Hsbc Holdings PLC Sells 1,802 Shares of CNB Financial Co. (NASDAQ:CCNE)

Hsbc Holdings PLC cut its stake in CNB Financial Co. (NASDAQ:CCNE) by 11.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 13,787 shares of the bank’s stock after selling 1,802 shares during the quarter. Hsbc Holdings PLC’s holdings in CNB Financial were worth $273,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of CCNE. Petiole USA ltd raised its holdings in CNB Financial by 148.3% in the fourth quarter. Petiole USA ltd now owns 168,241 shares of the bank’s stock worth $3,801,000 after purchasing an additional 100,471 shares during the period. American Century Companies Inc. raised its stake in CNB Financial by 16.7% during the 2nd quarter. American Century Companies Inc. now owns 357,127 shares of the bank’s stock worth $7,289,000 after buying an additional 51,080 shares during the period. Dimensional Fund Advisors LP lifted its holdings in CNB Financial by 2.7% during the second quarter. Dimensional Fund Advisors LP now owns 944,685 shares of the bank’s stock worth $19,280,000 after acquiring an additional 24,666 shares in the last quarter. Vanguard Group Inc. grew its stake in CNB Financial by 1.5% in the first quarter. Vanguard Group Inc. now owns 1,052,624 shares of the bank’s stock valued at $21,463,000 after acquiring an additional 15,870 shares during the period. Finally, BNP Paribas Financial Markets increased its holdings in shares of CNB Financial by 73.9% in the first quarter. BNP Paribas Financial Markets now owns 29,632 shares of the bank’s stock worth $604,000 after acquiring an additional 12,589 shares in the last quarter. 52.35% of the stock is currently owned by institutional investors and hedge funds.

CNB Financial Trading Down 1.0 %

CCNE opened at $22.40 on Friday. The stock has a market capitalization of $470.49 million, a P/E ratio of 9.41 and a beta of 0.69. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.20. CNB Financial Co. has a 12 month low of $17.45 and a 12 month high of $26.87. The firm’s fifty day simple moving average is $23.75 and its 200 day simple moving average is $21.29.

CNB Financial (NASDAQ:CCNE) last posted its quarterly earnings data on Thursday, July 18th. The bank reported $0.56 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.05. CNB Financial had a return on equity of 10.37% and a net margin of 15.30%. The company had revenue of $89.52 million during the quarter, compared to analysts’ expectations of $55.30 million. As a group, research analysts anticipate that CNB Financial Co. will post 2.25 EPS for the current fiscal year.

CNB Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Friday, August 30th were issued a $0.18 dividend. The ex-dividend date of this dividend was Friday, August 30th. This is an increase from CNB Financial’s previous quarterly dividend of $0.18. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.21%. CNB Financial’s dividend payout ratio (DPR) is 30.25%.

Wall Street Analysts Forecast Growth

Separately, StockNews.com lowered CNB Financial from a “buy” rating to a “hold” rating in a research report on Wednesday, August 21st.

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.