CNB Financial Co. (NASDAQ:CCNE – Get Free Report)’s stock price was down 4% during trading on Thursday . The stock traded as low as $24.46 and last traded at $24.46. Approximately 1,284 shares changed hands during trading, a decline of 97% from the average daily volume of 45,058 shares. The stock had previously closed at $25.47.
Analyst Ratings Changes
Separately, StockNews.com upgraded CNB Financial from a “hold” rating to a “buy” rating in a report on Tuesday.
Read Our Latest Stock Report on CNB Financial
CNB Financial Trading Down 0.9 %
CNB Financial (NASDAQ:CCNE – Get Free Report) last posted its earnings results on Monday, October 21st. The bank reported $0.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.04. The business had revenue of $94.21 million during the quarter, compared to analyst estimates of $55.40 million. CNB Financial had a return on equity of 10.37% and a net margin of 15.30%. As a group, equities analysts predict that CNB Financial Co. will post 2.25 earnings per share for the current fiscal year.
CNB Financial Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Friday, August 30th were given a dividend of $0.18 per share. This is a boost 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 2.85%. The ex-dividend date of this dividend was Friday, August 30th. CNB Financial’s payout ratio is presently 30.25%.
Institutional Investors Weigh In On CNB Financial
A number of large investors have recently added to or reduced their stakes in the company. AQR Capital Management LLC boosted its position 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 buying an additional 568 shares during the last quarter. PNC Financial Services Group Inc. increased its holdings in CNB Financial by 41.6% during the 4th quarter. PNC Financial Services Group Inc. now owns 8,841 shares of the bank’s stock worth $200,000 after purchasing an additional 2,599 shares during the last quarter. Acadian Asset Management LLC purchased a new stake in CNB Financial during the 1st quarter worth approximately $81,000. Empowered Funds LLC boosted its stake in shares of CNB Financial by 8.1% during the 1st quarter. Empowered Funds LLC now owns 60,792 shares of the bank’s stock valued at $1,240,000 after buying an additional 4,550 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position in shares of CNB Financial by 3.9% during the second quarter. Bank of New York Mellon Corp now owns 132,168 shares of the bank’s stock worth $2,698,000 after buying an additional 4,973 shares in the last quarter. 52.35% of the stock is owned by institutional investors and hedge funds.
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.
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