Summit Global Investments Acquires New Shares in CNB Financial Co. (NASDAQ:CCNE)

Summit Global Investments bought a new position in shares of CNB Financial Co. (NASDAQ:CCNE) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 9,949 shares of the bank’s stock, valued at approximately $247,000.

Several other institutional investors also recently bought and sold shares of the stock. Intech Investment Management LLC acquired a new position in shares of CNB Financial during the 4th quarter valued at about $203,000. SG Americas Securities LLC boosted its position in CNB Financial by 17.4% during the fourth quarter. SG Americas Securities LLC now owns 8,808 shares of the bank’s stock worth $219,000 after purchasing an additional 1,305 shares during the period. PDT Partners LLC acquired a new position in CNB Financial during the third quarter valued at approximately $221,000. Los Angeles Capital Management LLC bought a new position in shares of CNB Financial in the fourth quarter valued at approximately $285,000. Finally, Franklin Resources Inc. lifted its stake in shares of CNB Financial by 95.1% in the third quarter. Franklin Resources Inc. now owns 22,032 shares of the bank’s stock worth $530,000 after buying an additional 10,737 shares during the last quarter. 52.35% of the stock is currently owned by institutional investors.

CNB Financial Stock Down 1.1 %

CCNE opened at $22.59 on Wednesday. The business has a 50 day moving average of $24.56 and a 200-day moving average of $25.18. The stock has a market capitalization of $473.94 million, a price-to-earnings ratio of 9.49 and a beta of 0.65. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.19. CNB Financial Co. has a 1-year low of $17.74 and a 1-year high of $29.29.

CNB Financial (NASDAQ:CCNE) last issued its quarterly earnings results on Tuesday, January 28th. The bank reported $0.66 earnings per share 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%. As a group, sell-side analysts anticipate that CNB Financial Co. will post 2.04 earnings per share for the current year.

CNB Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Friday, February 28th were given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 3.19%. The ex-dividend date was Friday, February 28th. CNB Financial’s dividend payout ratio (DPR) is presently 30.25%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Keefe, Bruyette & Woods lowered their target price on shares of CNB Financial from $30.00 to $28.00 and set a “market perform” rating on the stock in a research note on Monday, January 13th. StockNews.com lowered CNB Financial from a “buy” rating to a “hold” rating in a research note on Friday, February 14th.

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.