CNB Financial Corporation $CCNE Holdings Lowered by Goldman Sachs Group Inc.

Key Points

• Goldman Sachs reduced its stake in CNB Financial Corporation by 26.9%, holding approximately $1.51 million worth of shares after selling 25,024 shares in the first quarter.
• CNB Financial reported $0.63 earnings per share for the last quarter, surpassing analyst estimates of $0.58, with total revenue of $61.80 million.
• The company announced a quarterly dividend of $0.18 per share, resulting in an annual yield of 2.8% and a payout ratio of 30.25%.

Goldman Sachs Group Inc. reduced its stake in shares of CNB Financial Corporation (NASDAQ:CCNE - Free Report) by 26.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 67,935 shares of the bank's stock after selling 25,024 shares during the quarter. Goldman Sachs Group Inc. owned about 0.32% of CNB Financial worth $1,512,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Public Employees Retirement System of Ohio bought a new position in shares of CNB Financial in the fourth quarter worth $84,000. Lazard Asset Management LLC bought a new position in shares of CNB Financial in the fourth quarter worth $143,000. Blair William & Co. IL grew its stake in shares of CNB Financial by 11.9% in the first quarter. Blair William & Co. IL now owns 9,508 shares of the bank's stock worth $212,000 after purchasing an additional 1,008 shares in the last quarter. Jump Financial LLC bought a new position in shares of CNB Financial in the first quarter worth $238,000. Finally, Cubist Systematic Strategies LLC grew its stake in shares of CNB Financial by 20.7% in the first quarter. Cubist Systematic Strategies LLC now owns 10,713 shares of the bank's stock worth $238,000 after purchasing an additional 1,834 shares in the last quarter. 52.35% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods increased their price target on CNB Financial from $26.00 to $29.00 and gave the stock a "market perform" rating in a research note on Thursday, July 24th. One analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, CNB Financial presently has a consensus rating of "Moderate Buy" and a consensus price target of $27.75.

CNB Financial Price Performance

Shares of CNB Financial stock traded up $0.02 during trading on Tuesday, hitting $25.83. The stock had a trading volume of 27,962 shares, compared to its average volume of 101,065. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.94 and a quick ratio of 0.94. The firm has a market cap of $761.32 million, a P/E ratio of 10.86 and a beta of 0.72. The business has a fifty day moving average of $24.79 and a two-hundred day moving average of $23.15. CNB Financial Corporation has a fifty-two week low of $19.32 and a fifty-two week high of $29.29.

CNB Financial (NASDAQ:CCNE - Get Free Report) last announced its earnings results on Tuesday, July 22nd. The bank reported $0.63 EPS for the quarter, beating the consensus estimate of $0.58 by $0.05. CNB Financial had a return on equity of 9.79% and a net margin of 14.56%.The business had revenue of $61.80 million during the quarter, compared to the consensus estimate of $49.97 million. On average, sell-side analysts expect that CNB Financial Corporation will post 2.04 earnings per share for the current fiscal year.

CNB Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 12th. Stockholders of record on Friday, August 29th were issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend was Friday, August 29th. CNB Financial's dividend payout ratio is currently 30.25%.

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.