Bank of New York Mellon Corp grew its stake in shares of CNB Financial Corporation (NASDAQ:CCNE) by 7.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 103,403 shares of the bank’s stock after acquiring an additional 7,119 shares during the quarter. Bank of New York Mellon Corp owned about 0.68% of CNB Financial Corporation worth $2,479,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. SG Americas Securities LLC acquired a new position in shares of CNB Financial Corporation during the 1st quarter valued at about $169,000. American International Group Inc. increased its stake in shares of CNB Financial Corporation by 7.4% during the 1st quarter. American International Group Inc. now owns 8,543 shares of the bank’s stock valued at $204,000 after acquiring an additional 585 shares during the last quarter. KCG Holdings Inc. acquired a new position in shares of CNB Financial Corporation during the 1st quarter valued at about $215,000. Alliancebernstein L.P. increased its stake in shares of CNB Financial Corporation by 4.8% during the 1st quarter. Alliancebernstein L.P. now owns 10,940 shares of the bank’s stock valued at $261,000 after acquiring an additional 500 shares during the last quarter. Finally, Rhumbline Advisers increased its stake in shares of CNB Financial Corporation by 0.7% during the 2nd quarter. Rhumbline Advisers now owns 17,406 shares of the bank’s stock valued at $417,000 after acquiring an additional 120 shares during the last quarter. 42.36% of the stock is owned by institutional investors.
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In other news, Director Dennis L. Merrey sold 2,000 shares of CNB Financial Corporation stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $26.56, for a total transaction of $53,120.00. Following the completion of the sale, the director now directly owns 49,570 shares in the company, valued at approximately $1,316,579.20. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 4.40% of the stock is owned by insiders.
CCNE has been the subject of a number of research analyst reports. Zacks Investment Research raised shares of CNB Financial Corporation from a “hold” rating to a “buy” rating and set a $28.00 price objective for the company in a research note on Monday, July 24th. BidaskClub downgraded shares of CNB Financial Corporation from a “buy” rating to a “hold” rating in a research note on Monday, July 31st.
CNB Financial Corporation (CCNE) opened at 28.31 on Friday. CNB Financial Corporation has a 1-year low of $18.01 and a 1-year high of $28.57. The stock’s 50 day moving average is $26.09 and its 200-day moving average is $24.48. The firm has a market cap of $429.92 million, a P/E ratio of 17.03 and a beta of 0.87.
CNB Financial Corporation (NASDAQ:CCNE) last announced its quarterly earnings data on Friday, July 21st. The bank reported $0.44 EPS for the quarter, topping the Zacks’ consensus estimate of $0.32 by $0.12. CNB Financial Corporation had a return on equity of 10.92% and a net margin of 20.21%. The firm had revenue of $28.08 million during the quarter, compared to analyst estimates of $27.14 million. Analysts forecast that CNB Financial Corporation will post $1.60 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Friday, September 1st were issued a dividend of $0.165 per share. The ex-dividend date was Wednesday, August 30th. This represents a $0.66 annualized dividend and a dividend yield of 2.33%. CNB Financial Corporation’s dividend payout ratio is 39.76%.
CNB Financial Corporation Profile
CNB Financial Corporation is a financial holding company. The Company is the holding company of CNB Bank (the Bank); CNB Securities Corporation, which maintains investments in debt and equity securities; CNB Insurance Agency, which provides for the sale of nonproprietary annuities and other insurance products, and Holiday Financial Services Corporation, which offers small balance unsecured loans and secured loans, primarily collateralized by automobiles and equipment.
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