Empowered Funds LLC Buys 3,484 Shares of CNB Financial Co. (NASDAQ:CCNE)

Empowered Funds LLC lifted its position in shares of CNB Financial Co. (NASDAQ:CCNE) by 5.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 68,956 shares of the bank’s stock after acquiring an additional 3,484 shares during the period. Empowered Funds LLC owned approximately 0.33% of CNB Financial worth $1,659,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the business. Acadian Asset Management LLC purchased a new position in CNB Financial in the 1st quarter worth about $81,000. SG Americas Securities LLC bought a new stake in CNB Financial in the 3rd quarter worth approximately $181,000. AQR Capital Management LLC raised its stake in CNB Financial by 5.7% during the 2nd quarter. AQR Capital Management LLC now owns 10,543 shares of the bank’s stock valued at $215,000 after buying an additional 568 shares during the last quarter. Beese Fulmer Investment Management Inc. bought a new position in shares of CNB Financial during the 3rd quarter valued at $226,000. Finally, Creative Planning grew its holdings in shares of CNB Financial by 82.3% in the third quarter. Creative Planning now owns 18,440 shares of the bank’s stock worth $444,000 after acquiring an additional 8,327 shares during the period. 52.35% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

CNB Financial Stock Performance

Shares of CCNE opened at $27.58 on Friday. The business has a 50-day simple moving average of $25.24 and a two-hundred day simple moving average of $22.84. The stock has a market cap of $578.90 million, a price-to-earnings ratio of 11.79 and a beta of 0.68. 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 Co. has a 52 week low of $17.74 and a 52 week high of $29.29.

CNB Financial (NASDAQ:CCNE) last released its earnings results on Monday, October 21st. The bank reported $0.61 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts’ expectations of $55.40 million. On average, analysts expect that CNB Financial Co. will post 2.3 EPS for the current year.

CNB Financial Announces Dividend

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 given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 2.61%. The ex-dividend date of this dividend is Friday, November 29th. CNB Financial’s dividend payout ratio is 30.77%.

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.