CNB Financial Co. (NASDAQ:CCNE) Short Interest Update

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

CNB Financial Price Performance

Shares of CNB Financial stock traded down $0.42 during trading on Tuesday, reaching $25.58. The company’s stock had a trading volume of 35,066 shares, compared to its average volume of 45,240. CNB Financial has a one year low of $17.74 and a one year high of $26.87. The stock has a 50-day moving average price of $24.06 and a two-hundred day moving average price of $21.90. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.20. The stock has a market capitalization of $537.28 million, a P/E ratio of 10.75 and a beta of 0.69.

CNB Financial (NASDAQ:CCNE) last released its quarterly earnings results on Monday, October 21st. The bank reported $0.61 EPS for the quarter, beating the consensus estimate of $0.57 by $0.04. CNB Financial had a net margin of 15.30% and a return on equity of 10.37%. The business had revenue of $94.21 million for the quarter, compared to analysts’ expectations of $55.40 million. As a group, sell-side analysts anticipate that CNB Financial will post 2.25 EPS for the current fiscal year.

CNB Financial Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Friday, August 30th were given a dividend of $0.18 per share. The ex-dividend date 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 payout ratio is presently 30.25%.

Wall Street Analysts Forecast Growth

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

Hedge Funds Weigh In On CNB Financial

Several hedge funds have recently added to or reduced their stakes in CCNE. Unison Advisors LLC bought a new stake in CNB Financial during the 3rd quarter worth about $692,000. Dimensional Fund Advisors LP grew its position in shares of CNB Financial by 2.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 944,685 shares of the bank’s stock worth $19,280,000 after buying an additional 24,666 shares during the period. BNP Paribas Financial Markets raised its stake in shares of CNB Financial by 73.9% during the first quarter. BNP Paribas Financial Markets now owns 29,632 shares of the bank’s stock worth $604,000 after buying an additional 12,589 shares during the last quarter. Acadian Asset Management LLC acquired a new position in CNB Financial in the first quarter valued at approximately $81,000. Finally, American Century Companies Inc. boosted its stake in CNB Financial by 16.7% in the second quarter. American Century Companies Inc. now owns 357,127 shares of the bank’s stock valued at $7,289,000 after acquiring an additional 51,080 shares during the last quarter. Institutional investors own 52.35% of the company’s stock.

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.