CNB Financial Corp (NASDAQ:CCNE) saw a significant decline in short interest in the month of September. As of September 30th, there was short interest totalling 91,900 shares, a decline of 11.0% from the August 30th total of 103,300 shares. Approximately 0.6% of the company’s shares are sold short. Based on an average daily volume of 20,400 shares, the days-to-cover ratio is presently 4.5 days.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. First National Bank of Mount Dora Trust Investment Services acquired a new position in shares of CNB Financial in the second quarter worth $225,000. Wedge Capital Management L L P NC acquired a new position in shares of CNB Financial in the second quarter worth $380,000. Acadian Asset Management LLC grew its stake in shares of CNB Financial by 289.0% in the second quarter. Acadian Asset Management LLC now owns 5,014 shares of the bank’s stock worth $141,000 after acquiring an additional 3,725 shares in the last quarter. LSV Asset Management grew its stake in shares of CNB Financial by 4.0% in the second quarter. LSV Asset Management now owns 156,480 shares of the bank’s stock worth $4,418,000 after acquiring an additional 6,000 shares in the last quarter. Finally, Russell Investments Group Ltd. grew its stake in shares of CNB Financial by 11.9% in the second quarter. Russell Investments Group Ltd. now owns 7,500 shares of the bank’s stock worth $211,000 after acquiring an additional 800 shares in the last quarter. 44.15% of the stock is currently owned by institutional investors.
NASDAQ CCNE traded down $0.13 on Wednesday, reaching $28.37. The stock had a trading volume of 1,973 shares, compared to its average volume of 20,695. The firm has a market capitalization of $430.10 million, a price-to-earnings ratio of 12.84 and a beta of 0.99. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 1.02. CNB Financial has a 12-month low of $21.43 and a 12-month high of $30.53. The stock has a fifty day moving average price of $28.12 and a two-hundred day moving average price of $27.28.
CNB Financial (NASDAQ:CCNE) last announced its earnings results on Friday, July 19th. The bank reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.61 by $0.03. The company had revenue of $35.59 million for the quarter, compared to analyst estimates of $33.72 million. CNB Financial had a return on equity of 13.88% and a net margin of 22.18%. Sell-side analysts forecast that CNB Financial will post 2.53 earnings per share for the current fiscal year.
A number of analysts have issued reports on CCNE shares. Boenning Scattergood reissued an “outperform” rating on shares of CNB Financial in a research report on Thursday, June 20th. Zacks Investment Research lowered CNB Financial from a “buy” rating to a “hold” rating in a research report on Tuesday, September 24th. Finally, BidaskClub raised CNB Financial from a “hold” rating to a “buy” rating in a research report on Saturday, September 14th.
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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