ConnectOne Bancorp (NASDAQ:CNOB) Shares Down 6.2% – Here’s Why

ConnectOne Bancorp, Inc. (NASDAQ:CNOB) fell 6.2% during mid-day trading on Thursday . The stock traded as low as $23.71 and last traded at $23.88. 193,367 shares changed hands during trading, an increase of 6% from the average session volume of 182,173 shares. The stock had previously closed at $25.45.

Analyst Ratings Changes

Several brokerages recently issued reports on CNOB. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $26.00 price objective (up previously from $22.00) on shares of ConnectOne Bancorp in a research note on Friday, July 26th. Piper Sandler upped their price objective on shares of ConnectOne Bancorp from $22.00 to $25.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Two analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $26.33.

ConnectOne Bancorp Stock Down 1.7 %

The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.07. The company has a market capitalization of $928.04 million, a price-to-earnings ratio of 12.81 and a beta of 1.25. The firm’s fifty day simple moving average is $24.82 and its two-hundred day simple moving average is $21.55.

ConnectOne Bancorp (NASDAQ:CNOB) last posted its earnings results on Thursday, July 25th. The financial services provider reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.06. The company had revenue of $134.41 million for the quarter, compared to analyst estimates of $64.62 million. ConnectOne Bancorp had a net margin of 14.56% and a return on equity of 7.13%. During the same period in the previous year, the business posted $0.51 EPS. Sell-side analysts anticipate that ConnectOne Bancorp, Inc. will post 1.78 EPS for the current year.

ConnectOne Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Friday, November 15th will be issued a $0.18 dividend. The ex-dividend date is Friday, November 15th. This represents a $0.72 annualized dividend and a dividend yield of 2.97%. ConnectOne Bancorp’s dividend payout ratio is currently 38.10%.

Hedge Funds Weigh In On ConnectOne Bancorp

Several large investors have recently made changes to their positions in the stock. Copeland Capital Management LLC acquired a new position in shares of ConnectOne Bancorp in the 3rd quarter worth approximately $53,000. Palouse Capital Management Inc. lifted its holdings in shares of ConnectOne Bancorp by 25.1% in the 3rd quarter. Palouse Capital Management Inc. now owns 8,022 shares of the financial services provider’s stock worth $201,000 after acquiring an additional 1,607 shares during the last quarter. Creative Planning lifted its holdings in shares of ConnectOne Bancorp by 42.2% in the 3rd quarter. Creative Planning now owns 48,064 shares of the financial services provider’s stock worth $1,204,000 after acquiring an additional 14,256 shares during the last quarter. SG Americas Securities LLC acquired a new position in shares of ConnectOne Bancorp in the 3rd quarter worth approximately $246,000. Finally, AQR Capital Management LLC lifted its holdings in shares of ConnectOne Bancorp by 23.4% in the 2nd quarter. AQR Capital Management LLC now owns 138,583 shares of the financial services provider’s stock worth $2,618,000 after acquiring an additional 26,285 shares during the last quarter. 67.70% of the stock is currently owned by institutional investors and hedge funds.

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.