CNB Financial Co. (NASDAQ:CCNE) Sees Significant Decrease in Short Interest

CNB Financial Co. (NASDAQ:CCNE) was the target of a significant drop in short interest in the month of October. As of October 15th, there was short interest totalling 59,700 shares, a drop of 25.9% from the September 30th total of 80,600 shares. Based on an average daily volume of 42,200 shares, the days-to-cover ratio is presently 1.4 days.

Institutional Investors Weigh In On CNB Financial

Several institutional investors and hedge funds have recently modified their holdings of CCNE. Acadian Asset Management LLC acquired a new stake in shares of CNB Financial in the first quarter worth about $81,000. SG Americas Securities LLC bought a new stake in shares of CNB Financial during the third quarter valued at approximately $181,000. PNC Financial Services Group Inc. increased its stake in CNB Financial by 41.6% in the fourth quarter. PNC Financial Services Group Inc. now owns 8,841 shares of the bank’s stock valued at $200,000 after acquiring an additional 2,599 shares during the period. AQR Capital Management LLC raised its holdings in shares of CNB Financial by 5.7% in the 2nd quarter. AQR Capital Management LLC now owns 10,543 shares of the bank’s stock worth $215,000 after buying an additional 568 shares in the last quarter. Finally, Beese Fulmer Investment Management Inc. bought a new position in shares of CNB Financial during the third quarter valued at $226,000. Institutional investors and hedge funds own 52.35% of the company’s stock.

CNB Financial Stock Down 1.6 %

CCNE traded down $0.42 during trading on Tuesday, reaching $25.58. 35,066 shares of the stock traded hands, compared to its average volume of 45,240. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.94 and a quick ratio of 0.94. CNB Financial has a fifty-two week low of $17.74 and a fifty-two week high of $26.87. The stock’s 50-day simple moving average is $24.06 and its two-hundred day simple moving average is $21.90. The stock has a market cap of $537.28 million, a price-to-earnings ratio of 10.75 and a beta of 0.69.

CNB Financial (NASDAQ:CCNE) last announced its quarterly earnings results on Monday, October 21st. The bank reported $0.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.04. The business had revenue of $94.21 million during the quarter, compared to analyst estimates of $55.40 million. CNB Financial had a return on equity of 10.37% and a net margin of 15.30%. As a group, equities research analysts expect that CNB Financial will post 2.25 EPS for the current year.

CNB Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Friday, August 30th were issued a dividend of $0.18 per share. The ex-dividend date of this dividend was Friday, August 30th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.81%. This is an increase from CNB Financial’s previous quarterly dividend of $0.18. CNB Financial’s dividend payout ratio (DPR) is currently 30.25%.

Analyst Ratings Changes

Separately, StockNews.com upgraded shares of CNB Financial from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd.

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.