CNB Financial (NASDAQ:CCNE) Stock Price Crosses Above Two Hundred Day Moving Average - Here's Why

Key Points

• CNB Financial crossed above its 200‑day moving average (200‑day = $27.56), trading as high as $31.28 and last at $30.97 on volume of about 76,103 shares, signaling a technical breakout.
• Multiple analysts have raised ratings and targets—Keefe, Bruyette & Woods and Stephens lifted targets (to $34 and $35 respectively), and the consensus rating is a Buy with a consensus price target of $34.50.
• The bank showed solid fundamentals this quarter, reporting $0.88 EPS versus a $0.82 estimate and $83.3M revenue (above estimates), plus a raised quarterly dividend of $0.19 (annualized yield ~2.5%) and a P/E around 11.0.

CNB Financial Corporation (NASDAQ:CCNE - Get Free Report) shares passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $27.56 and traded as high as $31.28. CNB Financial shares last traded at $30.97, with a volume of 76,103 shares trading hands.

Wall Street Analysts Forecast Growth

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

CNB Financial Stock Up 0.1%

The company has a market cap of $917.95 million, a P/E ratio of 11.02 and a beta of 0.65. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.13. The firm's 50 day moving average price is $29.27 and its 200-day moving average price is $27.56.

CNB Financial (NASDAQ:CCNE - Get Free Report) last issued its earnings results 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 company had revenue of $83.32 million for the quarter, compared to analyst estimates of $79.35 million. CNB Financial had a net margin of 17.62% and a return on equity of 12.58%. As a group, equities research analysts expect that CNB Financial Corporation will post 3.58 EPS for the current year.

CNB Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 13th. Stockholders of record on Friday, February 27th were paid 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 2.5%. CNB Financial's payout ratio is 27.05%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Flagship Harbor Advisors LLC bought a new position in shares of CNB Financial in the 4th quarter valued at about $27,000. Peoples Financial Services CORP. bought a new position in shares of CNB Financial in the 3rd quarter valued at about $28,000. Founders Capital Management acquired a new stake in shares of CNB Financial in the 3rd quarter valued at approximately $31,000. Parallel Advisors LLC raised its position in shares of CNB Financial by 847.2% in the 1st quarter. Parallel Advisors LLC now owns 1,364 shares of the bank's stock valued at $40,000 after acquiring an additional 1,220 shares during the period. Finally, Tower Research Capital LLC TRC raised its position in shares of CNB Financial by 46.8% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,995 shares of the bank's stock valued at $46,000 after acquiring an additional 636 shares during the period. Institutional investors own 52.35% of the company's stock.

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.

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