CNB Financial Corporation (NASDAQ:CCNE) Sees Large Growth in Short Interest

CNB Financial Corporation (NASDAQ:CCNE) was the recipient of a large growth in short interest during the month of February. As of February 27th, there was short interest totaling 411,345 shares, a growth of 42.1% from the February 12th total of 289,569 shares. Approximately 1.4% of the company’s shares are sold short. Based on an average daily volume of 148,916 shares, the days-to-cover ratio is currently 2.8 days. Based on an average daily volume of 148,916 shares, the days-to-cover ratio is currently 2.8 days. Approximately 1.4% of the company’s shares are sold short.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in CCNE. Flagship Harbor Advisors LLC acquired a new stake in CNB Financial during the 4th quarter worth approximately $27,000. Peoples Financial Services CORP. purchased a new position in CNB Financial in the 3rd quarter valued at approximately $28,000. Founders Capital Management acquired a new position in shares of CNB Financial in the third quarter worth $31,000. Tower Research Capital LLC TRC grew its stake in shares of CNB Financial by 46.8% in the second quarter. Tower Research Capital LLC TRC now owns 1,995 shares of the bank’s stock worth $46,000 after acquiring an additional 636 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its position in shares of CNB Financial by 16,173.3% during the third quarter. Russell Investments Group Ltd. now owns 2,441 shares of the bank’s stock worth $59,000 after acquiring an additional 2,426 shares during the period. Institutional investors and hedge funds own 52.35% of the company’s stock.

CNB Financial Price Performance

CCNE stock opened at $27.13 on Monday. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $799.79 million, a PE ratio of 11.16 and a beta of 0.71. CNB Financial has a 12-month low of $19.32 and a 12-month high of $30.84. The business’s fifty day moving average price is $27.96 and its 200 day moving average price is $26.37.

CNB Financial (NASDAQ:CCNE) last posted its earnings results on Tuesday, January 27th. The bank reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.10. The firm had revenue of $87.16 million for the quarter, compared to analyst estimates of $73.10 million. CNB Financial had a return on equity of 11.10% and a net margin of 15.29%. On average, sell-side analysts anticipate that CNB Financial will post 2.04 EPS for the current year.

CNB Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 13th. Stockholders of record on Friday, February 27th were paid a $0.19 dividend. The ex-dividend date of this dividend was Friday, February 27th. This is a positive change from CNB Financial’s previous quarterly dividend of $0.18. This represents a $0.76 annualized dividend and a dividend yield of 2.8%. CNB Financial’s payout ratio is 31.28%.

Wall Street Analysts Forecast Growth

CCNE has been the topic of a number of recent analyst reports. Weiss Ratings raised shares of CNB Financial from a “hold (c)” rating to a “buy (b)” rating in a research report on Thursday. Stephens lifted their price target on shares of CNB Financial from $28.00 to $35.00 and gave the company an “overweight” rating in a research report on Wednesday, February 11th. Finally, Wall Street Zen raised shares of CNB Financial from a “hold” rating to a “buy” rating in a research note on Saturday, February 21st. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $32.00.

CNB Financial Company Profile

CNB Financial Corporation (NASDAQ: CCNE) is a bank holding company headquartered in Clearfield, Pennsylvania. The company operates through its wholly owned subsidiary, CNB Bank & Trust, providing a full suite of community banking services. With a focus on relationship-driven banking, CNB Financial seeks to serve individuals, small businesses and agricultural clients across central Pennsylvania.

The company’s core offerings include deposit products such as checking accounts, savings accounts, money market accounts and certificates of deposit.