ConnectOne Bancorp (NASDAQ:CNOB) Stock Price Crosses Below 200-Day Moving Average – Time to Sell?

ConnectOne Bancorp, Inc. (NASDAQ:CNOB) passed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $25.91 and traded as low as $25.80. ConnectOne Bancorp shares last traded at $26.57, with a volume of 250,421 shares trading hands.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Piper Sandler started coverage on ConnectOne Bancorp in a research note on Friday, November 7th. They set an “overweight” rating and a $28.00 price target for the company. Weiss Ratings restated a “hold (c)” rating on shares of ConnectOne Bancorp in a report on Wednesday, January 21st. Wall Street Zen cut ConnectOne Bancorp from a “buy” rating to a “hold” rating in a research note on Saturday, January 10th. Keefe, Bruyette & Woods lifted their target price on ConnectOne Bancorp from $30.00 to $32.00 and gave the stock an “outperform” rating in a report on Friday, January 30th. Finally, Hovde Group cut their price target on shares of ConnectOne Bancorp from $32.50 to $32.00 and set an “outperform” rating for the company in a report on Friday, January 30th. Three equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, ConnectOne Bancorp presently has an average rating of “Moderate Buy” and a consensus target price of $30.67.

ConnectOne Bancorp Stock Performance

The company has a debt-to-equity ratio of 0.76, a current ratio of 1.04 and a quick ratio of 1.04. The firm has a market capitalization of $1.31 billion, a PE ratio of 17.35 and a beta of 1.13. The firm has a fifty day moving average price of $27.18 and a 200 day moving average price of $25.92.

ConnectOne Bancorp (NASDAQ:CNOB) last posted its quarterly earnings data on Thursday, January 29th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.09. ConnectOne Bancorp had a return on equity of 9.33% and a net margin of 11.83%.The firm had revenue of $114.63 million for the quarter, compared to the consensus estimate of $114.80 million. Research analysts anticipate that ConnectOne Bancorp, Inc. will post 2.23 earnings per share for the current fiscal year.

ConnectOne Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 2nd. Stockholders of record on Friday, February 13th were issued a dividend of $0.18 per share. The ex-dividend date was Friday, February 13th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.8%. ConnectOne Bancorp’s payout ratio is currently 48.00%.

Hedge Funds Weigh In On ConnectOne Bancorp

Several institutional investors and hedge funds have recently added to or reduced their stakes in CNOB. Clearstead Advisors LLC lifted its holdings in shares of ConnectOne Bancorp by 195.6% in the fourth quarter. Clearstead Advisors LLC now owns 1,330 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 880 shares in the last quarter. Osaic Holdings Inc. raised its position in ConnectOne Bancorp by 728.4% during the second quarter. Osaic Holdings Inc. now owns 1,781 shares of the financial services provider’s stock valued at $41,000 after buying an additional 1,566 shares during the period. PNC Financial Services Group Inc. lifted its stake in ConnectOne Bancorp by 107.9% in the 2nd quarter. PNC Financial Services Group Inc. now owns 1,842 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 956 shares in the last quarter. State of Alaska Department of Revenue purchased a new stake in ConnectOne Bancorp in the 3rd quarter worth about $48,000. Finally, State of Wyoming acquired a new stake in ConnectOne Bancorp during the 4th quarter worth about $73,000. 67.70% of the stock is currently owned by hedge funds and other institutional investors.

About ConnectOne Bancorp

ConnectOne Bancorp is a New Jersey‐based bank holding company whose primary subsidiary, ConnectOne Bank, offers a suite of commercial banking services to small and medium‐sized businesses, professionals and individuals. Established in 2005 and headquartered in Englewood Cliffs, New Jersey, the company seeks to deliver customized lending and deposit solutions through a network of branches across northern New Jersey and the New York metropolitan area.

The company’s lending portfolio centers on commercial real estate financing, construction lending, owner‐occupied real estate loans and working capital lines of credit.