Pekin Hardy Strauss Inc. Cuts Stock Holdings in CNB Financial Co. (NASDAQ:CCNE)

Pekin Hardy Strauss Inc. lowered its stake in CNB Financial Co. (NASDAQ:CCNE) by 18.6% during the 3rd quarter, Holdings Channel reports. The firm owned 207,248 shares of the bank’s stock after selling 47,425 shares during the quarter. Pekin Hardy Strauss Inc.’s holdings in CNB Financial were worth $4,986,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Acadian Asset Management LLC purchased a new position in shares of CNB Financial in the first quarter valued at $81,000. SG Americas Securities LLC bought a new position in CNB Financial during the third quarter valued at $181,000. AQR Capital Management LLC grew its stake in shares of CNB Financial by 5.7% in the 2nd quarter. AQR Capital Management LLC now owns 10,543 shares of the bank’s stock worth $215,000 after buying an additional 568 shares in the last quarter. Beese Fulmer Investment Management Inc. bought a new stake in shares of CNB Financial in the 3rd quarter worth about $226,000. Finally, Creative Planning raised its position in shares of CNB Financial by 82.3% during the 3rd quarter. Creative Planning now owns 18,440 shares of the bank’s stock valued at $444,000 after buying an additional 8,327 shares in the last quarter. Institutional investors own 52.35% of the company’s stock.

CNB Financial Stock Performance

NASDAQ:CCNE opened at $28.13 on Friday. The firm has a market capitalization of $590.45 million, a PE ratio of 12.02 and a beta of 0.68. The stock’s fifty day moving average is $25.32 and its 200 day moving average is $22.92. CNB Financial Co. has a fifty-two week low of $17.74 and a fifty-two week high of $29.29. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.94 and a current ratio of 0.95.

CNB Financial (NASDAQ:CCNE) last announced its earnings results on Monday, October 21st. The bank reported $0.61 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.04. The business had revenue of $94.21 million for the quarter, compared to the consensus estimate of $55.40 million. CNB Financial had a net margin of 14.90% and a return on equity of 10.13%. On average, sell-side analysts anticipate that CNB Financial Co. will post 2.3 earnings per share for the current year.

CNB Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be paid a dividend of $0.18 per share. The ex-dividend date is Friday, November 29th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.56%. CNB Financial’s dividend payout ratio is 30.77%.

Analyst Ratings Changes

Separately, StockNews.com lowered CNB Financial from a “buy” rating to a “hold” rating in a research report on Wednesday, October 30th.

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.