CNB Financial (NASDAQ:CCNE) Share Price Crosses Above 200-Day Moving Average – Here’s What Happened

CNB Financial Corporation (NASDAQ:CCNE) passed above its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $32.10 and traded as high as $34.11. CNB Financial shares last traded at $33.91, with a volume of 164,075 shares trading hands.

Wall Street Analyst Weigh In

Several brokerages have issued reports on CCNE. Piper Sandler initiated coverage on CNB Financial in a report on Thursday. They set an “overweight” rating and a $38.00 price objective on the stock. Wall Street Zen raised CNB Financial from a “hold” rating to a “buy” rating in a report on Saturday. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $37.00 target price (up from $35.00) on shares of CNB Financial in a research report on Friday, July 24th. DA Davidson raised their price target on CNB Financial from $34.00 to $36.00 and gave the stock a “neutral” rating in a research note on Monday, July 27th. Finally, Raymond James Financial initiated coverage on CNB Financial in a research report on Wednesday, August 26th. They set an “outperform” rating and a $39.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $37.00.

CNB Financial Stock Performance

The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.07. The stock has a market cap of $1.01 billion, a price-to-earnings ratio of 10.96 and a beta of 0.61. The stock’s 50 day moving average is $34.42 and its two-hundred day moving average is $32.12.

CNB Financial (NASDAQ:CCNE) last posted its quarterly earnings data on Thursday, July 23rd. The bank reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.86 by $0.05. CNB Financial had a net margin of 19.37% and a return on equity of 12.85%. The company had revenue of $87.65 million for the quarter, compared to analyst estimates of $85.87 million. Analysts anticipate that CNB Financial Corporation will post 3.56 earnings per share for the current fiscal year.

CNB Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st were given a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 2.2%. The ex-dividend date was Tuesday, September 1st. CNB Financial’s payout ratio is 24.44%.

Institutional Trading of CNB Financial

Several institutional investors and hedge funds have recently added to or reduced their stakes in CCNE. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of CNB Financial in the 2nd quarter valued at approximately $44,000. Parallel Advisors LLC increased its holdings in shares of CNB Financial by 847.2% in the first quarter. Parallel Advisors LLC now owns 1,364 shares of the bank’s stock valued at $40,000 after purchasing an additional 1,220 shares during the period. Quantbot Technologies LP purchased a new stake in shares of CNB Financial during the second quarter worth approximately $66,000. Eurizon Capital SGR S.p.A. purchased a new stake in shares of CNB Financial during the fourth quarter worth approximately $138,000. Finally, Alliance Wealth Advisors LLC acquired a new stake in shares of CNB Financial during the second quarter worth $231,000. 52.35% of the stock is owned by hedge funds and other institutional investors.

CNB Financial Company Profile

CNB Financial Corporation is a bank holding company headquartered in Clearfield, Pennsylvania. Through its banking subsidiaries and regional banking brands, the company provides community banking services to individuals, families, businesses and organizations.

Its products and services include checking and savings accounts, certificates of deposit, residential and commercial real estate lending, consumer loans, business loans, treasury and cash-management services, online and mobile banking, and wealth-management and trust services.