CNB Financial (NASDAQ:CCNE) Stock 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 Friday . The stock has a 200-day moving average of $31.22 and traded as high as $34.10. CNB Financial shares last traded at $33.84, with a volume of 260,069 shares trading hands.

Analyst Ratings Changes

Several research firms have weighed in on CCNE. Wall Street Zen downgraded shares of CNB Financial from a “buy” rating to a “hold” rating in a report on Saturday. Weiss Ratings reaffirmed a “buy (b)” rating on shares of CNB Financial in a report on Tuesday, June 9th. DA Davidson increased their price target on shares of CNB Financial from $34.00 to $36.00 and gave the company a “neutral” rating in a research report on Monday, July 27th. Finally, Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $37.00 price target (up from $35.00) on shares of CNB Financial in a research report on Friday, July 24th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $36.00.

CNB Financial Stock Performance

The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.07. The stock has a fifty day moving average price of $34.04 and a two-hundred day moving average price of $31.22. The company has a market capitalization of $1.00 billion, a price-to-earnings ratio of 10.88 and a beta of 0.63.

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. The business had revenue of $87.65 million for the quarter, compared to analyst estimates of $85.87 million. CNB Financial had a return on equity of 12.85% and a net margin of 19.37%. As a group, analysts forecast that CNB Financial Corporation will post 3.58 EPS for the current fiscal year.

CNB Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be paid a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend is Tuesday, September 1st. CNB Financial’s dividend payout ratio (DPR) is currently 24.44%.

Institutional Investors Weigh In On CNB Financial

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Wellington Management Group LLP raised its position in shares of CNB Financial by 38.2% in 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 last quarter. BlackRock Inc. acquired a new stake in CNB Financial during the second quarter worth approximately $78,011,000. Vanguard Group Inc. grew its stake in CNB Financial by 38.3% in the 3rd quarter. Vanguard Group Inc. now owns 1,572,656 shares of the bank’s stock worth $38,058,000 after acquiring an additional 435,300 shares during the period. Dimensional Fund Advisors LP grew its stake in CNB Financial by 1.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,505,993 shares of the bank’s stock worth $43,613,000 after acquiring an additional 27,236 shares during the period. Finally, Geode Capital Management LLC grew its stake in CNB Financial by 4.6% in the 4th quarter. Geode Capital Management LLC now owns 792,749 shares of the bank’s stock worth $20,750,000 after acquiring an additional 34,520 shares during the period. 52.35% of the stock is currently owned by hedge funds and other 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.