CNB Financial Co. (NASDAQ:CCNE) Shares Bought by Franklin Resources Inc.

Franklin Resources Inc. lifted its stake in shares of CNB Financial Co. (NASDAQ:CCNE) by 95.1% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 22,032 shares of the bank’s stock after acquiring an additional 10,737 shares during the period. Franklin Resources Inc.’s holdings in CNB Financial were worth $530,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. SG Americas Securities LLC acquired a new stake in shares of CNB Financial during the 3rd quarter worth about $181,000. PDT Partners LLC purchased a new position in shares of CNB Financial during the third quarter valued at approximately $221,000. Acadian Asset Management LLC boosted its position in CNB Financial by 131.1% during the second quarter. Acadian Asset Management LLC now owns 9,276 shares of the bank’s stock worth $188,000 after acquiring an additional 5,263 shares during the last quarter. Beese Fulmer Investment Management Inc. purchased a new stake in CNB Financial in the 3rd quarter worth approximately $226,000. Finally, AQR Capital Management LLC raised its holdings in CNB Financial by 5.7% in the 2nd quarter. AQR Capital Management LLC now owns 10,543 shares of the bank’s stock valued at $215,000 after acquiring an additional 568 shares during the last quarter. Hedge funds and other institutional investors own 52.35% of the company’s stock.

CNB Financial Stock Performance

NASDAQ:CCNE opened at $24.91 on Tuesday. CNB Financial Co. has a fifty-two week low of $17.74 and a fifty-two week high of $29.29. The firm’s 50 day moving average is $26.83 and its two-hundred day moving average is $24.22. The company has a market cap of $522.96 million, a P/E ratio of 10.65 and a beta of 0.70. 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 issued its earnings results on Monday, October 21st. The bank reported $0.61 earnings per share for the quarter, beating analysts’ consensus estimates of $0.57 by $0.04. CNB Financial had a return on equity of 10.13% and a net margin of 14.90%. The firm had revenue of $94.21 million for the quarter, compared to analysts’ expectations of $55.40 million. Analysts expect that CNB Financial Co. will post 2.3 EPS for the current year.

CNB Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Friday, November 29th were given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 2.89%. The ex-dividend date of this dividend was Friday, November 29th. CNB Financial’s dividend payout ratio (DPR) is presently 30.77%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. Keefe, Bruyette & Woods raised their price objective on CNB Financial from $27.00 to $30.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. StockNews.com cut CNB Financial from a “buy” rating to a “hold” rating in a report on Wednesday, October 30th.

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.