Pekin Hardy Strauss Inc. Sells 11,980 Shares of CNB Financial Co. (NASDAQ:CCNE)

Pekin Hardy Strauss Inc. cut its stake in shares of CNB Financial Co. (NASDAQ:CCNE) by 4.5% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 254,673 shares of the bank’s stock after selling 11,980 shares during the quarter. Pekin Hardy Strauss Inc. owned about 1.21% of CNB Financial worth $5,198,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Acadian Asset Management LLC purchased a new stake in CNB Financial during the 1st quarter valued at $81,000. PNC Financial Services Group Inc. raised its position in CNB Financial by 41.6% in the 4th quarter. PNC Financial Services Group Inc. now owns 8,841 shares of the bank’s stock worth $200,000 after buying an additional 2,599 shares during the last quarter. Staley Capital Advisers Inc. bought a new position in CNB Financial during the fourth quarter valued at approximately $258,000. BNP Paribas Financial Markets increased its position in shares of CNB Financial by 21.0% during the 4th quarter. BNP Paribas Financial Markets now owns 17,043 shares of the bank’s stock valued at $385,000 after purchasing an additional 2,957 shares during the last quarter. Finally, BHZ Capital Management LP boosted its stake in shares of CNB Financial by 1.4% during the 4th quarter. BHZ Capital Management LP now owns 57,904 shares of the bank’s stock worth $1,308,000 after acquiring an additional 791 shares during the last quarter. Hedge funds and other institutional investors own 52.35% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, StockNews.com lowered CNB Financial from a “buy” rating to a “hold” rating in a research note on Wednesday, August 21st.

CNB Financial Stock Up 2.5 %

CCNE stock opened at $24.47 on Tuesday. The business’s 50-day moving average price is $23.49 and its 200-day moving average price is $20.97. The stock has a market cap of $513.97 million, a P/E ratio of 10.28 and a beta of 0.69. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.20. CNB Financial Co. has a twelve month low of $17.45 and a twelve month high of $26.87.

CNB Financial (NASDAQ:CCNE) last issued its quarterly earnings results on Thursday, July 18th. The bank reported $0.56 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.05. CNB Financial had a net margin of 15.30% and a return on equity of 10.37%. The business had revenue of $89.52 million for the quarter, compared to the consensus estimate of $55.30 million. On average, equities research analysts forecast that CNB Financial Co. will post 2.25 EPS for the current year.

CNB Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Friday, August 30th were issued a dividend of $0.18 per share. This is a positive change from CNB Financial’s previous quarterly dividend of $0.18. This represents a $0.72 dividend on an annualized basis and a yield of 2.94%. The ex-dividend date was Friday, August 30th. CNB Financial’s dividend payout ratio (DPR) is 30.25%.

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.