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

CNB Financial Corporation (NASDAQ:CCNE)’s share price passed 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.

Wall Street Analyst Weigh In

CCNE has been the subject of several analyst reports. Wall Street Zen raised shares of CNB Financial from a “hold” rating to a “buy” rating in a report on Saturday. Stephens increased their target price on shares of CNB Financial from $28.00 to $35.00 and gave the stock an “overweight” rating in a report on Wednesday, February 11th. Weiss Ratings raised shares of CNB Financial from a “hold (c)” rating to a “buy (b)” rating in a report on Thursday, March 12th. DA Davidson initiated coverage on shares of CNB Financial in a report on Friday, May 15th. They issued a “neutral” rating and a $34.00 target price for the company. Finally, Keefe, Bruyette & Woods increased their target price on shares of CNB Financial from $30.00 to $34.00 and gave the stock a “market perform” rating in a report on Tuesday, April 21st. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $34.33.

CNB Financial Stock Performance

The company has a market capitalization of $920.01 million, a P/E ratio of 11.05 and a beta of 0.64. The business has a 50-day moving average of $30.37 and a 200-day moving average of $28.41. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.96 and a quick ratio of 0.96.

CNB Financial (NASDAQ:CCNE) last issued its quarterly 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. The company had revenue of $83.32 million during the quarter, compared to the consensus estimate of $79.35 million. CNB Financial had a return on equity of 12.14% and a net margin of 17.62%. On average, sell-side analysts anticipate that CNB Financial Corporation will post 3.53 EPS for the current year.

CNB Financial Dividend Announcement

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

Hedge Funds Weigh In On CNB Financial

Several institutional investors have recently made changes to their positions in the company. Wellington Management Group LLP increased its stake in shares of CNB Financial by 38.2% during the fourth quarter. Wellington Management Group LLP now owns 2,592,950 shares of the bank’s stock valued at $67,858,000 after buying an additional 716,917 shares during the period. Vanguard Group Inc. increased its stake in shares of CNB Financial by 38.3% during the third quarter. Vanguard Group Inc. now owns 1,572,656 shares of the bank’s stock valued at $38,058,000 after buying an additional 435,300 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of CNB Financial by 1.8% during the first quarter. Dimensional Fund Advisors LP now owns 1,505,993 shares of the bank’s stock valued at $43,613,000 after buying an additional 27,236 shares during the period. Geode Capital Management LLC increased its stake in shares of CNB Financial by 4.6% during the fourth quarter. Geode Capital Management LLC now owns 792,749 shares of the bank’s stock valued at $20,750,000 after buying an additional 34,520 shares during the period. Finally, State Street Corp increased its stake in shares of CNB Financial by 2.4% during the fourth quarter. State Street Corp now owns 612,507 shares of the bank’s stock valued at $16,029,000 after buying an additional 14,219 shares during the period. Hedge funds and other institutional investors own 52.35% of the company’s stock.

CNB Financial Company Profile

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.