CNB Financial Corp (NASDAQ:CCNE) Short Interest Update

CNB Financial Corp (NASDAQ:CCNE) saw a large increase in short interest in 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. Based on an average daily volume of 18,200 shares, the days-to-cover ratio is presently 5.2 days. Approximately 0.7% of the shares of the company are short sold.

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

CNB Financial stock traded up $0.34 during midday trading on Friday, hitting $27.24. 13,548 shares of the company’s stock were exchanged, compared to its average volume of 18,186. CNB Financial has a 52-week low of $21.43 and a 52-week high of $32.41. The stock’s 50-day moving average price is $26.61. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.96 and a current ratio of 0.96. The firm has a market capitalization of $415.14 million, a P/E ratio of 12.33 and a beta of 0.98.

CNB Financial (NASDAQ:CCNE) last posted its earnings results on Monday, April 15th. The bank reported $0.62 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.56 by $0.06. CNB Financial had a return on equity of 13.85% and a net margin of 22.37%. The business had revenue of $33.91 million during the quarter, compared to analysts’ expectations of $33.38 million. As a group, research analysts expect that CNB Financial will post 2.48 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Saturday, June 15th. Investors of record on Saturday, June 1st were given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 2.50%. The ex-dividend date of this dividend was Thursday, May 30th. CNB Financial’s payout ratio is 30.77%.

Institutional investors have recently bought and sold shares of the stock. BNP Paribas Arbitrage SA grew its position in CNB Financial by 566.7% during the first quarter. BNP Paribas Arbitrage SA now owns 3,040 shares of the bank’s stock worth $77,000 after buying an additional 2,584 shares in the last quarter. Citigroup Inc. boosted its holdings in shares of CNB Financial by 13.8% in the 4th quarter. Citigroup Inc. now owns 4,425 shares of the bank’s stock worth $102,000 after purchasing an additional 537 shares in the last quarter. Metropolitan Life Insurance Co. NY boosted its holdings in shares of CNB Financial by 428.1% in the 4th quarter. Metropolitan Life Insurance Co. NY now owns 4,843 shares of the bank’s stock worth $111,000 after purchasing an additional 3,926 shares in the last quarter. SG Americas Securities LLC purchased a new position in shares of CNB Financial in the 1st quarter worth about $184,000. Finally, First National Bank of Mount Dora Trust Investment Services purchased a new position in shares of CNB Financial in the 2nd quarter worth about $225,000. Institutional investors and hedge funds own 43.89% of the company’s stock.

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.

Further Reading: Trading based on a resistance level

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