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

CNB Financial Corporation (NASDAQ:CCNE) shares crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $26.44 and traded as high as $28.81. CNB Financial shares last traded at $28.33, with a volume of 264,189 shares.

Analyst Ratings Changes

Several research firms recently issued reports on CCNE. Weiss Ratings raised shares of CNB Financial from a “hold (c)” rating to a “buy (b)” rating in a research note on Thursday, March 12th. Wall Street Zen raised shares of CNB Financial from a “hold” rating to a “buy” rating in a research report on Saturday, February 21st. Finally, Stephens raised their target price on CNB Financial from $28.00 to $35.00 and gave the company an “overweight” rating in a report on Wednesday, February 11th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, CNB Financial has a consensus rating of “Buy” and an average target price of $32.00.

CNB Financial Stock Performance

The company has a market cap of $839.70 million, a price-to-earnings ratio of 11.66 and a beta of 0.71. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.97 and a quick ratio of 0.97. The firm has a fifty day simple moving average of $28.17 and a 200 day simple moving average of $26.44.

CNB Financial (NASDAQ:CCNE) last issued its quarterly earnings data on Tuesday, January 27th. The bank reported $0.87 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.10. CNB Financial had a net margin of 15.29% and a return on equity of 11.10%. The business had revenue of $87.16 million during the quarter, compared to analysts’ expectations of $73.10 million. On average, sell-side analysts expect that CNB Financial Corporation will post 2.04 earnings per share for the current fiscal year.

CNB Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Friday, February 27th were issued a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a yield of 2.7%. This is a positive change from CNB Financial’s previous quarterly dividend of $0.18. The ex-dividend date was Friday, February 27th. CNB Financial’s dividend payout ratio is currently 31.28%.

Hedge Funds Weigh In On CNB Financial

A number of institutional investors have recently made changes to their positions in the business. Pinnacle Holdings LLC bought a new stake in CNB Financial in the 3rd quarter valued at $1,213,000. American Century Companies Inc. raised its position in shares of CNB Financial by 7.9% during the second quarter. American Century Companies Inc. now owns 543,476 shares of the bank’s stock valued at $12,424,000 after buying an additional 39,825 shares during the last quarter. Oppenheimer & Close LLC acquired a new position in shares of CNB Financial during the third quarter valued at about $1,782,000. Squarepoint Ops LLC bought a new stake in shares of CNB Financial in the second quarter valued at about $611,000. Finally, Stieven Capital Advisors L.P. lifted its stake in shares of CNB Financial by 58.2% in the third quarter. Stieven Capital Advisors L.P. now owns 461,373 shares of the bank’s stock valued at $11,165,000 after buying an additional 169,683 shares during the period. 52.35% of the stock is currently owned by institutional investors.

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.