Short Interest in CNB Financial Co. (NASDAQ:CCNE) Drops By 21.5%

CNB Financial Co. (NASDAQ:CCNE) was the target of a large decline in short interest in August. As of August 31st, there was short interest totalling 82,300 shares, a decline of 21.5% from the August 15th total of 104,800 shares. Based on an average daily volume of 43,700 shares, the short-interest ratio is presently 1.9 days.

Analyst Ratings Changes

Separately, StockNews.com cut shares of CNB Financial from a “buy” rating to a “hold” rating in a research report on Wednesday, August 21st.

Institutional Investors Weigh In On CNB Financial

Several hedge funds have recently modified their holdings of the business. AQR Capital Management LLC increased its position in shares of CNB Financial by 5.7% during the 2nd quarter. AQR Capital Management LLC now owns 10,543 shares of the bank’s stock worth $215,000 after purchasing an additional 568 shares in the last quarter. Dimensional Fund Advisors LP increased 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 in the last quarter. American Century Companies Inc. raised its position 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 purchasing an additional 51,080 shares during the last quarter. Acadian Asset Management LLC lifted its stake in shares of CNB Financial by 131.1% during the second quarter. Acadian Asset Management LLC now owns 9,276 shares of the bank’s stock valued at $188,000 after acquiring an additional 5,263 shares during the period. Finally, Bank of New York Mellon Corp increased its position in CNB Financial by 3.9% in the second quarter. Bank of New York Mellon Corp now owns 132,168 shares of the bank’s stock worth $2,698,000 after purchasing an additional 4,973 shares during the period. 52.35% of the stock is owned by institutional investors.

CNB Financial Stock Performance

NASDAQ CCNE traded down $0.02 on Tuesday, hitting $24.45. The stock had a trading volume of 62,935 shares, compared to its average volume of 45,109. The company’s 50-day moving average is $23.49 and its two-hundred day moving average is $20.97. CNB Financial has a one year low of $17.45 and a one year high of $26.87. The stock has a market cap of $513.55 million, a price-to-earnings ratio of 10.27 and a beta of 0.69. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.20.

CNB Financial (NASDAQ:CCNE) last posted its quarterly earnings results on Thursday, July 18th. The bank reported $0.56 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.05. CNB Financial had a return on equity of 10.37% and a net margin of 15.30%. The firm had revenue of $89.52 million for the quarter, compared to analyst estimates of $55.30 million. On average, analysts expect that CNB Financial will post 2.25 earnings per share for the current year.

CNB Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Friday, August 30th were paid a $0.18 dividend. The ex-dividend date of this dividend was Friday, August 30th. This is a positive change from CNB Financial’s previous quarterly dividend of $0.18. This represents a $0.72 dividend on an annualized basis and a yield of 2.94%. CNB Financial’s dividend payout ratio (DPR) is presently 30.25%.

CNB Financial Company Profile

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.