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

Shares of CNB Financial Corporation (NASDAQ:CCNE) crossed above its two hundred day moving average during trading on Friday. The stock has a two hundred day moving average of $32.56 and traded as high as $33.49. CNB Financial shares last traded at $33.28, with a volume of 84,147 shares changing hands.

Analysts Set New Price Targets

Several equities analysts recently commented on CCNE shares. Wall Street Zen raised shares of CNB Financial from a “hold” rating to a “buy” rating in a report on Saturday, September 26th. Weiss Ratings upgraded shares of CNB Financial from a “buy (b)” rating to a “buy (b+)” rating in a research note on Thursday. DA Davidson upped their price objective on CNB Financial from $34.00 to $36.00 and gave the stock a “neutral” rating in a research note on Monday, July 27th. Raymond James Financial initiated coverage on shares of CNB Financial in a report on Wednesday, August 26th. They issued an “outperform” rating and a $39.00 target price for the company. Finally, Piper Sandler initiated coverage on CNB Financial in a report on Thursday, September 24th. They set an “overweight” rating and a $38.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $37.00.

CNB Financial Stock Performance

The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.96 and a current ratio of 0.96. The firm has a fifty day moving average price of $34.22 and a 200 day moving average price of $32.56. The stock has a market cap of $985.75 million, a PE ratio of 10.70 and a beta of 0.62.

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

CNB Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st were issued a $0.19 dividend. The ex-dividend date was Tuesday, September 1st. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.3%. CNB Financial’s dividend payout ratio is presently 24.44%.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in CNB Financial in the 2nd quarter valued at approximately $78,011,000. Dimensional Fund Advisors LP lifted its holdings 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 buying an additional 27,236 shares during the last quarter. Maltese Capital Management LLC grew its holdings in shares of CNB Financial by 2.8% during the fourth quarter. Maltese Capital Management LLC now owns 491,500 shares of the bank’s stock valued at $12,863,000 after purchasing an additional 13,300 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its position in CNB Financial by 1.1% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 292,073 shares of the bank’s stock valued at $8,458,000 after acquiring an additional 3,123 shares during the period. Finally, The Manufacturers Life Insurance Company acquired a new position in CNB Financial in the second quarter worth approximately $7,667,000. 52.35% of the stock is owned by hedge funds and other institutional investors.

About CNB Financial

CNB Financial Corporation is a bank holding company headquartered in Clearfield, Pennsylvania. Through its principal subsidiary, CNB Bank, the company provides community banking services to individuals, families, businesses and nonprofit organizations.

Its offerings include checking and savings accounts, certificates of deposit, residential and consumer lending, commercial loans, mortgages, cash-management services, online and mobile banking, and other treasury-management solutions. The company also provides wealth-management and investment-related services through its banking operations and affiliated businesses.

CNB Financial serves customers through a network of community banking offices primarily in Pennsylvania and neighboring markets, including parts of Ohio and Virginia.