Renaissance Technologies LLC Has $1.22 Million Position in CNB Financial Co. (NASDAQ:CCNE)

Renaissance Technologies LLC trimmed its stake in shares of CNB Financial Co. (NASDAQ:CCNE) by 10.4% during the fourth quarter, Holdings Channel reports. The firm owned 49,001 shares of the bank’s stock after selling 5,700 shares during the period. Renaissance Technologies LLC’s holdings in CNB Financial were worth $1,218,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of CCNE. Invesco Ltd. boosted its stake in CNB Financial by 8.8% in the 4th quarter. Invesco Ltd. now owns 40,672 shares of the bank’s stock valued at $1,011,000 after buying an additional 3,281 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new position in shares of CNB Financial during the fourth quarter valued at $211,000. Wells Fargo & Company MN boosted its stake in shares of CNB Financial by 14.0% in the 4th quarter. Wells Fargo & Company MN now owns 16,299 shares of the bank’s stock valued at $405,000 after purchasing an additional 1,997 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of CNB Financial by 17.9% during the 4th quarter. JPMorgan Chase & Co. now owns 183,675 shares of the bank’s stock worth $4,566,000 after purchasing an additional 27,874 shares in the last quarter. Finally, Prudential Financial Inc. lifted its holdings in CNB Financial by 30.6% during the 4th quarter. Prudential Financial Inc. now owns 49,046 shares of the bank’s stock valued at $1,219,000 after purchasing an additional 11,500 shares during the last quarter. 52.35% of the stock is currently owned by institutional investors.

CNB Financial Trading Up 1.1 %

CCNE stock opened at $22.16 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. CNB Financial Co. has a twelve month low of $18.60 and a twelve month high of $29.29. The company has a market cap of $464.92 million, a P/E ratio of 9.31 and a beta of 0.53. The business has a fifty day moving average of $22.42 and a 200-day moving average of $24.76.

CNB Financial (NASDAQ:CCNE) last announced its quarterly earnings data on Monday, April 14th. The bank reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.04. The firm had revenue of $57.55 million during the quarter, compared to analysts’ expectations of $54.05 million. CNB Financial had a return on equity of 10.24% and a net margin of 14.97%. As a group, equities research analysts expect that CNB Financial Co. will post 2.04 EPS for the current year.

CNB Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Friday, February 28th were paid a $0.18 dividend. The ex-dividend date of this dividend was Friday, February 28th. This represents a $0.72 dividend on an annualized basis and a yield of 3.25%. CNB Financial’s payout ratio is presently 30.90%.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. Stephens assumed coverage on shares of CNB Financial in a research note on Monday, April 14th. They set an “overweight” rating and a $26.50 price objective on the stock. StockNews.com downgraded shares of CNB Financial from a “buy” rating to a “hold” rating in a research report on Friday, February 14th. Finally, Keefe, Bruyette & Woods lowered their price objective on shares of CNB Financial from $27.00 to $25.00 and set a “market perform” rating for the company in a research report on Wednesday, April 16th.

CNB Financial Profile

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.