CNB Financial Corporation (CCNE) Shares Bought by The Manufacturers Life Insurance Company
The Manufacturers Life Insurance Company lifted its position in CNB Financial Corporation (NASDAQ:CCNE) by 16.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 14,297 shares of the bank’s stock after purchasing an additional 2,061 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.09% of CNB Financial worth $343,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in the company. State Street Corp increased its holdings in shares of CNB Financial by 3.4% in the second quarter. State Street Corp now owns 253,997 shares of the bank’s stock worth $6,089,000 after purchasing an additional 8,363 shares during the period. Cornerstone Capital Management Holdings LLC. increased its holdings in shares of CNB Financial by 34.1% in the second quarter. Cornerstone Capital Management Holdings LLC. now owns 25,983 shares of the bank’s stock worth $622,000 after purchasing an additional 6,600 shares during the period. Stifel Financial Corp increased its holdings in shares of CNB Financial by 7.4% in the second quarter. Stifel Financial Corp now owns 198,113 shares of the bank’s stock worth $4,752,000 after purchasing an additional 13,566 shares during the period. Brandywine Global Investment Management LLC increased its holdings in shares of CNB Financial by 38.7% in the second quarter. Brandywine Global Investment Management LLC now owns 4,952 shares of the bank’s stock worth $119,000 after purchasing an additional 1,382 shares during the period. Finally, Voya Investment Management LLC increased its holdings in shares of CNB Financial by 8.6% in the second quarter. Voya Investment Management LLC now owns 12,661 shares of the bank’s stock worth $303,000 after purchasing an additional 1,001 shares during the period. 42.85% of the stock is currently owned by hedge funds and other institutional investors.
CCNE has been the topic of several research analyst reports. ValuEngine cut shares of CNB Financial from a “strong-buy” rating to a “buy” rating in a report on Tuesday, November 14th. Zacks Investment Research cut shares of CNB Financial from a “buy” rating to a “hold” rating in a report on Tuesday, September 19th. Finally, Boenning Scattergood reaffirmed a “buy” rating on shares of CNB Financial in a report on Friday, October 20th.
CNB Financial (NASDAQ:CCNE) last released its earnings results on Thursday, October 19th. The bank reported $0.47 EPS for the quarter, beating the Zacks’ consensus estimate of $0.39 by $0.08. The business had revenue of $28.55 million for the quarter, compared to analysts’ expectations of $28.52 million. CNB Financial had a return on equity of 10.94% and a net margin of 20.28%. equities analysts forecast that CNB Financial Corporation will post 1.67 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, December 1st will be paid a $0.165 dividend. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $0.66 dividend on an annualized basis and a yield of 2.33%. CNB Financial’s dividend payout ratio is presently 39.05%.
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About CNB Financial
CNB Financial Corporation is a financial holding company. The Company is the holding company of CNB Bank (the Bank); CNB Securities Corporation, which maintains investments in debt and equity securities; CNB Insurance Agency, which provides for the sale of nonproprietary annuities and other insurance products, and Holiday Financial Services Corporation, which offers small balance unsecured loans and secured loans, primarily collateralized by automobiles and equipment.
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