CNB Financial (NASDAQ:CCNE) Shares Pass Above 200-Day Moving Average - Time to Sell?

Key Points

• CNB Financial shares rose above their 200-day moving average, reaching $34.10 and last trading at $33.84, compared with a 200-day average of $31.22.
• Analysts maintain a generally positive outlook, with an average “Moderate Buy” rating and a $36.00 price target, although some analysts have issued neutral or hold ratings.
• The bank exceeded quarterly earnings and revenue expectations, reported a 2.2% dividend yield, and attracted increased institutional ownership, which now stands at 52.35%.

Shares of CNB Financial Corporation (NASDAQ:CCNE - Get Free Report) passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $31.22 and traded as high as $34.10. CNB Financial shares last traded at $33.84, with a volume of 260,069 shares trading hands.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Keefe, Bruyette & Woods reissued a "market perform" rating and set a $37.00 price objective (up from $35.00) on shares of CNB Financial in a research note on Friday, July 24th. Wall Street Zen downgraded shares of CNB Financial from a "buy" rating to a "hold" rating in a research note on Saturday. Weiss Ratings reiterated a "buy (b)" rating on shares of CNB Financial in a report on Tuesday, June 9th. Finally, DA Davidson upped their price target on shares of CNB Financial from $34.00 to $36.00 and gave the company a "neutral" rating in a report on Monday, July 27th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $36.00.

CNB Financial Stock Performance

The business has a fifty day moving average of $34.04 and a 200-day moving average of $31.22. The company has a market cap of $1.00 billion, a PE ratio of 10.88 and a beta of 0.63. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.07.

CNB Financial (NASDAQ:CCNE - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The bank reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.86 by $0.05. The business had revenue of $87.65 million during the quarter, compared to analysts' expectations of $85.87 million. CNB Financial had a return on equity of 12.85% and a net margin of 19.37%. Equities research analysts anticipate that CNB Financial Corporation will post 3.58 earnings per share for the current fiscal year.

CNB Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be issued a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date is Tuesday, September 1st. CNB Financial's dividend payout ratio is currently 24.44%.

Institutional Trading of CNB Financial

Several large investors have recently added to or reduced their stakes in CCNE. Wellington Management Group LLP increased its position in CNB Financial by 38.2% during the 4th quarter. Wellington Management Group LLP now owns 2,592,950 shares of the bank's stock valued at $67,858,000 after purchasing an additional 716,917 shares during the period. BlackRock Inc. purchased a new stake in shares of CNB Financial in the 2nd quarter worth about $78,011,000. Vanguard Group Inc. lifted its position in shares of CNB Financial by 38.3% in 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 period. Dimensional Fund Advisors LP lifted its position in shares of CNB Financial by 1.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,505,993 shares of the bank's stock worth $43,613,000 after purchasing an additional 27,236 shares during the period. Finally, Geode Capital Management LLC boosted its stake in shares of CNB Financial by 4.6% during the 4th quarter. Geode Capital Management LLC now owns 792,749 shares of the bank's stock valued at $20,750,000 after purchasing an additional 34,520 shares in the last quarter. Institutional investors own 52.35% of the company's stock.

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.

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