CNB Financial (NASDAQ:CCNE) Share Price Breaks Above 200 Day Moving Average - Here's What Happened

Key Points

• CNB Financial shares rose above their 200-day moving average, reaching $34.38 before closing at $33.99, compared with a 200-day average of $32.82.
• Analyst sentiment is generally positive: the stock has a consensus rating of “Moderate Buy” and a $37.00 average price target, with targets ranging from $36 to $39.
• The bank exceeded quarterly earnings and revenue expectations, reporting $0.91 in EPS and $87.65 million in revenue, while paying a quarterly dividend of $0.19 per share—an annualized yield of about 2.2%.

CNB Financial Corporation (NASDAQ:CCNE - Get Free Report) shares crossed above its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $32.82 and traded as high as $34.38. CNB Financial shares last traded at $33.99, with a volume of 89,168 shares.

Wall Street Analyst Weigh In

Several brokerages have commented on CCNE. Wall Street Zen upgraded CNB Financial from a "hold" rating to a "buy" rating in a research note on Saturday, September 26th. Piper Sandler began coverage on CNB Financial in a report on Thursday, September 24th. They set an "overweight" rating and a $38.00 target price for the company. Weiss Ratings upgraded CNB Financial from a "buy (b)" rating to a "buy (b+)" rating in a research report on Thursday, October 8th. DA Davidson increased their price target on shares of CNB Financial from $34.00 to $36.00 and gave the stock a "neutral" rating in a report on Monday, July 27th. Finally, Raymond James Financial started coverage on shares of CNB Financial in a report on Wednesday, August 26th. They issued an "outperform" rating and a $39.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, CNB Financial presently has an average rating of "Moderate Buy" and a consensus price target of $37.00.

CNB Financial Stock Performance

The company's fifty day simple moving average is $34.07 and its 200 day simple moving average is $32.82. The stock has a market capitalization of $1.01 billion, a P/E ratio of 10.93 and a beta of 0.62. 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 results 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. CNB Financial had a net margin of 19.37% and a return on equity of 12.85%. The firm had revenue of $87.65 million for the quarter, compared to analysts' expectations of $85.87 million. As a group, sell-side analysts forecast that CNB Financial Corporation will post 3.56 earnings per share for the current fiscal year.

CNB Financial Announces Dividend

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

Hedge Funds Weigh In On CNB Financial

A number of institutional investors have recently added to or reduced their stakes in the business. Parallel Advisors LLC grew its stake in CNB Financial by 847.2% in the 1st quarter. Parallel Advisors LLC now owns 1,364 shares of the bank's stock worth $40,000 after buying an additional 1,220 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of CNB Financial in the 2nd quarter worth $44,000. Quantbot Technologies LP purchased a new stake in shares of CNB Financial during the 2nd quarter valued at $66,000. USA Financial Formulas purchased a new stake in shares of CNB Financial during the 3rd quarter valued at $74,000. Finally, State of Alaska Department of Revenue raised its position in shares of CNB Financial by 9.4% during the 3rd quarter. State of Alaska Department of Revenue now owns 3,457 shares of the bank's stock valued at $114,000 after buying an additional 297 shares in the last quarter. 52.35% of the stock is currently owned by institutional investors.

About CNB Financial

CNB Financial Corporation is a bank holding company headquartered in Clearfield, Pennsylvania. Through its principal subsidiary, CNB Bank, the company provides community banking services to individuals, families, businesses and nonprofit organizations.

Its offerings include checking and savings accounts, certificates of deposit, residential and consumer lending, commercial loans, mortgages, cash-management services, online and mobile banking, and other treasury-management solutions. The company also provides wealth-management and investment-related services through its banking operations and affiliated businesses.

CNB Financial serves customers through a network of community banking offices primarily in Pennsylvania and neighboring markets, including parts of Ohio and Virginia.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.