Davis Asset Management L.P. Boosts Stake in CNB Financial Co. (NASDAQ:CCNE)

Davis Asset Management L.P. grew its holdings in shares of CNB Financial Co. (NASDAQ:CCNE) by 20.0% during the fourth quarter, HoldingsChannel reports. The firm owned 600,000 shares of the bank’s stock after purchasing an additional 100,000 shares during the quarter. Davis Asset Management L.P.’s holdings in CNB Financial were worth $13,554,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in CCNE. SG Americas Securities LLC purchased a new position in shares of CNB Financial during the 3rd quarter worth $160,000. New York State Common Retirement Fund lifted its stake in shares of CNB Financial by 14.6% during the 4th quarter. New York State Common Retirement Fund now owns 7,878 shares of the bank’s stock worth $178,000 after purchasing an additional 1,006 shares during the period. Beese Fulmer Investment Management Inc. purchased a new position in shares of CNB Financial during the 4th quarter worth $212,000. Bailard Inc. acquired a new stake in shares of CNB Financial during the 3rd quarter worth $311,000. Finally, BNP Paribas Financial Markets increased its holdings in shares of CNB Financial by 21.0% during the 4th quarter. BNP Paribas Financial Markets now owns 17,043 shares of the bank’s stock worth $385,000 after buying an additional 2,957 shares during the last quarter. Hedge funds and other institutional investors own 52.35% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods dropped their price objective on 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 %

Shares of CCNE stock traded up $0.38 on Thursday, reaching $19.40. 41,323 shares of the stock were exchanged, compared to its average volume of 49,193. The stock has a market cap of $407.79 million, a P/E ratio of 8.04 and a beta of 0.77. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.20. The firm has a 50 day moving average of $19.66 and a two-hundred day moving average of $20.40. CNB Financial Co. has a 1-year low of $16.43 and a 1-year high of $23.40.

CNB Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, March 1st were issued a dividend of $0.175 per share. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $0.70 dividend on an annualized basis and a dividend yield of 3.61%. CNB Financial’s payout ratio is 29.41%.

About CNB Financial

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.