Stieven Capital Advisors L.P. Lowers Stock Position in CNB Financial Co. (NASDAQ:CCNE)

Stieven Capital Advisors L.P. reduced its stake in shares of CNB Financial Co. (NASDAQ:CCNE) by 1.3% during the second quarter, Holdings Channel reports. The institutional investor owned 219,678 shares of the bank’s stock after selling 3,000 shares during the period. Stieven Capital Advisors L.P.’s holdings in CNB Financial were worth $4,484,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position 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. Dimensional Fund Advisors LP lifted its position in shares of CNB Financial by 5.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 871,822 shares of the bank’s stock valued at $19,695,000 after buying an additional 42,908 shares in the last quarter. Petiole USA ltd lifted its position in shares of CNB Financial by 148.3% during the 4th quarter. Petiole USA ltd now owns 168,241 shares of the bank’s stock valued at $3,801,000 after buying an additional 100,471 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in CNB Financial by 3.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 132,168 shares of the bank’s stock worth $2,698,000 after purchasing an additional 4,973 shares in the last quarter. Finally, Empowered Funds LLC lifted its holdings in CNB Financial by 8.1% in the 1st quarter. Empowered Funds LLC now owns 60,792 shares of the bank’s stock worth $1,240,000 after purchasing an additional 4,550 shares in the last quarter. 52.35% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

CNB Financial Price Performance

NASDAQ:CCNE traded up $0.11 during trading hours on Friday, reaching $24.31. The stock had a trading volume of 23,271 shares, compared to its average volume of 32,376. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.94 and a current ratio of 0.94. CNB Financial Co. has a 52 week low of $17.45 and a 52 week high of $26.87. The company has a 50 day moving average price of $22.62 and a two-hundred day moving average price of $20.71. The stock has a market capitalization of $510.51 million, a PE ratio of 10.21 and a beta of 0.70.

CNB Financial (NASDAQ:CCNE) last released its 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. The firm had revenue of $89.52 million for the quarter, compared to the consensus estimate of $55.30 million. CNB Financial had a return on equity of 10.37% and a net margin of 15.30%. As a group, sell-side analysts anticipate that CNB Financial Co. will post 2.25 earnings per share for the current fiscal year.

CNB Financial Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Friday, August 30th will be given a dividend of $0.18 per share. The ex-dividend date of this dividend is Friday, August 30th. This represents a $0.72 annualized dividend and a dividend yield of 2.96%. This is an increase from CNB Financial’s previous quarterly dividend of $0.18. CNB Financial’s payout ratio is currently 29.41%.

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.