Wellington Management Group LLP lessened its stake in shares of CNB Financial Corporation (NASDAQ:CCNE - Free Report) by 2.0% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 870,757 shares of the bank's stock after selling 17,341 shares during the quarter. Wellington Management Group LLP owned about 4.15% of CNB Financial worth $19,374,000 as of its most recent filing with the SEC.
Other large investors also recently made changes to their positions in the company. Tower Research Capital LLC TRC boosted its stake in shares of CNB Financial by 618.8% during the 4th quarter. Tower Research Capital LLC TRC now owns 2,099 shares of the bank's stock worth $52,000 after acquiring an additional 1,807 shares in the last quarter. Public Employees Retirement System of Ohio bought a new stake in CNB Financial during the 4th quarter valued at approximately $84,000. Lazard Asset Management LLC bought a new stake in CNB Financial during the 4th quarter valued at approximately $143,000. State of Tennessee Department of Treasury bought a new stake in CNB Financial during the 4th quarter valued at approximately $196,000. Finally, Jacobs Levy Equity Management Inc. bought a new stake in CNB Financial during the 4th quarter valued at approximately $219,000. Institutional investors own 52.35% of the company's stock.
CNB Financial Stock Performance
NASDAQ:CCNE traded down $0.21 during mid-day trading on Friday, hitting $26.31. 97,487 shares of the company's stock traded hands, compared to its average volume of 152,635. The firm has a 50 day moving average of $24.01 and a two-hundred day moving average of $23.04. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.18. CNB Financial Corporation has a 12 month low of $19.32 and a 12 month high of $29.29. The firm has a market capitalization of $775.62 million, a price-to-earnings ratio of 11.05 and a beta of 0.72.
CNB Financial (NASDAQ:CCNE - Get Free Report) last announced its quarterly earnings data on Tuesday, July 22nd. The bank reported $0.63 EPS for the quarter, topping analysts' consensus estimates of $0.58 by $0.05. CNB Financial had a return on equity of 9.79% and a net margin of 14.56%.The company had revenue of $61.80 million during the quarter, compared to the consensus estimate of $49.97 million. On average, equities analysts forecast that CNB Financial Corporation will post 2.04 earnings per share for the current fiscal year.
CNB Financial Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Friday, August 29th will be given a $0.18 dividend. The ex-dividend date is Friday, August 29th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.7%. CNB Financial's dividend payout ratio (DPR) is currently 30.25%.
Analyst Upgrades and Downgrades
Separately, Keefe, Bruyette & Woods increased their target price on CNB Financial from $26.00 to $29.00 and gave the company a "market perform" rating in a research note on Thursday, July 24th. One research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, CNB Financial has an average rating of "Moderate Buy" and an average price target of $27.75.
Read Our Latest Stock Analysis on CNB Financial
About CNB Financial
(
Free Report)
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.
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