Hotchkis & Wiley Capital Management LLC Raises Stock Holdings in CNB Financial Co. (NASDAQ:CCNE)

Hotchkis & Wiley Capital Management LLC grew its stake in shares of CNB Financial Co. (NASDAQ:CCNE) by 0.3% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 143,790 shares of the bank’s stock after buying an additional 390 shares during the period. Hotchkis & Wiley Capital Management LLC’s holdings in CNB Financial were worth $3,460,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. American Century Companies Inc. raised its stake in CNB Financial by 16.7% during the 2nd quarter. American Century Companies Inc. now owns 357,127 shares of the bank’s stock worth $7,289,000 after acquiring an additional 51,080 shares during the period. Unison Advisors LLC purchased a new stake in shares of CNB Financial in the third quarter worth $692,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of CNB Financial in the third quarter worth $640,000. Dimensional Fund Advisors LP raised its position in shares of CNB Financial by 2.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 944,685 shares of the bank’s stock valued at $19,280,000 after purchasing an additional 24,666 shares during the period. Finally, Vanguard Group Inc. lifted its stake in shares of CNB Financial by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 1,052,624 shares of the bank’s stock valued at $21,463,000 after buying an additional 15,870 shares in the last quarter. 52.35% of the stock is currently owned by institutional investors.

CNB Financial Stock Performance

CCNE opened at $27.49 on Friday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.94 and a current ratio of 0.95. The stock has a market capitalization of $577.13 million, a price-to-earnings ratio of 11.75 and a beta of 0.70. The company has a fifty day moving average of $26.06 and a 200 day moving average of $23.45. CNB Financial Co. has a fifty-two week low of $17.74 and a fifty-two week high of $29.29.

CNB Financial (NASDAQ:CCNE) last issued its quarterly earnings data on Monday, October 21st. The bank reported $0.61 earnings per share for the quarter, beating analysts’ consensus estimates 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%. As a group, sell-side analysts forecast that CNB Financial Co. will post 2.3 earnings per share for the current fiscal year.

CNB Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be issued a dividend of $0.18 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $0.72 annualized dividend and a dividend yield of 2.62%. CNB Financial’s dividend payout ratio (DPR) is 30.77%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. StockNews.com lowered CNB Financial from a “buy” rating to a “hold” rating in a research note on Wednesday, October 30th. Keefe, Bruyette & Woods lifted their target price on CNB Financial from $27.00 to $30.00 and gave the company a “market perform” rating in a research note on Wednesday.

CNB Financial Company 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.