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

Key Points

• CNB Financial's stock (NASDAQ:CCNE) recently crossed above its 200-day moving average and currently trades at $24.19, marking a daily increase of 4.4%.
• Analysts have revised their price target for CNB Financial from $26.00 to $29.00, with a consensus rating of "Hold" and a target price of $27.75.
• The company recently announced a quarterly dividend of $0.18 per share, resulting in an annualized dividend yield of 3.0%.

CNB Financial Corporation (NASDAQ:CCNE - Get Free Report) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $23.43 and traded as high as $24.29. CNB Financial shares last traded at $24.19, with a volume of 130,573 shares.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on CCNE. Keefe, Bruyette & Woods upped their price target on CNB Financial from $26.00 to $29.00 and gave the stock a "market perform" rating in a report on Thursday, July 24th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of CNB Financial in a research report on Wednesday, October 8th. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, CNB Financial currently has a consensus rating of "Hold" and a consensus price target of $27.75.

CNB Financial Trading Up 4.4%

The stock has a market capitalization of $713.00 million, a price-to-earnings ratio of 10.16 and a beta of 0.68. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.94 and a current ratio of 0.94. The business has a 50-day moving average of $25.18 and a 200-day moving average of $23.43.

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

CNB Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 12th. Investors of record on Friday, August 29th were given a $0.18 dividend. The ex-dividend date of this dividend was Friday, August 29th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.0%. CNB Financial's dividend payout ratio is 30.25%.

Institutional Trading of CNB Financial

A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in CNB Financial by 0.3% during the 1st quarter. Vanguard Group Inc. now owns 1,108,371 shares of the bank's stock worth $24,661,000 after acquiring an additional 3,472 shares during the period. Davis Asset Management L.P. lifted its position in CNB Financial by 27.7% during the 2nd quarter. Davis Asset Management L.P. now owns 894,033 shares of the bank's stock worth $20,438,000 after acquiring an additional 194,033 shares during the period. American Century Companies Inc. lifted its position in CNB Financial by 7.9% during the 2nd quarter. American Century Companies Inc. now owns 543,476 shares of the bank's stock worth $12,424,000 after acquiring an additional 39,825 shares during the period. Geode Capital Management LLC lifted its position in CNB Financial by 5.0% during the 2nd quarter. Geode Capital Management LLC now owns 506,116 shares of the bank's stock worth $11,572,000 after acquiring an additional 24,327 shares during the period. Finally, Ameriprise Financial Inc. lifted its position in CNB Financial by 16.1% during the 2nd quarter. Ameriprise Financial Inc. now owns 347,883 shares of the bank's stock worth $7,953,000 after acquiring an additional 48,326 shares during the period. 52.35% of the stock is owned by institutional investors and hedge funds.

CNB Financial Company Profile

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.

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