Short Interest in CNB Financial Corp (NASDAQ:CCNE) Declines By 11.0%
CNB Financial Corp (NASDAQ:CCNE) was the target of a significant decrease in short interest in the month of September. As of September 30th, there was short interest totalling 91,900 shares, a decrease of 11.0% from the August 30th total of 103,300 shares. Currently, 0.6% of the company’s stock are short sold. Based on an average daily volume of 20,400 shares, the days-to-cover ratio is presently 4.5 days.
CCNE has been the topic of a number of recent research reports. BidaskClub upgraded shares of CNB Financial from a “hold” rating to a “buy” rating in a report on Saturday, September 14th. Boenning Scattergood restated an “outperform” rating on shares of CNB Financial in a report on Thursday, June 20th. Finally, Zacks Investment Research cut shares of CNB Financial from a “buy” rating to a “hold” rating in a report on Tuesday, September 24th.
CCNE traded up $0.02 during midday trading on Monday, reaching $28.32. The company’s stock had a trading volume of 8,500 shares, compared to its average volume of 18,472. The firm has a market capitalization of $422.35 million, a price-to-earnings ratio of 12.68 and a beta of 0.99. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. CNB Financial has a 1 year low of $21.43 and a 1 year high of $30.53. The stock’s 50-day moving average is $27.96 and its 200-day moving average is $27.21.
Several large investors have recently bought and sold shares of the company. Russell Investments Group Ltd. grew its holdings in shares of CNB Financial by 11.9% during the second quarter. Russell Investments Group Ltd. now owns 7,500 shares of the bank’s stock valued at $211,000 after buying an additional 800 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of CNB Financial by 3.1% during the second quarter. Charles Schwab Investment Management Inc. now owns 35,304 shares of the bank’s stock valued at $997,000 after buying an additional 1,051 shares during the last quarter. Bank of Montreal Can purchased a new stake in shares of CNB Financial during the second quarter valued at approximately $35,000. Bank of New York Mellon Corp grew its holdings in shares of CNB Financial by 2.7% during the second quarter. Bank of New York Mellon Corp now owns 93,231 shares of the bank’s stock valued at $2,633,000 after buying an additional 2,434 shares during the last quarter. Finally, Renaissance Technologies LLC grew its holdings in shares of CNB Financial by 1.0% during the second quarter. Renaissance Technologies LLC now owns 322,702 shares of the bank’s stock valued at $9,113,000 after buying an additional 3,102 shares during the last quarter. Hedge funds and other institutional investors own 44.15% of the company’s stock.
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.
Featured Article: Back-End Load
Receive News & Ratings for CNB Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CNB Financial and related companies with MarketBeat.com's FREE daily email newsletter.