CNB Financial (NASDAQ:CCNE) Share Price Crosses Above 200 Day Moving Average - What's Next?

Key Points

• CNB Financial shares rose above their 200-day moving average, reaching $33.49 before closing at $33.28, compared with the $32.56 average.
• Analyst sentiment is generally positive: the stock carries a “Moderate Buy” consensus rating and an average price target of $37.00, above its latest trading price.
• The bank reported quarterly EPS of $0.91, beating estimates by $0.05, and pays a quarterly dividend of $0.19, equivalent to a 2.3% annual yield.

CNB Financial Corporation (NASDAQ:CCNE - Get Free Report) shares passed above its 200-day moving average during trading on Friday. The stock has a 200-day moving average of $32.56 and traded as high as $33.49. CNB Financial shares last traded at $33.28, with a volume of 84,147 shares trading hands.

Analyst Ratings Changes

CCNE has been the topic of a number of research reports. Piper Sandler initiated coverage on shares of CNB Financial in a research report on Thursday, September 24th. They set an "overweight" rating and a $38.00 target price on the stock. Weiss Ratings raised shares of CNB Financial from a "buy (b)" rating to a "buy (b+)" rating in a report on Thursday. Wall Street Zen raised shares of CNB Financial from a "hold" rating to a "buy" rating in a report on Saturday, September 26th. Raymond James Financial started coverage on shares of CNB Financial in a research report on Wednesday, August 26th. They issued an "outperform" rating and a $39.00 price objective for the company. Finally, Keefe, Bruyette & Woods reaffirmed a "market perform" rating and set a $37.00 price objective (up from $35.00) on shares of CNB Financial in a report on Friday, July 24th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, CNB Financial has an average rating of "Moderate Buy" and an average target price of $37.00.

CNB Financial Price Performance

The stock has a market capitalization of $985.89 million, a P/E ratio of 10.70 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. The company has a fifty day simple moving average of $34.22 and a two-hundred day simple moving average of $32.56.

CNB Financial (NASDAQ:CCNE - Get Free Report) last released its earnings results on Thursday, July 23rd. The bank reported $0.91 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.86 by $0.05. CNB Financial had a net margin of 19.37% and a return on equity of 12.85%. The company had revenue of $87.65 million for the quarter, compared to the consensus estimate of $85.87 million. Sell-side analysts expect that CNB Financial Corporation will post 3.56 EPS for the current fiscal year.

CNB Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st were issued a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 2.3%. The ex-dividend date was Tuesday, September 1st. CNB Financial's dividend payout ratio is currently 24.44%.

Institutional Trading of CNB Financial

A number of institutional investors have recently bought and sold shares of CCNE. Parallel Advisors LLC raised its position in shares of CNB Financial by 847.2% during 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 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 bought a new position in shares of CNB Financial in the 2nd quarter worth $66,000. Sanctuary Advisors LLC acquired a new stake in shares of CNB Financial during the first quarter worth $220,000. Finally, Alliance Wealth Advisors LLC acquired a new stake in shares of CNB Financial during the second quarter worth $231,000. Institutional investors and hedge funds own 52.35% of the company's stock.

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.

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