CNB Financial Corp (NASDAQ:CCNE) Short Interest Up 60.5% in June

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CNB Financial Corp (NASDAQ:CCNE) saw a significant increase in short interest during the month of June. As of June 30th, there was short interest totalling 94,200 shares, an increase of 60.5% from the May 30th total of 58,700 shares. Approximately 0.7% of the shares of the company are sold short. Based on an average trading volume of 18,200 shares, the days-to-cover ratio is presently 5.2 days.

CCNE has been the subject of a number of research reports. Boenning Scattergood reiterated an “outperform” rating and set a $47.75 price objective on shares of WSFS Financial in a research report on Thursday, June 20th. ValuEngine upgraded Alleghany from a “hold” rating to a “buy” rating in a research report on Friday, April 19th. BidaskClub upgraded YY from a “strong sell” rating to a “sell” rating in a research report on Thursday, May 30th. Finally, Zacks Investment Research upgraded HAYS PLC/ADR from a “sell” rating to a “hold” rating in a research report on Tuesday, June 18th.

CNB Financial stock traded up $0.13 during mid-day trading on Thursday, reaching $26.90. 11,800 shares of the stock traded hands, compared to its average volume of 17,626. The firm has a market capitalization of $421.22 million, a PE ratio of 12.17 and a beta of 0.98. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 1.19. CNB Financial has a 12-month low of $21.43 and a 12-month high of $32.41. The firm’s 50-day simple moving average is $26.61.

CNB Financial (NASDAQ:CCNE) last posted its quarterly earnings data on Monday, April 15th. The bank reported $0.62 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.06. The company had revenue of $33.91 million during the quarter, compared to analysts’ expectations of $33.38 million. CNB Financial had a return on equity of 13.85% and a net margin of 22.37%. Equities research analysts expect that CNB Financial will post 2.48 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Saturday, June 15th. Shareholders of record on Saturday, June 1st were issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 2.53%. The ex-dividend date of this dividend was Thursday, May 30th. CNB Financial’s dividend payout ratio is presently 30.77%.

A number of large investors have recently added to or reduced their stakes in the business. BlackRock Inc. grew its holdings in CNB Financial by 2.2% during the fourth quarter. BlackRock Inc. now owns 771,260 shares of the bank’s stock valued at $17,701,000 after purchasing an additional 16,570 shares during the period. Royce & Associates LP grew its holdings in CNB Financial by 1.6% during the first quarter. Royce & Associates LP now owns 711,224 shares of the bank’s stock valued at $17,973,000 after purchasing an additional 11,131 shares during the period. Dimensional Fund Advisors LP grew its holdings in CNB Financial by 5.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 560,546 shares of the bank’s stock valued at $12,864,000 after purchasing an additional 28,236 shares during the period. Stifel Financial Corp grew its holdings in CNB Financial by 5.8% during the fourth quarter. Stifel Financial Corp now owns 195,703 shares of the bank’s stock valued at $4,497,000 after purchasing an additional 10,687 shares during the period. Finally, LSV Asset Management grew its holdings in CNB Financial by 2.2% during the first quarter. LSV Asset Management now owns 150,480 shares of the bank’s stock valued at $3,802,000 after purchasing an additional 3,285 shares during the period. 43.89% of the stock is owned by institutional investors and hedge funds.

CNB Financial Company Profile

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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