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

Key Points

• CNB Financial shares broke above their 200-day moving average, reaching $34.11 and last trading at $33.91, compared with a 200-day average of $32.10.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and an average price target of $37.00; recent targets range from $37 to $39.
• The bank beat quarterly earnings expectations, reporting $0.91 in EPS versus $0.86 forecast and $87.65 million in revenue. It also pays a $0.19 quarterly dividend, equivalent to a 2.2% yield.

CNB Financial Corporation (NASDAQ:CCNE - Get Free Report)'s stock price crossed above its two hundred day moving average during trading on Thursday. The stock has a two hundred day moving average of $32.10 and traded as high as $34.11. CNB Financial shares last traded at $33.91, with a volume of 164,075 shares traded.

Wall Street Analysts Forecast Growth

CCNE has been the subject of several research reports. Keefe, Bruyette & Woods reissued a "market perform" rating and issued a $37.00 price target (up from $35.00) on shares of CNB Financial in a research report on Friday, July 24th. Weiss Ratings restated a "buy (b)" rating on shares of CNB Financial in a report on Friday, September 4th. Piper Sandler assumed coverage on shares of CNB Financial in a research note on Thursday. They issued an "overweight" rating and a $38.00 price objective on the stock. Raymond James Financial started coverage on shares of CNB Financial in a report on Wednesday, August 26th. They set an "outperform" rating and a $39.00 price objective for the company. Finally, Wall Street Zen downgraded shares of CNB Financial from a "buy" rating to a "hold" rating in a research report on Saturday, August 22nd. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $37.00.

CNB Financial Stock Performance

The company has a market cap of $1.00 billion, a PE ratio of 10.90 and a beta of 0.61. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.07. The company has a 50-day moving average of $34.43 and a 200-day moving average of $32.10.

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

CNB Financial Dividend Announcement

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

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in CCNE. Pinnacle Holdings LLC purchased a new position in shares of CNB Financial in the 2nd quarter worth approximately $1,690,000. Globeflex Capital L P purchased a new stake in shares of CNB Financial during the second quarter valued at approximately $5,396,000. Empowered Funds LLC purchased a new stake in shares of CNB Financial during the second quarter valued at approximately $4,918,000. The Manufacturers Life Insurance Company bought a new stake in CNB Financial during the second quarter worth $7,667,000. Finally, Deutsche Bank AG purchased a new position in CNB Financial in the second quarter worth $1,049,000. 52.35% of the stock is owned by institutional investors.

CNB Financial Company Profile

CNB Financial Corporation is a bank holding company headquartered in Clearfield, Pennsylvania. Through its banking subsidiaries and regional banking brands, the company provides community banking services to individuals, families, businesses and organizations.

Its products and services include checking and savings accounts, certificates of deposit, residential and commercial real estate lending, consumer loans, business loans, treasury and cash-management services, online and mobile banking, and wealth-management and trust services.

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