Connor Clark & Lunn Investment Management Ltd. Raises Stock Holdings in CNB Financial Corporation $CCNE

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its stake in CNB Financial Corporation by 22.5%, owning 60,461 shares valued at approximately $1.35 million.
• CNB Financial reported a quarterly earnings per share (EPS) of $0.63, beating the consensus estimate of $0.58, with revenue of $61.80 million.
• The company declared a quarterly dividend of $0.18, representing an annualized dividend of $0.72, with a dividend yield of 2.9%.

Connor Clark & Lunn Investment Management Ltd. increased its stake in CNB Financial Corporation (NASDAQ:CCNE - Free Report) by 22.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 60,461 shares of the bank's stock after acquiring an additional 11,112 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned about 0.29% of CNB Financial worth $1,345,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the stock. Tower Research Capital LLC TRC increased 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 during the period. Public Employees Retirement System of Ohio bought a new position in shares of CNB Financial in the fourth quarter worth approximately $84,000. Lazard Asset Management LLC purchased a new position in shares of CNB Financial in the fourth quarter worth $143,000. State of Tennessee Department of Treasury bought a new stake in CNB Financial during the 4th quarter valued at $196,000. Finally, Blair William & Co. IL boosted its position in CNB Financial by 11.9% during the 1st quarter. Blair William & Co. IL now owns 9,508 shares of the bank's stock valued at $212,000 after buying an additional 1,008 shares during the period. 52.35% of the stock is currently owned by hedge funds and other institutional investors.

CNB Financial Trading Down 0.2%

CCNE stock traded down $0.06 on Thursday, reaching $24.95. The company's stock had a trading volume of 102,007 shares, compared to its average volume of 186,969. The firm has a market cap of $735.53 million, a PE ratio of 10.48 and a beta of 0.68. The business has a fifty day simple moving average of $23.44 and a two-hundred day simple moving average of $23.07. CNB Financial Corporation has a 12-month low of $19.32 and a 12-month high of $29.29. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.94 and a current ratio of 0.94.

CNB Financial (NASDAQ:CCNE - Get Free Report) last issued its quarterly earnings data on Tuesday, July 22nd. The bank reported $0.63 EPS for the quarter, topping the consensus estimate of $0.58 by $0.05. CNB Financial had a net margin of 14.56% and a return on equity of 9.79%. The business had revenue of $61.80 million during the quarter, compared to analyst estimates of $49.97 million. As a group, research analysts forecast that CNB Financial Corporation will post 2.04 EPS for the current year.

CNB Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Friday, August 29th will be issued a $0.18 dividend. The ex-dividend date is Friday, August 29th. This represents a $0.72 annualized dividend and a yield of 2.9%. CNB Financial's dividend payout ratio (DPR) is 30.25%.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods boosted their price objective on shares of CNB Financial from $26.00 to $29.00 and gave the company a "market perform" rating in a research report on Thursday, July 24th. One research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $27.75.

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.