Banc Funds Co. LLC Sells 15,612 Shares of CNB Financial Co. (NASDAQ:CCNE)

Banc Funds Co. LLC decreased its position in CNB Financial Co. (NASDAQ:CCNE) by 3.1% during the third quarter, HoldingsChannel.com reports. The firm owned 481,576 shares of the bank’s stock after selling 15,612 shares during the quarter. Banc Funds Co. LLC’s holdings in CNB Financial were worth $11,587,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. AQR Capital Management LLC lifted its stake in shares of CNB Financial by 5.7% in the second 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. Martingale Asset Management L P raised its holdings in CNB Financial by 1.6% in the 3rd quarter. Martingale Asset Management L P now owns 62,534 shares of the bank’s stock worth $1,505,000 after acquiring an additional 1,013 shares during the last quarter. Empowered Funds LLC lifted its position in CNB Financial by 5.3% in the 3rd quarter. Empowered Funds LLC now owns 68,956 shares of the bank’s stock valued at $1,659,000 after acquiring an additional 3,484 shares in the last quarter. Thrivent Financial for Lutherans boosted its stake in CNB Financial by 11.5% during the 3rd quarter. Thrivent Financial for Lutherans now owns 46,851 shares of the bank’s stock valued at $1,128,000 after purchasing an additional 4,850 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in shares of CNB Financial by 3.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 132,168 shares of the bank’s stock worth $2,698,000 after purchasing an additional 4,973 shares in the last quarter. 52.35% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

CNB Financial Stock Performance

Shares of CCNE stock opened at $27.91 on Monday. 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 company has a 50 day moving average price of $25.66 and a 200-day moving average price of $23.20. CNB Financial Co. has a 52 week low of $17.74 and a 52 week high of $29.29. The firm has a market capitalization of $585.83 million, a PE ratio of 11.93 and a beta of 0.68.

CNB Financial (NASDAQ:CCNE) last posted its earnings results on Monday, October 21st. The bank reported $0.61 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.04. The business had revenue of $94.21 million during 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%. As a group, equities research analysts expect that CNB Financial Co. will post 2.3 earnings per share for the current year.

CNB Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 2.58%. The ex-dividend date is Friday, November 29th. CNB Financial’s dividend payout ratio is 30.77%.

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.