CNB Financial (NASDAQ:CCNE) Shares Pass Above Two Hundred Day Moving Average – Here’s What Happened

CNB Financial Corporation (NASDAQ:CCNE) passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $25.89 and traded as high as $30.26. CNB Financial shares last traded at $29.49, with a volume of 150,534 shares changing hands.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Weiss Ratings reaffirmed a “hold (c)” rating on shares of CNB Financial in a research note on Monday, December 29th. Janney Montgomery Scott upgraded shares of CNB Financial to a “strong-buy” rating in a report on Wednesday, October 22nd. Wall Street Zen downgraded shares of CNB Financial from a “buy” rating to a “hold” rating in a research note on Saturday, January 31st. Finally, 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. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $32.00.

CNB Financial Stock Down 1.2%

The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.97 and a current ratio of 0.97. The firm’s fifty day simple moving average is $27.52 and its 200 day simple moving average is $25.89. The stock has a market capitalization of $869.37 million, a price-to-earnings ratio of 12.14 and a beta of 0.73.

CNB Financial (NASDAQ:CCNE) last released its quarterly earnings results on Tuesday, January 27th. The bank reported $0.87 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.10. CNB Financial had a net margin of 15.29% and a return on equity of 11.83%. The company had revenue of $87.16 million during the quarter, compared to analysts’ expectations of $73.10 million. On average, sell-side analysts forecast that CNB Financial Corporation will post 2.04 earnings per share for the current year.

CNB Financial Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Friday, February 27th will be paid a $0.19 dividend. This is a positive change from CNB Financial’s previous quarterly dividend of $0.18. This represents a $0.76 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date is Friday, February 27th. CNB Financial’s dividend payout ratio is 29.63%.

Institutional Investors Weigh In On CNB Financial

A number of institutional investors and hedge funds have recently made changes to their positions in CCNE. Wellington Management Group LLP increased its holdings in CNB Financial by 116.1% during the third quarter. Wellington Management Group LLP now owns 1,876,033 shares of the bank’s stock worth $45,400,000 after buying an additional 1,007,751 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of CNB Financial by 38.3% during the 3rd quarter. Vanguard Group Inc. now owns 1,572,656 shares of the bank’s stock worth $38,058,000 after purchasing an additional 435,300 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of CNB Financial by 37.8% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,480,034 shares of the bank’s stock valued at $35,817,000 after purchasing an additional 406,167 shares during the period. Maltese Capital Management LLC lifted its stake in CNB Financial by 228.4% in the 3rd quarter. Maltese Capital Management LLC now owns 478,200 shares of the bank’s stock valued at $11,572,000 after purchasing an additional 332,600 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its holdings in CNB Financial by 335.7% during the third quarter. Arrowstreet Capital Limited Partnership now owns 266,663 shares of the bank’s stock worth $6,453,000 after purchasing an additional 205,464 shares during the period. 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.