Martingale Asset Management L P Grows Position in CNB Financial Co. (NASDAQ:CCNE)

Martingale Asset Management L P lifted its position in shares of CNB Financial Co. (NASDAQ:CCNE) by 1.6% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 62,534 shares of the bank’s stock after buying an additional 1,013 shares during the period. Martingale Asset Management L P owned about 0.30% of CNB Financial worth $1,505,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of CCNE. SG Americas Securities LLC bought a new position in CNB Financial during the 3rd quarter worth approximately $181,000. Acadian Asset Management LLC lifted its stake in shares of CNB Financial by 131.1% in the 2nd quarter. Acadian Asset Management LLC now owns 9,276 shares of the bank’s stock valued at $188,000 after purchasing an additional 5,263 shares during the period. AQR Capital Management LLC raised its stake in CNB Financial by 5.7% during the second 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. purchased a new position in CNB Financial during the third quarter valued at $226,000. Finally, Creative Planning raised its stake in CNB Financial by 82.3% during the third quarter. Creative Planning now owns 18,440 shares of the bank’s stock valued at $444,000 after buying an additional 8,327 shares during the last quarter. 52.35% of the stock is owned by hedge funds and other institutional investors.

CNB Financial Stock Performance

Shares of CCNE opened at $27.91 on Monday. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.95 and a quick ratio of 0.94. CNB Financial Co. has a one year low of $17.74 and a one year high of $29.29. The firm has a market capitalization of $585.83 million, a P/E ratio of 11.93 and a beta of 0.68. The business has a fifty day moving average of $25.66 and a 200 day moving average of $23.20.

CNB Financial (NASDAQ:CCNE) last issued its quarterly earnings data on Monday, October 21st. The bank reported $0.61 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 company had revenue of $94.21 million during the quarter, compared to analyst estimates of $55.40 million. As a group, sell-side analysts anticipate that CNB Financial Co. will post 2.3 EPS for the current year.

CNB Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 2.58%. The ex-dividend date is Friday, November 29th. CNB Financial’s dividend payout ratio is presently 30.77%.

Analyst Ratings Changes

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

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.