CNB Financial (NASDAQ:CCNE) Stock Crosses Above 200-Day Moving Average – Here’s Why

CNB Financial Corporation (NASDAQ:CCNE)’s share price crossed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $28.41 and traded as high as $31.37. CNB Financial shares last traded at $31.05, with a volume of 125,036 shares trading hands.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. Stephens lifted their target price on CNB Financial from $28.00 to $35.00 and gave the company an “overweight” rating in a research note on Wednesday, February 11th. Weiss Ratings upgraded CNB Financial from a “hold (c)” rating to a “buy (b)” rating in a research note on Thursday, March 12th. Keefe, Bruyette & Woods lifted their target price on CNB Financial from $30.00 to $34.00 and gave the company a “market perform” rating in a research note on Tuesday, April 21st. Wall Street Zen upgraded CNB Financial from a “hold” rating to a “buy” rating in a research note on Saturday. Finally, DA Davidson assumed coverage on CNB Financial in a research note on Friday, May 15th. They issued a “neutral” rating and a $34.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, CNB Financial presently has a consensus rating of “Moderate Buy” and a consensus target price of $34.33.

CNB Financial Price Performance

The firm has a market cap of $920.01 million, a PE ratio of 11.05 and a beta of 0.64. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.13. The stock has a 50 day moving average price of $30.37 and a two-hundred day moving average price of $28.41.

CNB Financial (NASDAQ:CCNE) last issued its quarterly earnings results on Monday, April 20th. The bank reported $0.88 earnings per share for the quarter, topping analysts’ consensus estimates of $0.82 by $0.06. CNB Financial had a return on equity of 12.14% and a net margin of 17.62%.The business had revenue of $83.32 million for the quarter, compared to analyst estimates of $79.35 million. As a group, equities analysts expect that CNB Financial Corporation will post 3.53 earnings per share for the current year.

CNB Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Monday, June 1st will be paid a dividend of $0.19 per share. The ex-dividend date is Monday, June 1st. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.4%. CNB Financial’s payout ratio is presently 27.05%.

Institutional Investors Weigh In On CNB Financial

Large investors have recently modified their holdings of the business. Flagship Harbor Advisors LLC purchased a new stake in shares of CNB Financial during the fourth quarter worth about $27,000. Founders Capital Management acquired a new stake in shares of CNB Financial during the third quarter worth about $31,000. Parallel Advisors LLC lifted its holdings in shares of CNB Financial by 847.2% during the first quarter. Parallel Advisors LLC now owns 1,364 shares of the bank’s stock worth $40,000 after purchasing an additional 1,220 shares during the period. Tower Research Capital LLC TRC lifted its holdings in shares of CNB Financial by 46.8% during the second quarter. Tower Research Capital LLC TRC now owns 1,995 shares of the bank’s stock worth $46,000 after purchasing an additional 636 shares during the period. Finally, Russell Investments Group Ltd. lifted its holdings in shares of CNB Financial by 16,173.3% during the third quarter. Russell Investments Group Ltd. now owns 2,441 shares of the bank’s stock worth $59,000 after purchasing an additional 2,426 shares during the period. Hedge funds and other institutional investors own 52.35% of the company’s stock.

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.