Martingale Asset Management L P Acquires 1,013 Shares of CNB Financial Co. (NASDAQ:CCNE)

Martingale Asset Management L P increased its position in CNB Financial Co. (NASDAQ:CCNE) by 1.6% during the third quarter, according to its most recent Form 13F 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’s holdings in CNB Financial were worth $1,505,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in CCNE. SG Americas Securities LLC purchased a new stake in CNB Financial during the third quarter valued at approximately $181,000. Acadian Asset Management LLC grew its stake in shares of CNB Financial by 131.1% during the second quarter. Acadian Asset Management LLC now owns 9,276 shares of the bank’s stock valued at $188,000 after buying an additional 5,263 shares during the last quarter. AQR Capital Management LLC grew its stake in 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 purchasing an additional 568 shares in the last quarter. Beese Fulmer Investment Management Inc. bought a new position in CNB Financial in the third quarter worth approximately $226,000. Finally, Creative Planning grew its stake in CNB Financial by 82.3% in 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 in the last quarter. 52.35% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

CNB Financial Stock Performance

Shares of CCNE opened at $27.91 on Monday. CNB Financial Co. has a 12 month low of $17.74 and a 12 month high of $29.29. The stock has a fifty day moving average price of $25.66 and a 200-day moving average price of $23.20. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.19. The firm has a market cap of $585.83 million, a PE ratio of 11.93 and a beta of 0.68.

CNB Financial (NASDAQ:CCNE) last issued its quarterly earnings data on Monday, October 21st. The bank reported $0.61 EPS for the quarter, beating the consensus estimate of $0.57 by $0.04. The firm had revenue of $94.21 million during the quarter, compared to analyst estimates of $55.40 million. CNB Financial had a return on equity of 10.13% and a net margin of 14.90%. Equities research analysts predict that CNB Financial Co. will post 2.3 earnings per share for the current fiscal year.

CNB Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be paid a $0.18 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $0.72 dividend on an annualized basis and a yield of 2.58%. CNB Financial’s dividend payout ratio (DPR) is 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.