CNB Financial Co. (NASDAQ:CCNE) Short Interest Down 21.5% in August

CNB Financial Co. (NASDAQ:CCNE) saw a significant decline in short interest in the month of August. As of August 31st, there was short interest totalling 82,300 shares, a decline of 21.5% from the August 15th total of 104,800 shares. Based on an average daily volume of 43,700 shares, the days-to-cover ratio is currently 1.9 days.

CNB Financial Stock Down 0.1 %

Shares of NASDAQ:CCNE traded down $0.02 during trading on Tuesday, hitting $24.45. 62,935 shares of the company were exchanged, compared to its average volume of 45,109. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.94 and a quick ratio of 0.94. The firm’s 50 day moving average price is $23.49 and its 200-day moving average price is $20.97. The stock has a market capitalization of $513.55 million, a P/E ratio of 10.27 and a beta of 0.69. CNB Financial has a 12-month low of $17.45 and a 12-month high of $26.87.

CNB Financial (NASDAQ:CCNE) last announced its earnings results on Thursday, July 18th. The bank reported $0.56 EPS for the quarter, beating analysts’ consensus estimates of $0.51 by $0.05. CNB Financial had a net margin of 15.30% and a return on equity of 10.37%. The business had revenue of $89.52 million during the quarter, compared to analysts’ expectations of $55.30 million. On average, research analysts predict that CNB Financial will post 2.25 earnings per share for the current fiscal year.

CNB Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Friday, August 30th were paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 2.94%. The ex-dividend date of this dividend was Friday, August 30th. This is a boost from CNB Financial’s previous quarterly dividend of $0.18. CNB Financial’s dividend payout ratio is 30.25%.

Wall Street Analyst Weigh In

Separately, StockNews.com lowered CNB Financial from a “buy” rating to a “hold” rating in a research report on Wednesday, August 21st.

Hedge Funds Weigh In On CNB Financial

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Petiole USA ltd increased its stake in shares of CNB Financial by 148.3% during the fourth quarter. Petiole USA ltd now owns 168,241 shares of the bank’s stock worth $3,801,000 after acquiring an additional 100,471 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of 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 buying an additional 42,908 shares during the period. Staley Capital Advisers Inc. acquired a new position in CNB Financial during the fourth quarter worth $258,000. BNP Paribas Financial Markets raised its position in CNB Financial by 73.9% in the first quarter. BNP Paribas Financial Markets now owns 29,632 shares of the bank’s stock worth $604,000 after acquiring an additional 12,589 shares in the last quarter. Finally, Acadian Asset Management LLC purchased a new stake in shares of CNB Financial during the 1st quarter worth $81,000. 52.35% of the stock is currently owned by hedge funds and other institutional investors.

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.