Royce & Associates LP Has $5.80 Million Stake in CNB Financial Corporation (NASDAQ:CCNE)

Key Points

• Royce & Associates LP has reduced its stake in CNB Financial Corporation by 28.0%, selling 101,422 shares and retaining 260,827 shares, which represent 1.24% of the company.
• The recent earnings report revealed that CNB Financial surpassed analysts' expectations, reporting $0.63 EPS compared to the anticipated $0.58, with revenue reaching $61.80 million against expectations of $49.97 million.
• CNB Financial has announced a quarterly dividend of $0.18 per share, yielding approximately 3.00% annually, with a payout ratio of 30.25%.

Royce & Associates LP cut its stake in shares of CNB Financial Corporation (NASDAQ:CCNE - Free Report) by 28.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 260,827 shares of the bank's stock after selling 101,422 shares during the quarter. Royce & Associates LP owned 1.24% of CNB Financial worth $5,803,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Tower Research Capital LLC TRC lifted its stake in CNB Financial by 618.8% during the fourth quarter. Tower Research Capital LLC TRC now owns 2,099 shares of the bank's stock valued at $52,000 after buying an additional 1,807 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new stake in shares of CNB Financial in the fourth quarter valued at $84,000. Lazard Asset Management LLC purchased a new stake in shares of CNB Financial in the fourth quarter valued at $143,000. State of Tennessee Department of Treasury purchased a new stake in shares of CNB Financial in the fourth quarter valued at $196,000. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in shares of CNB Financial in the fourth quarter valued at $211,000. 52.35% of the stock is owned by institutional investors.

CNB Financial Stock Up 0.7%

Shares of NASDAQ CCNE traded up $0.16 during mid-day trading on Wednesday, reaching $23.64. The company had a trading volume of 9,872 shares, compared to its average volume of 86,397. CNB Financial Corporation has a twelve month low of $19.32 and a twelve month high of $29.29. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.92 and a current ratio of 0.92. The stock has a market capitalization of $495.84 million, a PE ratio of 9.93 and a beta of 0.64. The stock's 50 day moving average is $22.86 and its 200-day moving average is $23.19.

CNB Financial (NASDAQ:CCNE - Get Free Report) last posted its quarterly earnings results on Tuesday, July 22nd. The bank reported $0.63 earnings per share for the quarter, topping analysts' consensus estimates of $0.58 by $0.05. CNB Financial had a net margin of 14.56% and a return on equity of 9.90%. The business had revenue of $61.80 million for the quarter, compared to the consensus estimate of $49.97 million. As a group, equities analysts anticipate that CNB Financial Corporation will post 2.04 earnings per share for the current fiscal year.

CNB Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 13th. Shareholders of record on Friday, May 30th were given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 3.05%. The ex-dividend date of this dividend was Friday, May 30th. CNB Financial's payout ratio is 30.25%.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on CCNE. Stephens began coverage on CNB Financial in a report on Monday, April 14th. They issued an "overweight" rating and a $26.50 target price for the company. Keefe, Bruyette & Woods upped their price target on shares of CNB Financial from $26.00 to $29.00 and gave the stock a "market perform" rating in a research note on Thursday, July 24th.

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.