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

CNB Financial Co. (NASDAQ:CCNE) was the recipient of a large increase in short interest in June. As of June 15th, there was short interest totalling 67,600 shares, an increase of 20.9% from the May 31st total of 55,900 shares. Based on an average daily volume of 39,400 shares, the short-interest ratio is presently 1.7 days.

Institutional Trading of CNB Financial

Several institutional investors and hedge funds have recently modified their holdings of CCNE. Acadian Asset Management LLC acquired a new position in CNB Financial during the first quarter worth about $81,000. New York State Common Retirement Fund increased its position in CNB Financial by 14.6% during the 4th quarter. New York State Common Retirement Fund now owns 7,878 shares of the bank’s stock worth $178,000 after purchasing an additional 1,006 shares in the last quarter. PNC Financial Services Group Inc. lifted its stake in CNB Financial by 41.6% in the 4th quarter. PNC Financial Services Group Inc. now owns 8,841 shares of the bank’s stock valued at $200,000 after purchasing an additional 2,599 shares during the last quarter. Beese Fulmer Investment Management Inc. acquired a new stake in CNB Financial in the fourth quarter valued at approximately $212,000. Finally, SG Americas Securities LLC grew its stake in shares of CNB Financial by 26.5% during the fourth quarter. SG Americas Securities LLC now owns 11,175 shares of the bank’s stock worth $252,000 after buying an additional 2,343 shares during the last quarter. 52.35% of the stock is currently owned by institutional investors.

CNB Financial Price Performance

CNB Financial stock traded down $0.54 during trading hours on Monday, reaching $19.87. 38,528 shares of the stock were exchanged, compared to its average volume of 46,183. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.20. CNB Financial has a twelve month low of $17.21 and a twelve month high of $23.40. The company has a market cap of $417.27 million, a P/E ratio of 8.35 and a beta of 0.71. The stock has a 50 day moving average of $19.49 and a two-hundred day moving average of $20.31.

CNB Financial (NASDAQ:CCNE) last posted its quarterly earnings results on Monday, April 15th. The bank reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.02. CNB Financial had a net margin of 15.96% and a return on equity of 10.73%. The business had revenue of $54.18 million for the quarter, compared to analyst estimates of $55.00 million. Equities analysts expect that CNB Financial will post 2.23 EPS for the current fiscal year.

CNB Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 14th. Stockholders of record on Friday, May 31st were issued a dividend of $0.175 per share. The ex-dividend date was Friday, May 31st. This represents a $0.70 dividend on an annualized basis and a dividend yield of 3.52%. CNB Financial’s dividend payout ratio (DPR) is currently 29.41%.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods dropped their price objective on CNB Financial from $23.00 to $22.00 and set a “market perform” rating for the company in a report on Wednesday, April 17th.

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.