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

by · The Markets Daily

CNB Financial Corporation (NASDAQ:CCNE – Get Free Report)’s stock price passed above its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $32.82 and traded as high as $34.38. CNB Financial shares last traded at $33.99, with a volume of 89,168 shares.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on CCNE. Wall Street Zen upgraded CNB Financial from a “hold” rating to a “buy” rating in a report on Saturday, September 26th. 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 report on Friday, July 24th. Weiss Ratings raised CNB Financial from a “buy (b)” rating to a “buy (b+)” rating in a research report on Thursday, October 8th. 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. Finally, Raymond James Financial initiated coverage on CNB Financial in a research note on Wednesday, August 26th. They set an “outperform” rating and a $39.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $37.00.

View Our Latest Stock Report on CNB Financial

CNB Financial Trading Down 0.1%

The company’s 50 day simple moving average is $34.07 and its two-hundred day simple moving average is $32.85. 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 company has a market capitalization of $1.02 billion, a price-to-earnings ratio of 11.11 and a beta of 0.62.

CNB Financial (NASDAQ:CCNE – Get Free Report) last issued its quarterly earnings results on Wednesday, October 21st. The bank reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. CNB Financial had a return on equity of 12.85% and a net margin of 19.37%. The business had revenue of $87.79 million for the quarter. As a group, research analysts anticipate 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 given a $0.19 dividend. The ex-dividend date of this dividend was Tuesday, September 1st. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.2%. CNB Financial’s dividend payout ratio (DPR) is presently 24.44%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. State of Alaska Department of Revenue increased its holdings in shares of CNB Financial by 9.4% during the third quarter. State of Alaska Department of Revenue now owns 3,457 shares of the bank’s stock valued at $114,000 after acquiring an additional 297 shares in the last quarter. Parallel Advisors LLC raised its position in shares of CNB Financial by 847.2% in the 1st quarter. Parallel Advisors LLC now owns 1,364 shares of the bank’s stock valued at $40,000 after purchasing an additional 1,220 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of CNB Financial in the 2nd quarter valued at approximately $44,000. Allspring Global Investments Holdings LLC boosted its stake in CNB Financial by 11.5% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 15,344 shares of the bank’s stock worth $444,000 after purchasing an additional 1,583 shares in the last quarter. Finally, Quantbot Technologies LP acquired a new stake in CNB Financial in the 2nd quarter worth approximately $66,000. 52.35% of the stock is owned by institutional investors and hedge funds.

About CNB Financial

(Get Free Report)

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

Its products and services generally include checking and savings accounts, certificates of deposit, residential mortgages, consumer loans, commercial real estate financing and business loans. The company also offers electronic and mobile banking, cash-management services, investment and wealth-management solutions, and other financial services designed for personal and commercial customers.

CNB Financial serves communities primarily in Pennsylvania, Ohio and New York through a network of banking offices and digital channels.

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