Prudential Financial Inc. Boosts Stock Holdings in CNB Financial Co. (NASDAQ:CCNE)

Prudential Financial Inc. grew its stake in shares of CNB Financial Co. (NASDAQ:CCNE) by 30.6% in the 4th quarter, Holdings Channel reports. The institutional investor owned 49,046 shares of the bank’s stock after buying an additional 11,500 shares during the quarter. Prudential Financial Inc.’s holdings in CNB Financial were worth $1,219,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Wealth Enhancement Advisory Services LLC grew its position in CNB Financial by 19.8% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 150,309 shares of the bank’s stock valued at $3,616,000 after acquiring an additional 24,883 shares during the period. Barclays PLC lifted its stake in shares of CNB Financial by 274.7% in the 3rd quarter. Barclays PLC now owns 27,528 shares of the bank’s stock valued at $663,000 after purchasing an additional 20,182 shares in the last quarter. Franklin Resources Inc. grew its holdings in shares of CNB Financial by 95.1% during the 3rd quarter. Franklin Resources Inc. now owns 22,032 shares of the bank’s stock worth $530,000 after purchasing an additional 10,737 shares during the period. JPMorgan Chase & Co. increased its position in CNB Financial by 11.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 155,801 shares of the bank’s stock worth $3,749,000 after purchasing an additional 15,714 shares in the last quarter. Finally, SG Americas Securities LLC raised its holdings in CNB Financial by 17.4% in the fourth quarter. SG Americas Securities LLC now owns 8,808 shares of the bank’s stock valued at $219,000 after buying an additional 1,305 shares during the period. 52.35% of the stock is currently owned by institutional investors and hedge funds.

CNB Financial Trading Down 1.5 %

CCNE opened at $20.27 on Monday. The firm’s 50 day moving average is $24.14 and its 200-day moving average is $25.07. CNB Financial Co. has a 52-week low of $17.74 and a 52-week high of $29.29. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.19. The firm has a market capitalization of $425.26 million, a P/E ratio of 8.52 and a beta of 0.53.

CNB Financial (NASDAQ:CCNE) last announced its earnings results on Tuesday, January 28th. The bank reported $0.66 earnings per share for the quarter, beating the consensus estimate of $0.61 by $0.05. CNB Financial had a return on equity of 10.24% and a net margin of 14.97%. Analysts expect that CNB Financial Co. will post 2.04 EPS for the current fiscal year.

CNB Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Friday, February 28th were given a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.55%. The ex-dividend date was Friday, February 28th. CNB Financial’s payout ratio is 30.25%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on CCNE shares. StockNews.com downgraded shares of CNB Financial from a “buy” rating to a “hold” rating in a research note on Friday, February 14th. Keefe, Bruyette & Woods reduced their price objective on CNB Financial from $30.00 to $28.00 and set a “market perform” rating on the stock in a research note on Monday, January 13th.

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.