Short Interest in CNB Financial Co. (NASDAQ:CCNE) Drops By 15.6%

CNB Financial Co. (NASDAQ:CCNE) was the target of a large decline in short interest in November. As of November 30th, there was short interest totalling 69,500 shares, a decline of 15.6% from the November 15th total of 82,300 shares. Based on an average trading volume of 51,700 shares, the short-interest ratio is currently 1.3 days.

Analyst Ratings Changes

CCNE has been the topic of a number of recent research reports. Keefe, Bruyette & Woods boosted their target price on CNB Financial from $27.00 to $30.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. StockNews.com cut shares of CNB Financial from a “buy” rating to a “hold” rating in a research report on Wednesday, October 30th.

CNB Financial Stock Up 0.3 %

CNB Financial stock traded up $0.09 during midday trading on Monday, reaching $27.34. The stock had a trading volume of 10,129 shares, compared to its average volume of 46,674. CNB Financial has a 1-year low of $17.74 and a 1-year high of $29.29. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.94 and a current ratio of 0.95. The firm’s fifty day simple moving average is $26.50 and its 200-day simple moving average is $23.77. The stock has a market capitalization of $573.98 million, a P/E ratio of 11.65 and a beta of 0.70.

CNB Financial (NASDAQ:CCNE) last released its earnings results on Monday, October 21st. The bank reported $0.61 earnings per share for the quarter, beating analysts’ consensus estimates of $0.57 by $0.04. The business had revenue of $94.21 million during the quarter, compared to the consensus estimate of $55.40 million. CNB Financial had a net margin of 14.90% and a return on equity of 10.13%. As a group, analysts expect that CNB Financial will post 2.3 EPS for the current fiscal year.

CNB Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Friday, November 29th were paid a $0.18 dividend. The ex-dividend date of this dividend was Friday, November 29th. This represents a $0.72 dividend on an annualized basis and a yield of 2.63%. CNB Financial’s dividend payout ratio is 30.77%.

Institutional Investors Weigh In On CNB Financial

A number of institutional investors and hedge funds have recently made changes to their positions in CCNE. American Century Companies Inc. boosted its position in CNB Financial by 16.7% during the second 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 period. Unison Advisors LLC bought a new stake in shares of CNB Financial during the 3rd quarter worth $692,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in CNB Financial in the 3rd quarter worth about $640,000. Dimensional Fund Advisors LP boosted its stake in shares of CNB Financial by 2.7% during 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. Finally, Barclays PLC grew its holdings in shares of CNB Financial by 274.7% during the third quarter. Barclays PLC now owns 27,528 shares of the bank’s stock worth $663,000 after purchasing an additional 20,182 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.