ConnectOne Bancorp (NASDAQ:CNOB) Shares Cross Above 50 Day Moving Average – Here’s Why

ConnectOne Bancorp, Inc. (NASDAQ:CNOB)’s share price crossed above its 50 day moving average during trading on Monday . The stock has a 50 day moving average of $27.21 and traded as high as $29.94. ConnectOne Bancorp shares last traded at $29.45, with a volume of 414,881 shares traded.

Wall Street Analyst Weigh In

CNOB has been the subject of a number of recent analyst reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of ConnectOne Bancorp in a report on Wednesday, January 21st. Keefe, Bruyette & Woods upped their price target on shares of ConnectOne Bancorp from $32.00 to $34.00 and gave the stock an “outperform” rating in a report on Friday, April 24th. Hovde Group upped their price target on shares of ConnectOne Bancorp from $32.00 to $34.00 and gave the stock an “outperform” rating in a report on Friday, April 24th. Raymond James Financial reaffirmed a “strong-buy” rating and set a $34.00 price target on shares of ConnectOne Bancorp in a report on Monday, April 27th. Finally, Wall Street Zen downgraded shares of ConnectOne Bancorp from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. Two research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $33.25.

ConnectOne Bancorp Stock Performance

The firm has a market cap of $1.48 billion, a P/E ratio of 17.02 and a beta of 1.06. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.04 and a current ratio of 1.04. The company’s 50 day moving average is $27.21 and its 200 day moving average is $26.51.

ConnectOne Bancorp (NASDAQ:CNOB) last issued its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $0.79 EPS for the quarter, beating the consensus estimate of $0.73 by $0.06. The business had revenue of $116.64 million during the quarter, compared to the consensus estimate of $119.59 million. ConnectOne Bancorp had a net margin of 13.21% and a return on equity of 10.27%. As a group, equities analysts predict that ConnectOne Bancorp, Inc. will post 3.26 earnings per share for the current fiscal year.

ConnectOne Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Friday, May 15th will be paid a $0.195 dividend. This represents a $0.78 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend is Friday, May 15th. This is a positive change from ConnectOne Bancorp’s previous quarterly dividend of $0.18. ConnectOne Bancorp’s payout ratio is currently 41.62%.

Hedge Funds Weigh In On ConnectOne Bancorp

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. ProShare Advisors LLC lifted its stake in ConnectOne Bancorp by 6.9% in the 4th quarter. ProShare Advisors LLC now owns 8,716 shares of the financial services provider’s stock valued at $229,000 after purchasing an additional 560 shares during the last quarter. Clearstead Advisors LLC lifted its stake in ConnectOne Bancorp by 195.6% in the 4th 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 during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in ConnectOne Bancorp by 4.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,537 shares of the financial services provider’s stock valued at $524,000 after purchasing an additional 914 shares during the last quarter. EJF Capital LLC lifted its stake in ConnectOne Bancorp by 3.7% in the 3rd quarter. EJF Capital LLC now owns 30,214 shares of the financial services provider’s stock valued at $750,000 after purchasing an additional 1,066 shares during the last quarter. Finally, LPL Financial LLC lifted its stake in ConnectOne Bancorp by 13.3% in the 4th quarter. LPL Financial LLC now owns 9,467 shares of the financial services provider’s stock valued at $248,000 after purchasing an additional 1,114 shares during the last quarter. Institutional investors own 67.70% of the company’s stock.

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.