CNB Financial Co. (NASDAQ:CCNE) Sees Large Growth in Short Interest

CNB Financial Co. (NASDAQ:CCNE) saw a large increase in short interest in October. As of October 31st, there was short interest totalling 74,500 shares, an increase of 24.8% from the October 15th total of 59,700 shares. Based on an average trading volume of 45,700 shares, the days-to-cover ratio is presently 1.6 days.

CNB Financial Stock Performance

Shares of CCNE stock opened at $27.63 on Friday. CNB Financial has a one year low of $17.74 and a one year high of $29.29. The company’s 50-day moving average is $24.91 and its 200 day moving average is $22.63. The company has a market capitalization of $579.95 million, a price-to-earnings ratio of 11.81 and a beta of 0.68. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.94 and a current ratio of 0.95.

CNB Financial (NASDAQ:CCNE) last announced its quarterly earnings data 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 14.90% and a return on equity of 10.13%. The company had revenue of $94.21 million for the quarter, compared to the consensus estimate of $55.40 million. Sell-side analysts expect that CNB Financial will post 2.3 EPS for the current fiscal year.

CNB Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 2.61%. The ex-dividend date is Friday, November 29th. CNB Financial’s dividend payout ratio (DPR) is 30.77%.

Institutional Trading of CNB Financial

Institutional investors have recently bought and sold shares of the company. Geode Capital Management LLC boosted its holdings in shares of CNB Financial by 2.0% during the 3rd quarter. Geode Capital Management LLC now owns 474,032 shares of the bank’s stock valued at $11,408,000 after acquiring an additional 9,359 shares during the last quarter. Barclays PLC boosted its holdings in shares of CNB Financial by 274.7% during the 3rd quarter. Barclays PLC now owns 27,528 shares of the bank’s stock valued at $663,000 after acquiring an additional 20,182 shares during the last quarter. State Street Corp boosted its holdings in shares of CNB Financial by 2.2% during the 3rd quarter. State Street Corp now owns 424,579 shares of the bank’s stock valued at $10,215,000 after acquiring an additional 8,942 shares during the last quarter. Hotchkis & Wiley Capital Management LLC boosted its holdings in shares of CNB Financial by 0.3% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 143,790 shares of the bank’s stock valued at $3,460,000 after acquiring an additional 390 shares during the last quarter. Finally, PDT Partners LLC purchased a new stake in shares of CNB Financial during the 3rd quarter valued at about $221,000. 52.35% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, StockNews.com lowered shares of CNB Financial from a “buy” rating to a “hold” rating in a research note on Wednesday, October 30th.

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.