauss Inc. Sells 31,455 Shares of CNB Financial Corporation (NASDAQ:CCNE)

Pekin Hardy Strauss Inc. lowered its position in shares of CNB Financial Corporation (NASDAQ:CCNE - Free Report) by 42.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 41,874 shares of the bank's stock after selling 31,455 shares during the period. Pekin Hardy Strauss Inc. owned 0.20% of CNB Financial worth $932,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of CCNE. Dimensional Fund Advisors LP grew its stake in CNB Financial by 3.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,011,205 shares of the bank's stock worth $25,139,000 after buying an additional 33,424 shares in the last quarter. American Century Companies Inc. grew its stake in CNB Financial by 13.3% in the 4th quarter. American Century Companies Inc. now owns 455,640 shares of the bank's stock worth $11,327,000 after buying an additional 53,661 shares in the last quarter. Ameriprise Financial Inc. grew its stake in CNB Financial by 35.8% in the 4th quarter. Ameriprise Financial Inc. now owns 298,954 shares of the bank's stock worth $7,432,000 after buying an additional 78,874 shares in the last quarter. Northern Trust Corp grew its stake in CNB Financial by 2.2% in the 4th quarter. Northern Trust Corp now owns 206,990 shares of the bank's stock worth $5,146,000 after buying an additional 4,385 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its stake in CNB Financial by 17.9% in the 4th quarter. JPMorgan Chase & Co. now owns 183,675 shares of the bank's stock worth $4,566,000 after buying an additional 27,874 shares in the last quarter. Hedge funds and other institutional investors own 52.35% of the company's stock.

CNB Financial Trading Down 2.2%

Shares of CNB Financial stock traded down $0.54 during trading on Friday, reaching $23.68. The company's stock had a trading volume of 100,873 shares, compared to its average volume of 64,894. CNB Financial Corporation has a 52-week low of $19.32 and a 52-week high of $29.29. The company has a market cap of $496.81 million, a price-to-earnings ratio of 10.16 and a beta of 0.64. The firm's 50-day moving average is $22.58 and its two-hundred day moving average is $23.25. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.19.

CNB Financial (NASDAQ:CCNE - Get Free Report) last announced its quarterly earnings data on Monday, April 14th. The bank reported $0.57 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.53 by $0.04. CNB Financial had a net margin of 14.50% and a return on equity of 9.80%. The company had revenue of $57.55 million during the quarter, compared to analysts' expectations of $54.05 million. On average, sell-side analysts anticipate that CNB Financial Corporation will post 2.04 earnings per share for the current year.

CNB Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 13th. Investors of record on Friday, May 30th were issued a dividend of $0.18 per share. The ex-dividend date of this dividend was Friday, May 30th. This represents a $0.72 dividend on an annualized basis and a yield of 3.04%. CNB Financial's dividend payout ratio is currently 30.90%.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Keefe, Bruyette & Woods boosted their price target on shares of CNB Financial from $25.00 to $26.00 and gave the stock a "market perform" rating in a research note on Friday. Stephens assumed coverage on shares of CNB Financial in a research note on Monday, April 14th. They issued an "overweight" rating and a $26.50 price objective for the company.

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.