CNB Financial (NASDAQ:CCNE) Share Price Crosses Above 200 Day Moving Average - What's Next?

Key Points

• CNB Financial's share price surpassed its 200-day moving average, trading as high as $24.02, indicating potential upward momentum.
• Keefe, Bruyette & Woods increased their price target for CNB Financial from $26.00 to $29.00, maintaining a "market perform" rating.
• The company reported $0.63 EPS in its last quarterly earnings, exceeding the consensus estimate of $0.58, while also achieving a revenue of $61.80 million.

CNB Financial Corporation (NASDAQ:CCNE - Get Free Report)'s share price crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $23.07 and traded as high as $24.02. CNB Financial shares last traded at $24.01, with a volume of 157,911 shares traded.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods boosted their target price on shares of CNB Financial from $26.00 to $29.00 and gave the stock a "market perform" rating in a research report on Thursday, July 24th.

CNB Financial Price Performance

The company has a market cap of $739.65 million, a P/E ratio of 10.54 and a beta of 0.68. The company's 50-day moving average price is $23.22 and its 200-day moving average price is $23.06. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.94 and a quick ratio of 0.92.

CNB Financial (NASDAQ:CCNE - Get Free Report) last announced its quarterly earnings data on Tuesday, July 22nd. The bank reported $0.63 EPS for the quarter, beating analysts' consensus estimates of $0.58 by $0.05. The company had revenue of $61.80 million during the quarter, compared to the consensus estimate of $49.97 million. CNB Financial had a net margin of 14.56% and a return on equity of 9.79%. As a group, sell-side analysts predict that CNB Financial Corporation will post 2.04 earnings per share for the current fiscal year.

CNB Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Friday, August 29th will be given a $0.18 dividend. The ex-dividend date is Friday, August 29th. This represents a $0.72 annualized dividend and a dividend yield of 2.9%. CNB Financial's payout ratio is presently 30.25%.

Hedge Funds Weigh In On CNB Financial

Several hedge funds and other institutional investors have recently made changes to their positions in the company. 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 worth $46,000 after purchasing an additional 636 shares in the last quarter. Tower Research Capital LLC TRC increased its position in shares of CNB Financial by 618.8% during the fourth quarter. Tower Research Capital LLC TRC now owns 2,099 shares of the bank's stock worth $52,000 after buying an additional 1,807 shares during the period. Public Employees Retirement System of Ohio acquired a new stake in shares of CNB Financial during the fourth quarter worth $84,000. Lazard Asset Management LLC acquired a new stake in shares of CNB Financial during the fourth quarter worth $143,000. Finally, State of Tennessee Department of Treasury bought a new position in CNB Financial during the fourth quarter worth $196,000. 52.35% of the stock is currently owned by institutional investors and hedge funds.

About CNB Financial

CNB Financial Corporation operates as the bank holding company for CNB Bank that provides a range of banking products and services for individual, business, governmental, and institutional customers. The company accepts checking, savings, and time deposit accounts; and offers real estate, commercial, industrial, residential, and consumer loans, as well as various other specialized financial services.