Renaissance Technologies LLC Trims Holdings in CNB Financial Corporation $CCNE

Renaissance Technologies LLC decreased its holdings in shares of CNB Financial Corporation (NASDAQ:CCNE) by 12.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 188,445 shares of the bank’s stock after selling 26,700 shares during the period. Renaissance Technologies LLC owned 0.64% of CNB Financial worth $5,457,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Dimensional Fund Advisors LP increased its stake in shares of CNB Financial by 1.8% during the first quarter. Dimensional Fund Advisors LP now owns 1,505,993 shares of the bank’s stock valued at $43,613,000 after buying an additional 27,236 shares during the period. PNC Financial Services Group Inc. boosted its holdings in CNB Financial by 184.5% in the fourth quarter. PNC Financial Services Group Inc. now owns 117,272 shares of the bank’s stock valued at $3,069,000 after acquiring an additional 76,052 shares in the last quarter. Sei Investments Co. purchased a new stake in shares of CNB Financial in the 1st quarter worth about $835,000. State of Alaska Department of Revenue boosted its stake in shares of CNB Financial by 276.2% during the 4th quarter. State of Alaska Department of Revenue now owns 3,160 shares of the bank’s stock valued at $81,000 after purchasing an additional 2,320 shares in the last quarter. Finally, Flagship Harbor Advisors LLC purchased a new position in shares of CNB Financial during the fourth quarter valued at about $27,000. Hedge funds and other institutional investors own 52.35% of the company’s stock.

CNB Financial Stock Down 0.5%

CCNE stock opened at $35.55 on Thursday. The business has a 50 day moving average of $33.25 and a 200 day moving average of $30.64. The firm has a market cap of $1.05 billion, a PE ratio of 11.43 and a beta of 0.63. CNB Financial Corporation has a twelve month low of $21.63 and a twelve month high of $36.17. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.13.

CNB Financial (NASDAQ:CCNE) last released its earnings results on Thursday, July 23rd. The bank reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.86 by $0.05. CNB Financial had a return on equity of 13.02% and a net margin of 19.37%.The firm had revenue of $87.65 million for the quarter, compared to analysts’ expectations of $85.87 million. On average, research analysts forecast that CNB Financial Corporation will post 3.58 EPS for the current fiscal year.

CNB Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were given a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend was Monday, June 1st. CNB Financial’s dividend payout ratio is 24.44%.

Analysts Set New Price Targets

Several brokerages have commented on CCNE. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $37.00 price objective (up from $35.00) on shares of CNB Financial in a report on Friday, July 24th. Weiss Ratings restated a “buy (b)” rating on shares of CNB Financial in a research report on Tuesday, June 9th. DA Davidson upped their price target on CNB Financial from $34.00 to $36.00 and gave the stock a “neutral” rating in a research note on Monday, July 27th. Finally, Wall Street Zen upgraded shares of CNB Financial from a “hold” rating to a “buy” rating in a report on Sunday, July 12th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $36.00.

CNB Financial Profile

CNB Financial Corporation (NASDAQ: CCNE) is a bank holding company headquartered in Clearfield, Pennsylvania. The company operates through its wholly owned subsidiary, CNB Bank & Trust, providing a full suite of community banking services. With a focus on relationship-driven banking, CNB Financial seeks to serve individuals, small businesses and agricultural clients across central Pennsylvania.

The company’s core offerings include deposit products such as checking accounts, savings accounts, money market accounts and certificates of deposit.