Davis Asset Management L.P. Acquires 100,000 Shares of CNB Financial Co. (NASDAQ:CCNE)

Davis Asset Management L.P. raised its holdings in shares of CNB Financial Co. (NASDAQ:CCNE) by 20.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 600,000 shares of the bank’s stock after purchasing an additional 100,000 shares during the quarter. Davis Asset Management L.P. owned 2.87% of CNB Financial worth $13,554,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also bought and sold shares of CCNE. Wellington Management Group LLP lifted its holdings in shares of CNB Financial by 1.0% in the 3rd quarter. Wellington Management Group LLP now owns 1,205,918 shares of the bank’s stock worth $21,839,000 after acquiring an additional 12,300 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of CNB Financial by 0.6% in the 3rd quarter. Vanguard Group Inc. now owns 1,000,658 shares of the bank’s stock worth $18,122,000 after acquiring an additional 5,800 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of CNB Financial by 5.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 871,822 shares of the bank’s stock worth $19,695,000 after acquiring an additional 42,908 shares during the last quarter. Pekin Hardy Strauss Inc. lifted its holdings in shares of CNB Financial by 0.3% in the 3rd quarter. Pekin Hardy Strauss Inc. now owns 294,728 shares of the bank’s stock worth $5,338,000 after acquiring an additional 740 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of CNB Financial by 1.7% in the 3rd quarter. Bank of New York Mellon Corp now owns 115,308 shares of the bank’s stock worth $2,088,000 after acquiring an additional 1,953 shares during the last quarter. Institutional investors own 52.35% of the company’s stock.

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods lowered their target price on shares of CNB Financial from $23.00 to $22.00 and set a “market perform” rating for the company in a report on Wednesday, April 17th.

CNB Financial Trading Up 2.0 %

CCNE stock traded up $0.38 during trading on Thursday, hitting $19.40. The company had a trading volume of 41,323 shares, compared to its average volume of 49,193. The firm has a market capitalization of $407.79 million, a P/E ratio of 8.04 and a beta of 0.77. CNB Financial Co. has a 52-week low of $16.43 and a 52-week high of $23.40. The company has a 50 day simple moving average of $19.66 and a 200-day simple moving average of $20.40. 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 Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Friday, March 1st were paid a $0.175 dividend. This represents a $0.70 annualized dividend and a yield of 3.61%. The ex-dividend date of this dividend was Thursday, February 29th. CNB Financial’s dividend payout ratio is presently 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.