Metropolitan Life Insurance Co. NY Maintains Position in CNB Financial Corporation (CCNE)
Metropolitan Life Insurance Co. NY continued to hold its stake in shares of CNB Financial Corporation (NASDAQ:CCNE) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,646 shares of the bank’s stock at the end of the first quarter. Metropolitan Life Insurance Co. NY owned approximately 0.06% of CNB Financial Corporation worth $230,000 at the end of the most recent reporting period.
Other large investors also recently modified their holdings of the company. Emerald Mutual Fund Advisers Trust boosted its stake in shares of CNB Financial Corporation by 204.4% in the first quarter. Emerald Mutual Fund Advisers Trust now owns 153,402 shares of the bank’s stock valued at $3,665,000 after buying an additional 103,000 shares during the period. LSV Asset Management boosted its stake in shares of CNB Financial Corporation by 29.3% in the first quarter. LSV Asset Management now owns 149,849 shares of the bank’s stock valued at $3,579,000 after buying an additional 33,955 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of CNB Financial Corporation by 5.6% in the first quarter. Bank of New York Mellon Corp now owns 96,284 shares of the bank’s stock valued at $2,300,000 after buying an additional 5,107 shares during the period. Context BH Capital Management LP boosted its stake in CNB Financial Corporation by 2.0% in the first quarter. Context BH Capital Management LP now owns 8,567 shares of the bank’s stock valued at $205,000 after buying an additional 169 shares during the last quarter. Finally, Prudential Financial Inc. boosted its stake in CNB Financial Corporation by 1.3% in the first quarter. Prudential Financial Inc. now owns 35,500 shares of the bank’s stock valued at $848,000 after buying an additional 440 shares during the last quarter. Institutional investors and hedge funds own 42.36% of the company’s stock.
CNB Financial Corporation (CCNE) traded up 0.82% during midday trading on Tuesday, reaching $24.69. The company’s stock had a trading volume of 1,098 shares. CNB Financial Corporation has a 12 month low of $18.01 and a 12 month high of $28.43. The stock has a 50-day moving average price of $25.01 and a 200 day moving average price of $24.08. The company has a market cap of $374.94 million, a PE ratio of 14.86 and a beta of 0.84.
CNB Financial Corporation (NASDAQ:CCNE) last announced its quarterly earnings data on Friday, July 21st. The bank reported $0.44 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.32 by $0.12. The firm had revenue of $28.08 million during the quarter, compared to analysts’ expectations of $27.14 million. CNB Financial Corporation had a net margin of 20.21% and a return on equity of 10.92%. Analysts expect that CNB Financial Corporation will post $1.60 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 1st will be paid a $0.165 dividend. The ex-dividend date is Wednesday, August 30th. This represents a $0.66 dividend on an annualized basis and a dividend yield of 2.69%. CNB Financial Corporation’s dividend payout ratio (DPR) is presently 39.76%.
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Several equities research analysts have weighed in on the company. Zacks Investment Research upgraded CNB Financial Corporation from a “hold” rating to a “buy” rating and set a $28.00 target price for the company in a research note on Monday, July 24th. BidaskClub cut CNB Financial Corporation from a “buy” rating to a “hold” rating in a research note on Monday, July 31st.
In other news, Director Dennis L. Merrey sold 2,000 shares of the stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $26.56, for a total value of $53,120.00. Following the completion of the sale, the director now directly owns 49,570 shares of the company’s stock, valued at $1,316,579.20. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 4.40% of the company’s stock.
About CNB Financial Corporation
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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