GAMMA Investing LLC Acquires 15,662 Shares of CNB Financial Corporation (NASDAQ:CCNE)

GAMMA Investing LLC grew its stake in CNB Financial Corporation (NASDAQ:CCNE - Free Report) by 13,860.2% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,775 shares of the bank's stock after purchasing an additional 15,662 shares during the quarter. GAMMA Investing LLC owned approximately 0.08% of CNB Financial worth $351,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of CCNE. Wealth Enhancement Advisory Services LLC lifted its stake in CNB Financial by 15.7% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 145,155 shares of the bank's stock valued at $3,609,000 after acquiring an additional 19,729 shares in the last quarter. Public Employees Retirement System of Ohio bought a new position in shares of CNB Financial during the fourth quarter valued at about $84,000. Man Group plc bought a new position in shares of CNB Financial during the fourth quarter valued at about $525,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in CNB Financial by 3.9% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,725 shares of the bank's stock worth $291,000 after purchasing an additional 437 shares during the last quarter. Finally, Lazard Asset Management LLC bought a new stake in CNB Financial in the 4th quarter worth about $143,000. Hedge funds and other institutional investors own 52.35% of the company's stock.

CNB Financial Stock Performance

NASDAQ CCNE traded up $0.18 during trading hours on Tuesday, reaching $22.64. 37,084 shares of the company were exchanged, compared to its average volume of 62,629. The stock has a market capitalization of $474.99 million, a P/E ratio of 9.72 and a beta of 0.63. 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 Corporation has a 1 year low of $18.82 and a 1 year high of $29.29. The business's 50 day simple moving average is $22.05 and its 200-day simple moving average is $23.48.

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, topping the consensus estimate of $0.53 by $0.04. The company had revenue of $57.55 million during the quarter, compared to analyst estimates of $54.05 million. CNB Financial had a net margin of 14.50% and a return on equity of 9.80%. On average, equities research analysts expect that CNB Financial Corporation will post 2.04 earnings per share for the current year.

CNB Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 13th. Shareholders of record on Friday, May 30th were paid a $0.18 dividend. The ex-dividend date of this dividend was Friday, May 30th. This represents a $0.72 annualized dividend and a dividend yield of 3.18%. CNB Financial's payout ratio is presently 30.90%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on CCNE shares. Keefe, Bruyette & Woods dropped their target price on shares of CNB Financial from $27.00 to $25.00 and set a "market perform" rating on the stock in a research report on Wednesday, April 16th. Stephens began coverage on CNB Financial in a report on Monday, April 14th. They set an "overweight" rating and a $26.50 price target on the stock.

CNB Financial 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.