CNB Financial Co. (NASDAQ:CCNE) Shares Sold by Arrowstreet Capital Limited Partnership

Arrowstreet Capital Limited Partnership lowered its position in shares of CNB Financial Co. (NASDAQ:CCNE) by 29.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 62,669 shares of the bank’s stock after selling 26,377 shares during the period. Arrowstreet Capital Limited Partnership owned about 0.30% of CNB Financial worth $1,558,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Geode Capital Management LLC boosted its stake in shares of CNB Financial by 2.0% during the third quarter. Geode Capital Management LLC now owns 474,032 shares of the bank’s stock worth $11,408,000 after buying an additional 9,359 shares during the period. American Century Companies Inc. raised its holdings in CNB Financial by 13.3% during the fourth quarter. American Century Companies Inc. now owns 455,640 shares of the bank’s stock worth $11,327,000 after purchasing an additional 53,661 shares in the last quarter. State Street Corp lifted its position in CNB Financial by 2.2% in the third quarter. State Street Corp now owns 424,579 shares of the bank’s stock valued at $10,215,000 after purchasing an additional 8,942 shares during the period. JPMorgan Chase & Co. boosted its holdings in CNB Financial by 17.9% in the 4th quarter. JPMorgan Chase & Co. now owns 183,675 shares of the bank’s stock valued at $4,566,000 after purchasing an additional 27,874 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its position in CNB Financial by 19.8% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 150,309 shares of the bank’s stock worth $3,616,000 after purchasing an additional 24,883 shares during the period. Institutional investors and hedge funds own 52.35% of the company’s stock.

CNB Financial Price Performance

CNB Financial stock opened at $20.87 on Friday. The firm has a market capitalization of $437.85 million, a PE ratio of 8.77 and a beta of 0.53. CNB Financial Co. has a 52 week low of $17.74 and a 52 week high of $29.29. The firm’s 50-day simple moving average is $23.62 and its 200 day simple moving average is $24.92. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.19.

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

CNB Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Friday, February 28th were issued a $0.18 dividend. The ex-dividend date was Friday, February 28th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.45%. CNB Financial’s dividend payout ratio (DPR) is 30.25%.

Analyst Ratings Changes

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

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.