CNB Financial Corporation (NASDAQ:CCNE) Short Interest Down 75.2% in July

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) was the target of 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. Based on an average daily trading volume, of 102,100 shares, the days-to-cover ratio is presently 1.7 days. Approximately0.9% of the shares of the stock are short sold. Approximately0.9% of the shares of the stock are short sold. Based on an average daily trading volume, of 102,100 shares, the days-to-cover ratio is presently 1.7 days.

CNB Financial Price Performance

CNB Financial stock opened at $25.21 on Friday. CNB Financial has a 52-week low of $19.32 and a 52-week high of $29.29. The firm has a market capitalization of $528.91 million, a price-to-earnings ratio of 10.59 and a beta of 0.68. The company has a fifty day simple moving average of $23.16 and a 200-day simple moving average of $23.08. The company has a quick ratio of 0.92, a current ratio of 0.94 and a debt-to-equity ratio of 0.18.

CNB Financial (NASDAQ:CCNE - Get Free Report) last announced its quarterly earnings data on Tuesday, July 22nd. The bank reported $0.63 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.58 by $0.05. CNB Financial had a net margin of 14.56% and a return on equity of 9.79%. The firm had revenue of $61.80 million during the quarter, compared to analyst estimates of $49.97 million. On average, equities analysts anticipate that CNB Financial will post 2.04 EPS for the current fiscal year.

CNB Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Friday, August 29th will be issued a $0.18 dividend. The ex-dividend date of this dividend is Friday, August 29th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.9%. CNB Financial's dividend payout ratio is currently 30.25%.

Institutional Investors Weigh In On CNB Financial

A number of hedge funds have recently modified their holdings of CCNE. Tower Research Capital LLC TRC grew its holdings in shares of CNB Financial by 618.8% in the fourth quarter. Tower Research Capital LLC TRC now owns 2,099 shares of the bank's stock valued at $52,000 after purchasing an additional 1,807 shares during the period. Public Employees Retirement System of Ohio purchased a new stake in shares of CNB Financial in the fourth quarter valued at about $84,000. Lazard Asset Management LLC purchased a new stake in shares of CNB Financial in the fourth quarter valued at about $143,000. State of Tennessee Department of Treasury purchased a new stake in shares of CNB Financial in the fourth quarter valued at about $196,000. Finally, Blair William & Co. IL grew its holdings in shares of CNB Financial by 11.9% in the first quarter. Blair William & Co. IL now owns 9,508 shares of the bank's stock valued at $212,000 after purchasing an additional 1,008 shares during the period. Hedge funds and other institutional investors own 52.35% of the company's stock.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods upped their target price on shares of CNB Financial from $26.00 to $29.00 and gave the stock a "market perform" rating in a report on Thursday, July 24th.

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.

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