CNB Financial (NASDAQ:CCNE) Stock Passes Above 200-Day Moving Average - Here's What Happened

Key Points

• CNB Financial (NASDAQ:CCNE) shares crossed above their 200-day moving average of $27.32, trading as high as $31.54 and last at $31.25 on volume of about 122,445 shares.
• Several analysts raised ratings and price targets (Keefe Bruyette & Woods to $34, Stephens to $35), leaving an average rating of Buy and an average price target of $34.50.
• The bank beat Q1 estimates with EPS of $0.88 vs. $0.82 expected and revenue of $83.32M vs. $79.35M, and increased its quarterly dividend to $0.19 (annualized $0.76, ~2.4% yield).

CNB Financial Corporation (NASDAQ:CCNE - Get Free Report)'s share price crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $27.32 and traded as high as $31.54. CNB Financial shares last traded at $31.25, with a volume of 122,445 shares trading hands.

Analyst Ratings Changes

Several analysts have weighed in on CCNE shares. Keefe, Bruyette & Woods boosted their price target on CNB Financial from $30.00 to $34.00 and gave the company a "market perform" rating in a research note on Tuesday, April 21st. Wall Street Zen upgraded CNB Financial from a "hold" rating to a "buy" rating in a research note on Saturday, February 21st. Stephens boosted their price target on CNB Financial from $28.00 to $35.00 and gave the company an "overweight" rating in a research note on Wednesday, February 11th. Finally, Weiss Ratings upgraded CNB Financial from a "hold (c)" rating to a "buy (b)" rating in a research note on Thursday, March 12th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $34.50.

CNB Financial Trading Up 1.5%

The firm has a market cap of $926.25 million, a PE ratio of 11.12 and a beta of 0.67. The company has a 50 day simple moving average of $29.14 and a two-hundred day simple moving average of $27.32. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.97 and a current ratio of 0.97.

CNB Financial (NASDAQ:CCNE - Get Free Report) last issued its quarterly earnings data on Monday, April 20th. The bank reported $0.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.82 by $0.06. The business had revenue of $83.32 million during the quarter, compared to analysts' expectations of $79.35 million. CNB Financial had a return on equity of 12.58% and a net margin of 17.62%. Analysts expect that CNB Financial Corporation will post 3.58 EPS for the current fiscal year.

CNB Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 13th. Stockholders of record on Friday, February 27th were issued a $0.19 dividend. This is a boost from CNB Financial's previous quarterly dividend of $0.18. The ex-dividend date of this dividend was Friday, February 27th. This represents a $0.76 annualized dividend and a dividend yield of 2.4%. CNB Financial's payout ratio is presently 27.05%.

Hedge Funds Weigh In On CNB Financial

Several institutional investors and hedge funds have recently modified their holdings of CCNE. AQR Capital Management LLC lifted its holdings in shares of CNB Financial by 201.7% in the 1st quarter. AQR Capital Management LLC now owns 43,890 shares of the bank's stock valued at $977,000 after buying an additional 29,343 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of CNB Financial by 4.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,271 shares of the bank's stock valued at $273,000 after buying an additional 546 shares during the period. Empowered Funds LLC lifted its holdings in shares of CNB Financial by 7.4% in the 1st quarter. Empowered Funds LLC now owns 77,776 shares of the bank's stock valued at $1,731,000 after buying an additional 5,370 shares during the period. Jane Street Group LLC acquired a new position in shares of CNB Financial in the 1st quarter valued at about $714,000. Finally, Rhumbline Advisers lifted its holdings in shares of CNB Financial by 5.3% in the 2nd quarter. Rhumbline Advisers now owns 31,828 shares of the bank's stock valued at $728,000 after buying an additional 1,590 shares during the period. Institutional investors and hedge funds 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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