CNB Financial Co. (NASDAQ:CCNE) sees sharp drop in short-term interest

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CNB Financial Co. (NASDAQ: CCNEGet a rating) benefited from a significant drop in short-term interest rates in October. As of October 31, there was short interest totaling 109,200 shares, a decrease of 26.2% from the total of 147,900 shares as of October 15. Based on an average trading volume of 57,100 shares, the short-term interest rate ratio is currently 1.9 days.

Performance of CNB Financial shares

CCNE opened at $24.97 on Friday. The company’s 50-day moving average price is $24.90 and its two-hundred-day moving average price is $25.13. CNB Financial has a 1-year low of $23.05 and a 1-year high of $28.59. The company has a market capitalization of $527.37 million, a price-earnings ratio of 7.37 and a beta of 0.85. The company has a debt ratio of 0.23, a current ratio of 0.91 and a quick ratio of 0.91.

CNB Financial announces dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 15. Shareholders of record on Thursday, December 1 will receive a dividend of $0.175. This represents an annualized dividend of $0.70 and a dividend yield of 2.80%. The ex-date of this dividend is Wednesday, November 30. CNB Financial’s dividend payout ratio is 20.65%.

Insiders place their bets

In other CNB Financial news, Director Francis X. Straub III purchased 2,000 shares of CNB Financial in a trade on Wednesday September 21st. The shares were purchased at an average cost of $23.50 per share, for a total transaction of $47,000.00. Following the completion of the acquisition, the administrator now owns 33,503 shares of the company, valued at approximately $787,320.50. The acquisition was disclosed in a filing with the SEC, accessible via this link. In other CNB Financial news, CEO Michael D. Peduzzi bought 2,128 shares of CNB Financial in a trade on Wednesday, September 21. The shares were purchased at an average cost of $23.50 per share, for a total transaction of $50,008.00. Following the completion of the acquisition, the CEO now owns 15,973 shares of the company, valued at approximately $375,365.50. The acquisition was disclosed in a filing with the SEC, accessible via this link. Additionally, director Francis X. Straub III purchased 2,000 shares of the company in a trade on Wednesday, September 21. The shares were purchased at an average cost of $23.50 per share, for a total transaction of $47,000.00. Following the purchase, the director now directly owns 33,503 shares of the company, valued at $787,320.50. Disclosure of this purchase can be found here. Over the past ninety days, insiders have purchased 5,499 shares of the company worth $129,387. Company insiders hold 3.09% of the company’s shares.

CNB Financial Institutional Trading

Hedge funds and other institutional investors have recently changed their stock holdings. Nisa Investment Advisors LLC increased its position in CNB Financial shares by 23.7% in the second quarter. Nisa Investment Advisors LLC now owns 2,660 shares of the bank valued at $64,000 after acquiring 510 additional shares in the last quarter. BHZ Capital Management LP increased its position in CNB Financial shares by 28.1% in the first quarter. BHZ Capital Management LP now owns 59,829 shares of the bank valued at $1,575,000 after acquiring 13,120 additional shares in the last quarter. SG Americas Securities LLC acquired a new equity stake in CNB Financial in the second quarter valued at approximately $158,000. Beijing Hardy Strauss Inc. increased its position in CNB Financial shares by 4.9% in the second quarter. Pekin Hardy Strauss Inc. now owns 135,455 shares of the bank valued at $3,277,000 after acquiring an additional 6,350 shares in the last quarter. Finally, National Bank Huntington acquired a new equity stake in CNB Financial in the first quarter valued at approximately $145,000. Institutional investors and hedge funds hold 42.78% of the company’s shares.

Analyst upgrades and downgrades

Separately, StockNews.com upgraded CNB Financial from a “hold” rating to a “buy” rating in a research note on Friday.

CNB Financial Company Profile

(Get a rating)

CNB Financial Corporation is the banking holding company of CNB Bank which provides a range of banking products and services to retail, business, government and institutional clients. The company accepts checking, savings and term deposit accounts; and offers real estate, commercial, industrial, residential and consumer loans, as well as various other specialized financial services.

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