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

CNB Financial Corporation (NASDAQ:CCNE) passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $28.97 and traded as high as $32.51. CNB Financial shares last traded at $32.32, with a volume of 110,279 shares trading hands.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on CCNE. Weiss Ratings reiterated a “buy (b)” rating on shares of CNB Financial in a research report on Tuesday, June 9th. Keefe, Bruyette & Woods lifted their price target 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. DA Davidson initiated coverage on CNB Financial in a research note on Friday, May 15th. They issued a “neutral” rating and a $34.00 price objective for the company. Finally, Wall Street Zen upgraded shares of CNB Financial from a “hold” rating to a “buy” rating in a research report on Saturday, June 6th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $34.33.

CNB Financial Stock Performance

The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.96 and a current ratio of 0.96. The stock has a market cap of $994.68 million, a P/E ratio of 11.95 and a beta of 0.64. The company’s 50 day moving average price is $31.05 and its 200-day moving average price is $29.06.

CNB Financial (NASDAQ:CCNE) last announced its 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. The firm had revenue of $83.32 million for 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%. Equities analysts forecast that CNB Financial Corporation will post 3.53 EPS for the current fiscal year.

CNB Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were issued a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date of this dividend was Monday, June 1st. CNB Financial’s dividend payout ratio is presently 27.05%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in CNB Financial by 4.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,271 shares of the bank’s stock worth $273,000 after purchasing an additional 546 shares during the last quarter. Ameritas Investment Partners Inc. grew its position in shares of CNB Financial by 29.9% in the 3rd quarter. Ameritas Investment Partners Inc. now owns 2,660 shares of the bank’s stock worth $64,000 after buying an additional 613 shares during the last quarter. Tower Research Capital LLC TRC increased its position in CNB Financial by 46.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,995 shares of the bank’s stock valued at $46,000 after purchasing an additional 636 shares during the period. Legal & General Group Plc raised its stake in CNB Financial by 35.5% in the third quarter. Legal & General Group Plc now owns 2,590 shares of the bank’s stock worth $63,000 after buying an additional 679 shares in the last quarter. Finally, First Trust Advisors LP raised its position in shares of CNB Financial by 6.1% in the 2nd quarter. First Trust Advisors LP now owns 13,389 shares of the bank’s stock worth $306,000 after acquiring an additional 765 shares in the last quarter. 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.