CNB Financial Co. (NASDAQ:CCNE) Short Interest Down 14.4% in May

CNB Financial Co. (NASDAQ:CCNEGet Free Report) saw a large drop in short interest in the month of May. As of May 15th, there was short interest totalling 63,600 shares, a drop of 14.4% from the April 30th total of 74,300 shares. Based on an average trading volume of 41,700 shares, the days-to-cover ratio is currently 1.5 days.

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods dropped their target price on CNB Financial from $23.00 to $22.00 and set a “market perform” rating on the stock in a report on Wednesday, April 17th.

View Our Latest Stock Analysis on CNB Financial

Institutional Trading of CNB Financial

A number of institutional investors have recently added to or reduced their stakes in CCNE. Acadian Asset Management LLC acquired a new stake in shares of CNB Financial during the 1st quarter valued at approximately $81,000. New York State Common Retirement Fund raised its holdings in CNB Financial by 14.6% during the fourth quarter. New York State Common Retirement Fund now owns 7,878 shares of the bank’s stock worth $178,000 after purchasing an additional 1,006 shares during the last quarter. PNC Financial Services Group Inc. boosted its position in CNB Financial by 41.6% during the fourth quarter. PNC Financial Services Group Inc. now owns 8,841 shares of the bank’s stock worth $200,000 after purchasing an additional 2,599 shares in the last quarter. Beese Fulmer Investment Management Inc. acquired a new stake in CNB Financial in the fourth quarter valued at $212,000. Finally, SG Americas Securities LLC grew its holdings in CNB Financial by 26.5% in the fourth quarter. SG Americas Securities LLC now owns 11,175 shares of the bank’s stock valued at $252,000 after purchasing an additional 2,343 shares during the last quarter. Hedge funds and other institutional investors own 52.35% of the company’s stock.

CNB Financial Price Performance

Shares of NASDAQ:CCNE opened at $19.40 on Friday. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.20. The company has a 50-day moving average price of $19.57 and a 200 day moving average price of $20.55. CNB Financial has a 52 week low of $16.43 and a 52 week high of $23.40. The company has a market cap of $407.48 million, a P/E ratio of 8.15 and a beta of 0.77.

CNB Financial (NASDAQ:CCNEGet Free Report) last posted its quarterly earnings results on Monday, April 15th. The bank reported $0.55 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.02. CNB Financial had a return on equity of 10.73% and a net margin of 15.96%. The firm had revenue of $54.18 million for the quarter, compared to the consensus estimate of $55.00 million. Research analysts predict that CNB Financial will post 2.23 earnings per share for the current year.

CNB Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Friday, May 31st will be issued a $0.175 dividend. The ex-dividend date of this dividend is Friday, May 31st. This represents a $0.70 dividend on an annualized basis and a dividend yield of 3.61%. CNB Financial’s dividend payout ratio is presently 29.41%.

About CNB Financial

(Get Free Report)

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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