HM Payson & Co. Lowers Stock Holdings in CNB Financial Co. (NASDAQ:CCNE)

HM Payson & Co. lessened its holdings in shares of CNB Financial Co. (NASDAQ:CCNE) by 5.2% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 54,698 shares of the bank’s stock after selling 3,000 shares during the quarter. HM Payson & Co. owned approximately 0.26% of CNB Financial worth $1,316,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Acadian Asset Management LLC purchased a new position in CNB Financial during the first quarter worth about $81,000. SG Americas Securities LLC purchased a new position in shares of CNB Financial during the 3rd quarter worth about $181,000. AQR Capital Management LLC boosted its position in shares of CNB Financial by 5.7% in the second quarter. AQR Capital Management LLC now owns 10,543 shares of the bank’s stock worth $215,000 after acquiring an additional 568 shares during the last quarter. Beese Fulmer Investment Management Inc. purchased a new stake in CNB Financial in the third quarter valued at approximately $226,000. Finally, Creative Planning increased its position in CNB Financial by 82.3% during the third quarter. Creative Planning now owns 18,440 shares of the bank’s stock worth $444,000 after purchasing an additional 8,327 shares during the last quarter. Institutional investors and hedge funds own 52.35% of the company’s stock.

Analysts Set New Price Targets

Separately, StockNews.com lowered shares of CNB Financial from a “buy” rating to a “hold” rating in a report on Wednesday.

CNB Financial Stock Performance

Shares of NASDAQ:CCNE opened at $25.38 on Friday. The firm has a market capitalization of $532.93 million, a PE ratio of 10.85 and a beta of 0.69. CNB Financial Co. has a 12 month low of $17.74 and a 12 month high of $26.87. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.94 and a quick ratio of 0.94. The business has a 50-day moving average of $24.16 and a two-hundred day moving average of $21.95.

CNB Financial (NASDAQ:CCNE) last posted its earnings results on Monday, October 21st. The bank reported $0.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.04. The firm had revenue of $94.21 million during the quarter, compared to the consensus estimate of $55.40 million. CNB Financial had a net margin of 15.30% and a return on equity of 10.37%. As a group, research analysts forecast that CNB Financial Co. will post 2.25 earnings per share for the current year.

CNB Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Friday, August 30th were issued a dividend of $0.18 per share. This is a positive change from CNB Financial’s previous quarterly dividend of $0.18. The ex-dividend date was Friday, August 30th. This represents a $0.72 annualized dividend and a dividend yield of 2.84%. CNB Financial’s payout ratio is presently 30.77%.

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.