PNC Financial Services Group Inc. Reduces Holdings in CNB Financial Co. (NASDAQ:CCNE)

PNC Financial Services Group Inc. decreased its position in shares of CNB Financial Co. (NASDAQ:CCNE) by 5.1% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 22,889 shares of the bank’s stock after selling 1,223 shares during the quarter. PNC Financial Services Group Inc. owned approximately 0.11% of CNB Financial worth $569,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the company. Geode Capital Management LLC grew its holdings in shares of CNB Financial by 2.0% during the third quarter. Geode Capital Management LLC now owns 474,032 shares of the bank’s stock worth $11,408,000 after purchasing an additional 9,359 shares during the last quarter. State Street Corp boosted its stake in shares of CNB Financial by 2.2% during the third quarter. State Street Corp now owns 424,579 shares of the bank’s stock worth $10,215,000 after buying an additional 8,942 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of CNB Financial by 11.2% during the third quarter. JPMorgan Chase & Co. now owns 155,801 shares of the bank’s stock worth $3,749,000 after buying an additional 15,714 shares during the period. Wealth Enhancement Advisory Services LLC boosted its stake in shares of CNB Financial by 19.8% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 150,309 shares of the bank’s stock worth $3,616,000 after buying an additional 24,883 shares during the period. Finally, Hotchkis & Wiley Capital Management LLC boosted its stake in shares of CNB Financial by 0.3% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 143,790 shares of the bank’s stock worth $3,460,000 after buying an additional 390 shares during the period. Hedge funds and other institutional investors own 52.35% of the company’s stock.

CNB Financial Price Performance

Shares of NASDAQ:CCNE opened at $22.54 on Wednesday. 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 company has a market cap of $472.89 million, a P/E ratio of 9.47 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. The company has a 50-day moving average price of $24.67 and a 200 day moving average price of $25.21.

CNB Financial (NASDAQ:CCNE) last announced its quarterly earnings data on Tuesday, January 28th. The bank reported $0.66 EPS for the quarter, beating analysts’ consensus estimates of $0.61 by $0.05. CNB Financial had a net margin of 14.97% and a return on equity of 10.24%. Research analysts predict that CNB Financial Co. will post 2.04 earnings per share 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 given a $0.18 dividend. The ex-dividend date was Friday, February 28th. This represents a $0.72 dividend on an annualized basis and a yield of 3.19%. CNB Financial’s payout ratio is currently 30.25%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on CCNE. StockNews.com downgraded shares of CNB Financial from a “buy” rating to a “hold” rating in a research note on Friday, February 14th. Keefe, Bruyette & Woods decreased their target price on shares of CNB Financial from $30.00 to $28.00 and set a “market perform” rating for the company in a research note on Monday, January 13th.

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.