Connor Clark & Lunn Investment Management Ltd. Acquires Shares of 26,591 CNB Financial Co. (NASDAQ:CCNE)

Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of CNB Financial Co. (NASDAQ:CCNE) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 26,591 shares of the bank’s stock, valued at approximately $640,000. Connor Clark & Lunn Investment Management Ltd. owned about 0.13% of CNB Financial at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. American Century Companies Inc. increased its stake in CNB Financial by 16.7% in the 2nd quarter. American Century Companies Inc. now owns 357,127 shares of the bank’s stock worth $7,289,000 after buying an additional 51,080 shares during the period. Unison Advisors LLC bought a new stake in shares of CNB Financial during the third quarter valued at approximately $692,000. Dimensional Fund Advisors LP boosted its holdings in shares of CNB Financial by 2.7% in the second quarter. Dimensional Fund Advisors LP now owns 944,685 shares of the bank’s stock valued at $19,280,000 after purchasing an additional 24,666 shares during the period. Vanguard Group Inc. grew its stake in CNB Financial by 1.5% in the first quarter. Vanguard Group Inc. now owns 1,052,624 shares of the bank’s stock worth $21,463,000 after purchasing an additional 15,870 shares in the last quarter. Finally, Beese Fulmer Investment Management Inc. purchased a new position in CNB Financial during the 3rd quarter worth $226,000. 52.35% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, StockNews.com cut CNB Financial from a “buy” rating to a “hold” rating in a report on Wednesday, October 30th.

CNB Financial Price Performance

Shares of CCNE opened at $28.22 on Friday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.94 and a current ratio of 0.95. The company has a 50 day moving average price of $25.54 and a 200-day moving average price of $23.09. CNB Financial Co. has a fifty-two week low of $17.74 and a fifty-two week high of $29.29. The stock has a market capitalization of $592.34 million, a PE ratio of 12.06 and a beta of 0.68.

CNB Financial (NASDAQ:CCNE) last posted its earnings results on Monday, October 21st. The bank reported $0.61 earnings per share for the quarter, topping analysts’ consensus estimates of $0.57 by $0.04. CNB Financial had a return on equity of 10.13% and a net margin of 14.90%. The company had revenue of $94.21 million during the quarter, compared to analyst estimates of $55.40 million. Equities analysts predict that CNB Financial Co. will post 2.3 earnings per share for the current fiscal year.

CNB Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be paid a $0.18 dividend. The ex-dividend date is Friday, November 29th. This represents a $0.72 annualized dividend and a yield of 2.55%. CNB Financial’s dividend payout ratio (DPR) is presently 30.77%.

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.