CNB Financial Co. (NASDAQ:CCNE) Short Interest Up 20.9% in June

CNB Financial Co. (NASDAQ:CCNE) was the target of a large increase in short interest in the month of 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 trading volume, of 39,400 shares, the days-to-cover ratio is currently 1.7 days.

CNB Financial Trading Up 4.3 %

Shares of NASDAQ CCNE traded up $0.84 during midday trading on Friday, reaching $20.41. 225,751 shares of the stock were exchanged, compared to its average volume of 38,220. The stock has a market capitalization of $428.61 million, a P/E ratio of 8.58 and a beta of 0.74. CNB Financial has a twelve month low of $17.21 and a twelve month high of $23.40. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.94 and a current ratio of 0.94. The company has a 50 day simple moving average of $19.48 and a 200 day simple moving average of $20.32.

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

CNB Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 14th. Shareholders of record on Friday, May 31st were paid a $0.175 dividend. The ex-dividend date of this dividend was Friday, May 31st. This represents a $0.70 annualized dividend and a yield of 3.43%. CNB Financial’s dividend payout ratio is currently 29.41%.

Institutional Trading of CNB Financial

A number of large investors have recently made changes to their positions in CCNE. Petiole USA ltd lifted its stake in CNB Financial by 148.3% in the fourth quarter. Petiole USA ltd now owns 168,241 shares of the bank’s stock valued at $3,801,000 after buying an additional 100,471 shares during the last quarter. Dimensional Fund Advisors LP raised its position in CNB Financial by 5.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 871,822 shares of the bank’s stock valued at $19,695,000 after purchasing an additional 42,908 shares during the last quarter. Staley Capital Advisers Inc. purchased a new stake in CNB Financial in the 4th quarter valued at $258,000. Davis Asset Management L.P. boosted its stake in CNB Financial by 20.0% during the 4th quarter. Davis Asset Management L.P. now owns 600,000 shares of the bank’s stock worth $13,554,000 after purchasing an additional 100,000 shares during the period. Finally, Vanguard Group Inc. grew its position in CNB Financial by 0.6% during the 3rd quarter. Vanguard Group Inc. now owns 1,000,658 shares of the bank’s stock worth $18,122,000 after purchasing an additional 5,800 shares during the last quarter. 52.35% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods lowered their target price on shares of CNB Financial from $23.00 to $22.00 and set a “market perform” rating on the stock in a research note 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.