Short Interest in CNB Financial Corporation (NASDAQ:CCNE) Declines By 75.2%

Key Points

• CNB Financial Corporation experienced a significant decrease in short interest, down 75.2% in July, with total short interest now at 175,700 shares.
• The company reported an earnings per share (EPS) of $0.63 for the quarter, exceeding analysts' expectations of $0.58.
• CNB Financial has announced a quarterly dividend of $0.18 per share, with an ex-dividend date set for August 29th and a yield of 2.9%.

CNB Financial Corporation (NASDAQ:CCNE - Get Free Report) saw a significant decrease in short interest in July. As of July 31st, there was short interest totaling 175,700 shares, adecreaseof75.2% from the July 15th total of 708,300 shares. Currently,0.9% of the company's shares are short sold. Based on an average trading volume of 102,100 shares, the days-to-cover ratio is currently 1.7 days. Based on an average trading volume of 102,100 shares, the days-to-cover ratio is currently 1.7 days. Currently,0.9% of the company's shares are short sold.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods upped their target price on CNB Financial from $26.00 to $29.00 and gave the company a "market perform" rating in a report on Thursday, July 24th. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, CNB Financial currently has a consensus rating of "Moderate Buy" and an average target price of $27.75.

CNB Financial Stock Up 0.1%

CCNE traded up $0.0150 during trading on Tuesday, reaching $24.9950. The stock had a trading volume of 13,742 shares, compared to its average volume of 96,278. The stock's 50 day moving average is $23.28 and its two-hundred day moving average is $23.04. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.18. The company has a market capitalization of $736.85 million, a price-to-earnings ratio of 10.53 and a beta of 0.68. CNB Financial has a one year low of $19.32 and a one year high of $29.29.

CNB Financial (NASDAQ:CCNE - Get Free Report) last posted its quarterly earnings data on Tuesday, July 22nd. The bank reported $0.63 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.58 by $0.05. The business had revenue of $61.80 million during the quarter, compared to the consensus estimate of $49.97 million. CNB Financial had a return on equity of 9.79% and a net margin of 14.56%. As a group, analysts expect that CNB Financial will post 2.04 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, September 12th. Stockholders of record on Friday, August 29th will be issued a dividend of $0.18 per share. The ex-dividend date is Friday, August 29th. This represents a $0.72 annualized dividend and a dividend yield of 2.9%. CNB Financial's dividend payout ratio (DPR) is presently 30.25%.

Hedge Funds Weigh In On CNB Financial

Several institutional investors and hedge funds have recently modified their holdings of the stock. Tower Research Capital LLC TRC increased its holdings in shares of CNB Financial by 46.8% during the second quarter. Tower Research Capital LLC TRC now owns 1,995 shares of the bank's stock valued at $46,000 after acquiring an additional 636 shares in the last quarter. Man Group plc increased its holdings in shares of CNB Financial by 55.7% during the second quarter. Man Group plc now owns 49,838 shares of the bank's stock valued at $1,139,000 after acquiring an additional 17,819 shares in the last quarter. Bridgeway Capital Management LLC increased its holdings in shares of CNB Financial by 5.3% during the second quarter. Bridgeway Capital Management LLC now owns 149,606 shares of the bank's stock valued at $3,420,000 after acquiring an additional 7,530 shares in the last quarter. Ameriprise Financial Inc. increased its holdings in shares of CNB Financial by 16.1% during the second quarter. Ameriprise Financial Inc. now owns 347,883 shares of the bank's stock valued at $7,953,000 after acquiring an additional 48,326 shares in the last quarter. Finally, Quantinno Capital Management LP bought a new position in shares of CNB Financial during the second quarter valued at $260,000. 52.35% of the stock is currently owned by institutional investors.

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.