CNB Financial (NASDAQ:CCNE) Share Price Passes Above 200-Day Moving Average of $21.28

CNB Financial Co. (NASDAQ:CCNE) passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $21.28 and traded as high as $24.06. CNB Financial shares last traded at $22.86, with a volume of 53,657 shares.

Analyst Ratings Changes

Separately, StockNews.com lowered CNB Financial from a “buy” rating to a “hold” rating in a research note on Wednesday, August 21st.

CNB Financial Trading Down 5.0 %

The stock has a market capitalization of $480.15 million, a P/E ratio of 9.61 and a beta of 0.69. The stock’s fifty day moving average price is $23.81 and its 200 day moving average price is $21.28. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.94 and a quick ratio of 0.94.

CNB Financial (NASDAQ:CCNE) last issued its earnings results on Thursday, July 18th. The bank reported $0.56 EPS for the quarter, topping analysts’ consensus estimates of $0.51 by $0.05. CNB Financial had a net margin of 15.30% and a return on equity of 10.37%. The business had revenue of $89.52 million for the quarter, compared to the consensus estimate of $55.30 million. Research analysts forecast that CNB Financial Co. will post 2.25 earnings per share for the current year.

CNB Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Friday, August 30th were issued a dividend of $0.18 per share. This is an increase from CNB Financial’s previous quarterly dividend of $0.18. This represents a $0.72 annualized dividend and a yield of 3.15%. The ex-dividend date of this dividend was Friday, August 30th. CNB Financial’s dividend payout ratio (DPR) is presently 30.25%.

Hedge Funds Weigh In On CNB Financial

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Acadian Asset Management LLC purchased a new stake in CNB Financial in the first quarter worth about $81,000. PNC Financial Services Group Inc. lifted its position in shares of CNB Financial by 41.6% in the 4th quarter. PNC Financial Services Group Inc. now owns 8,841 shares of the bank’s stock worth $200,000 after purchasing an additional 2,599 shares during the period. AQR Capital Management LLC increased its holdings in CNB Financial by 5.7% during the second quarter. AQR Capital Management LLC now owns 10,543 shares of the bank’s stock valued at $215,000 after buying an additional 568 shares during the period. BNP Paribas Financial Markets raised its stake in CNB Financial by 21.0% in the fourth quarter. BNP Paribas Financial Markets now owns 17,043 shares of the bank’s stock worth $385,000 after buying an additional 2,957 shares in the last quarter. Finally, Empowered Funds LLC lifted its holdings in CNB Financial by 8.1% during the first quarter. Empowered Funds LLC now owns 60,792 shares of the bank’s stock worth $1,240,000 after buying an additional 4,550 shares during the period. Institutional investors own 52.35% of the company’s stock.

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.