CNB Financial Corp (NASDAQ:CCNE) Short Interest Update

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CNB Financial Corp (NASDAQ:CCNE) was the recipient of a large growth in short interest in the month of November. As of November 29th, there was short interest totalling 75,500 shares, a growth of 22.2% from the November 14th total of 61,800 shares. Currently, 0.5% of the company’s stock are sold short. Based on an average trading volume of 24,400 shares, the short-interest ratio is currently 3.1 days.

Shares of CCNE stock traded up $0.01 during midday trading on Friday, reaching $32.65. 38,293 shares of the stock were exchanged, compared to its average volume of 28,090. CNB Financial has a 1 year low of $21.43 and a 1 year high of $33.78. The company’s 50 day moving average is $31.93 and its two-hundred day moving average is $28.53. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 1.07. The firm has a market cap of $496.28 million, a PE ratio of 14.77 and a beta of 0.97.

CNB Financial (NASDAQ:CCNE) last posted its quarterly earnings results on Thursday, October 17th. The bank reported $0.68 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.05. The company had revenue of $36.18 million for the quarter, compared to the consensus estimate of $35.52 million. CNB Financial had a return on equity of 13.75% and a net margin of 22.01%. As a group, equities analysts expect that CNB Financial will post 2.61 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Saturday, November 30th were paid a $0.17 dividend. The ex-dividend date was Wednesday, November 27th. This represents a $0.68 annualized dividend and a dividend yield of 2.08%. This is an increase from CNB Financial’s previous quarterly dividend of $0.17. CNB Financial’s dividend payout ratio is presently 30.77%.

Several institutional investors have recently bought and sold shares of the stock. Zebra Capital Management LLC purchased a new stake in shares of CNB Financial in the 3rd quarter worth approximately $208,000. State Street Corp grew its stake in shares of CNB Financial by 0.9% in the 3rd quarter. State Street Corp now owns 267,209 shares of the bank’s stock worth $7,669,000 after buying an additional 2,443 shares during the last quarter. CNB Bank grew its stake in shares of CNB Financial by 1.0% in the 3rd quarter. CNB Bank now owns 156,713 shares of the bank’s stock worth $4,497,000 after buying an additional 1,574 shares during the last quarter. First Trust Advisors LP grew its stake in shares of CNB Financial by 24.9% in the 3rd quarter. First Trust Advisors LP now owns 32,409 shares of the bank’s stock worth $930,000 after buying an additional 6,471 shares during the last quarter. Finally, Wedge Capital Management L L P NC grew its stake in shares of CNB Financial by 94.8% in the 3rd quarter. Wedge Capital Management L L P NC now owns 26,210 shares of the bank’s stock worth $752,000 after buying an additional 12,753 shares during the last quarter. Institutional investors own 44.50% of the company’s stock.

CCNE has been the topic of a number of research analyst reports. Zacks Investment Research upgraded CNB Financial from a “hold” rating to a “buy” rating and set a $36.00 target price on the stock in a report on Wednesday, October 23rd. BidaskClub upgraded CNB Financial from a “hold” rating to a “buy” rating in a report on Friday.

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.

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