CNB Financial Co. (NASDAQ:CCNE) Shares Acquired by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of CNB Financial Co. (NASDAQ:CCNE) by 85.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 49,349 shares of the bank’s stock after acquiring an additional 22,758 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.24% of CNB Financial worth $1,227,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in CCNE. SG Americas Securities LLC lifted its position in shares of CNB Financial by 17.4% during the fourth quarter. SG Americas Securities LLC now owns 8,808 shares of the bank’s stock worth $219,000 after purchasing an additional 1,305 shares during the last quarter. PDT Partners LLC acquired a new stake in CNB Financial during the third quarter valued at approximately $221,000. Los Angeles Capital Management LLC bought a new position in CNB Financial during the 4th quarter worth approximately $285,000. Franklin Resources Inc. grew its position in shares of CNB Financial by 95.1% in the 3rd quarter. Franklin Resources Inc. now owns 22,032 shares of the bank’s stock worth $530,000 after acquiring an additional 10,737 shares in the last quarter. Finally, Bailard Inc. grew its position in shares of CNB Financial by 61.8% in the 4th quarter. Bailard Inc. now owns 25,653 shares of the bank’s stock worth $638,000 after acquiring an additional 9,798 shares in the last quarter. 52.35% of the stock is owned by institutional investors and hedge funds.

CNB Financial Stock Performance

Shares of CCNE stock opened at $22.97 on Thursday. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.19. The business has a 50 day moving average of $24.65 and a two-hundred day moving average of $25.20. The company has a market cap of $481.91 million, a P/E ratio of 9.65 and a beta of 0.65. 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 quarterly earnings data on Tuesday, January 28th. The bank reported $0.66 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.61 by $0.05. CNB Financial had a return on equity of 10.24% and a net margin of 14.97%. As a group, analysts anticipate that CNB Financial Co. will post 2.04 EPS for the current year.

CNB Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Friday, February 28th were issued a $0.18 dividend. The ex-dividend date was Friday, February 28th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.13%. CNB Financial’s dividend payout ratio (DPR) is presently 30.25%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Keefe, Bruyette & Woods reduced their price objective on CNB Financial from $30.00 to $28.00 and set a “market perform” rating on the stock in a research note on Monday, January 13th. StockNews.com downgraded shares of CNB Financial from a “buy” rating to a “hold” rating in a research report on Friday, February 14th.

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.