CNB Financial (NASDAQ:CCNE) Stock Price Crosses Above Two Hundred Day Moving Average – Here’s Why

CNB Financial Corporation (NASDAQ:CCNE)’s stock price passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $27.56 and traded as high as $31.28. CNB Financial shares last traded at $30.97, with a volume of 76,103 shares trading hands.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Wall Street Zen upgraded shares of CNB Financial from a “hold” rating to a “buy” rating in a research report on Saturday, February 21st. Weiss Ratings upgraded shares of CNB Financial from a “hold (c)” rating to a “buy (b)” rating in a research report on Thursday, March 12th. Stephens increased 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, Keefe, Bruyette & Woods raised their price objective on CNB Financial from $30.00 to $34.00 and gave the stock a “market perform” rating in a research note on Tuesday, April 21st. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $34.50.

CNB Financial Trading Up 0.1%

The business has a 50 day moving average of $29.27 and a 200-day moving average of $27.56. 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 firm has a market capitalization of $917.95 million, a P/E ratio of 11.02 and a beta of 0.65.

CNB Financial (NASDAQ:CCNE) last posted its earnings results on Monday, April 20th. The bank reported $0.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.82 by $0.06. CNB Financial had a return on equity of 12.58% and a net margin of 17.62%.The business had revenue of $83.32 million during the quarter, compared to analysts’ expectations of $79.35 million. Analysts anticipate that CNB Financial Corporation will post 3.58 EPS for the current fiscal year.

CNB Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 13th. Investors of record on Friday, February 27th were paid a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a yield of 2.5%. 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. CNB Financial’s dividend payout ratio (DPR) is currently 27.05%.

Institutional Trading of CNB Financial

A number of large investors have recently bought and sold shares of the business. Dimensional Fund Advisors LP increased its stake in CNB Financial by 1.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,505,993 shares of the bank’s stock worth $43,613,000 after purchasing an additional 27,236 shares in the last quarter. Parallel Advisors LLC increased its stake in CNB Financial by 847.2% during the 1st quarter. Parallel Advisors LLC now owns 1,364 shares of the bank’s stock worth $40,000 after purchasing an additional 1,220 shares in the last quarter. Allspring Global Investments Holdings LLC increased its stake in CNB Financial by 11.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 15,344 shares of the bank’s stock worth $444,000 after purchasing an additional 1,583 shares in the last quarter. Sanctuary Advisors LLC bought a new stake in CNB Financial during the 1st quarter worth approximately $220,000. Finally, Y Intercept Hong Kong Ltd acquired a new position in CNB Financial during the 1st quarter worth approximately $327,000. 52.35% of the stock is owned by institutional investors.

About CNB Financial

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.