PNC Financial Services Group Inc. Buys 2,599 Shares of CNB Financial Co. (NASDAQ:CCNE)

PNC Financial Services Group Inc. increased its stake in shares of CNB Financial Co. (NASDAQ:CCNE) by 41.6% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 8,841 shares of the bank’s stock after buying an additional 2,599 shares during the period. PNC Financial Services Group Inc.’s holdings in CNB Financial were worth $200,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Wellington Management Group LLP increased its stake in shares of CNB Financial by 1.0% during the 3rd quarter. Wellington Management Group LLP now owns 1,205,918 shares of the bank’s stock worth $21,839,000 after purchasing an additional 12,300 shares during the last quarter. Vanguard Group Inc. increased its position in CNB Financial by 0.6% in the third quarter. Vanguard Group Inc. now owns 1,000,658 shares of the bank’s stock worth $18,122,000 after buying an additional 5,800 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of CNB Financial by 5.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 871,822 shares of the bank’s stock valued at $19,695,000 after buying an additional 42,908 shares during the period. Davis Asset Management L.P. lifted its position in shares of CNB Financial by 20.0% during the 4th quarter. Davis Asset Management L.P. now owns 600,000 shares of the bank’s stock valued at $13,554,000 after buying an additional 100,000 shares during the last quarter. Finally, Petiole USA ltd grew its stake in shares of CNB Financial by 148.3% during the 4th quarter. Petiole USA ltd now owns 168,241 shares of the bank’s stock worth $3,801,000 after acquiring an additional 100,471 shares during the period. Institutional investors own 52.35% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on CCNE shares. Keefe, Bruyette & Woods dropped their price objective on shares of CNB Financial from $23.00 to $22.00 and set a “market perform” rating on the stock in a report on Wednesday, April 17th. StockNews.com raised shares of CNB Financial from a “hold” rating to a “buy” rating in a report on Tuesday.

CNB Financial Stock Performance

Shares of CCNE opened at $20.30 on Wednesday. CNB Financial Co. has a 52-week low of $17.21 and a 52-week high of $23.40. The stock’s 50-day simple moving average is $19.52 and its 200 day simple moving average is $20.29. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.94 and a current ratio of 0.94. The stock has a market capitalization of $426.30 million, a price-to-earnings ratio of 8.53 and a beta of 0.71.

CNB Financial (NASDAQ:CCNE) last announced its quarterly earnings results on Monday, April 15th. The bank reported $0.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.53 by $0.02. The firm had revenue of $54.18 million for the quarter, compared to the consensus estimate of $55.00 million. CNB Financial had a net margin of 15.96% and a return on equity of 10.73%. Research analysts forecast that CNB Financial Co. will post 2.23 EPS for the current fiscal year.

CNB Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 14th. Stockholders of record on Friday, May 31st were given a dividend of $0.175 per share. The ex-dividend date was Friday, May 31st. This represents a $0.70 dividend on an annualized basis and a dividend yield of 3.45%. CNB Financial’s dividend payout ratio (DPR) is currently 29.41%.

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.