ConnectOne Bancorp (NASDAQ:CNOB) Shares Down 7%

ConnectOne Bancorp, Inc. (NASDAQ:CNOB)’s share price was down 7% on Thursday . The stock traded as low as $18.34 and last traded at $18.34. Approximately 47,591 shares were traded during trading, a decline of 72% from the average daily volume of 171,746 shares. The stock had previously closed at $19.73.

Analyst Ratings Changes

Several research analysts recently weighed in on CNOB shares. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $24.00 price objective (down previously from $27.00) on shares of ConnectOne Bancorp in a research note on Friday. Raymond James boosted their price objective on shares of ConnectOne Bancorp from $26.00 to $28.00 and gave the stock a “strong-buy” rating in a research report on Monday, January 29th. StockNews.com downgraded shares of ConnectOne Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday. Finally, Piper Sandler boosted their target price on shares of ConnectOne Bancorp from $24.00 to $25.00 and gave the stock an “overweight” rating in a report on Friday, January 26th. One analyst has rated the stock with a sell rating, three have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $24.50.

ConnectOne Bancorp Price Performance

The firm has a market cap of $701.44 million, a price-to-earnings ratio of 9.68 and a beta of 1.25. The business’s 50-day simple moving average is $19.16 and its two-hundred day simple moving average is $20.06. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 0.92.

ConnectOne Bancorp (NASDAQ:CNOB) last issued its earnings results on Thursday, January 25th. The financial services provider reported $0.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.47 by $0.03. ConnectOne Bancorp had a return on equity of 7.41% and a net margin of 15.29%. The company had revenue of $66.03 million for the quarter, compared to analysts’ expectations of $65.50 million. As a group, research analysts expect that ConnectOne Bancorp, Inc. will post 1.76 EPS for the current fiscal year.

ConnectOne Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Wednesday, May 15th will be issued a $0.18 dividend. The ex-dividend date is Tuesday, May 14th. This represents a $0.72 annualized dividend and a yield of 3.93%. This is a positive change from ConnectOne Bancorp’s previous quarterly dividend of $0.17. ConnectOne Bancorp’s dividend payout ratio (DPR) is 35.98%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Parallel Advisors LLC lifted its position in ConnectOne Bancorp by 206.8% in the 4th quarter. Parallel Advisors LLC now owns 1,123 shares of the financial services provider’s stock worth $26,000 after buying an additional 757 shares during the last quarter. Sound Income Strategies LLC purchased a new position in shares of ConnectOne Bancorp during the fourth quarter valued at approximately $53,000. GAMMA Investing LLC purchased a new stake in ConnectOne Bancorp in the fourth quarter worth $80,000. Quest Partners LLC purchased a new stake in ConnectOne Bancorp in the fourth quarter worth $165,000. Finally, Bryn Mawr Capital Management LLC purchased a new stake in ConnectOne Bancorp in the fourth quarter worth $207,000. Hedge funds and other institutional investors own 67.70% of the company’s stock.

About ConnectOne Bancorp

ConnectOne Bancorp, Inc operates as the bank holding company for ConnectOne Bank that provides commercial banking products and services for small and mid-sized businesses, local professionals, and individuals in the New York Metropolitan area and South Florida market. The company offers personal and business checking, money market, and time and savings accounts; credit cards, wire transfers, safe deposit boxes, automated teller services and telephone, and internet and mobile banking.