Wealth Enhancement Advisory Services LLC Decreases Holdings in CNB Financial Corporation (NASDAQ:CCNE)

Wealth Enhancement Advisory Services LLC cut its position in CNB Financial Corporation (NASDAQ:CCNE - Free Report) by 17.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 120,539 shares of the bank's stock after selling 24,616 shares during the quarter. Wealth Enhancement Advisory Services LLC owned about 0.57% of CNB Financial worth $2,682,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the company. Bank of America Corp DE raised its stake in CNB Financial by 29.1% in the 4th quarter. Bank of America Corp DE now owns 33,554 shares of the bank's stock valued at $834,000 after acquiring an additional 7,559 shares during the period. Public Employees Retirement System of Ohio purchased a new position in shares of CNB Financial in the fourth quarter worth about $84,000. Dimensional Fund Advisors LP increased its stake in shares of CNB Financial by 3.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,011,205 shares of the bank's stock worth $25,139,000 after purchasing an additional 33,424 shares in the last quarter. Prudential Financial Inc. raised its position in shares of CNB Financial by 30.6% in the fourth quarter. Prudential Financial Inc. now owns 49,046 shares of the bank's stock valued at $1,219,000 after purchasing an additional 11,500 shares during the period. Finally, JPMorgan Chase & Co. raised its position in shares of CNB Financial by 17.9% in the fourth quarter. JPMorgan Chase & Co. now owns 183,675 shares of the bank's stock valued at $4,566,000 after purchasing an additional 27,874 shares during the period. 52.35% of the stock is currently owned by institutional investors.

CNB Financial Price Performance

Shares of CCNE stock traded up $0.84 on Tuesday, reaching $23.70. The company's stock had a trading volume of 121,722 shares, compared to its average volume of 63,093. The company has a market capitalization of $497.23 million, a P/E ratio of 10.17 and a beta of 0.64. CNB Financial Corporation has a 12-month low of $18.90 and a 12-month high of $29.29. The stock's 50 day simple moving average is $22.24 and its 200-day simple moving average is $23.32. 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 issued its quarterly earnings results 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. The firm had revenue of $57.55 million during the quarter, compared to the consensus estimate of $54.05 million. CNB Financial had a return on equity of 9.80% and a net margin of 14.50%. As a group, equities analysts predict that CNB Financial Corporation will post 2.04 earnings per share for the current fiscal year.

CNB Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 13th. Investors of record on Friday, May 30th were paid a $0.18 dividend. The ex-dividend date 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 presently 30.90%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Stephens initiated coverage on shares of CNB Financial in a report on Monday, April 14th. They set an "overweight" rating and a $26.50 target price on the stock. Keefe, Bruyette & Woods reduced their price target on CNB Financial from $27.00 to $25.00 and set a "market perform" rating for the company in a research report on Wednesday, April 16th.

About CNB Financial

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.