Short Interest in CNB Financial Co. (NASDAQ:CCNE) Expands By 24.8%

CNB Financial Co. (NASDAQ:CCNE) was the target of a significant 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 daily volume of 45,700 shares, the short-interest ratio is currently 1.6 days.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in CCNE. Acadian Asset Management LLC bought a new stake in CNB Financial during the 1st quarter worth approximately $81,000. SG Americas Securities LLC acquired a new position in shares of CNB Financial during the third quarter worth $181,000. PDT Partners LLC bought a new stake in shares of CNB Financial in the third quarter worth $221,000. Beese Fulmer Investment Management Inc. acquired a new stake in CNB Financial in the third quarter valued at $226,000. Finally, AQR Capital Management LLC raised its position in CNB Financial by 5.7% during the 2nd quarter. AQR Capital Management LLC now owns 10,543 shares of the bank’s stock worth $215,000 after purchasing an additional 568 shares during the last quarter. Institutional investors and hedge funds own 52.35% of the company’s stock.

CNB Financial Price Performance

CCNE stock traded down $0.31 during trading on Friday, reaching $27.63. 47,224 shares of the company were exchanged, compared to its average volume of 46,718. The company has a market capitalization of $580.06 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 current ratio of 0.95 and a quick ratio of 0.94. The company has a 50-day moving average of $24.91 and a two-hundred day moving average of $22.61. CNB Financial has a twelve month low of $17.74 and a twelve month high of $29.29.

CNB Financial (NASDAQ:CCNE) last announced its quarterly earnings results on Monday, October 21st. The bank reported $0.61 EPS for the quarter, beating analysts’ consensus estimates of $0.57 by $0.04. The company had revenue of $94.21 million during the quarter, compared to analysts’ expectations of $55.40 million. CNB Financial had a return on equity of 10.13% and a net margin of 14.90%. As a group, equities analysts predict that CNB Financial will post 2.3 earnings per share for the current fiscal year.

CNB Financial Announces Dividend

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

Wall Street Analysts Forecast Growth

Separately, StockNews.com cut CNB Financial from a “buy” rating to a “hold” rating in a report 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.