CNB Financial Co. (NASDAQ:CCNE – Get Free Report) 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 – Get Free Report) 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
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.
Get Our Latest Stock Report on CCNE
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.
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