ConnectOne Bancorp (NASDAQ:CNOB) Stock Price Down 3.3%

ConnectOne Bancorp, Inc. (NASDAQ:CNOB) dropped 3.3% on Wednesday . The stock traded as low as $18.59 and last traded at $18.59. Approximately 75,997 shares traded hands during mid-day trading, a decline of 54% from the average daily volume of 166,977 shares. The stock had previously closed at $19.22.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on CNOB shares. StockNews.com upgraded ConnectOne Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, May 10th. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $22.00 price target (down previously from $24.00) on shares of ConnectOne Bancorp in a report on Friday, May 31st. Two investment analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, ConnectOne Bancorp has an average rating of “Moderate Buy” and an average price target of $24.00.

ConnectOne Bancorp Trading Down 2.9 %

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 firm has a market cap of $692.24 million, a PE ratio of 9.84 and a beta of 1.27. The business has a fifty day moving average price of $18.87 and a 200 day moving average price of $20.10.

ConnectOne Bancorp (NASDAQ:CNOB) last announced its quarterly earnings results on Thursday, April 25th. The financial services provider reported $0.41 EPS for the quarter, missing the consensus estimate of $0.42 by ($0.01). The company had revenue of $64.15 million during the quarter, compared to analysts’ expectations of $63.93 million. ConnectOne Bancorp had a net margin of 15.29% and a return on equity of 7.39%. Analysts forecast that ConnectOne Bancorp, Inc. will post 1.66 EPS for the current year.

ConnectOne Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 3rd. Investors of record on Wednesday, May 15th were given a $0.18 dividend. The ex-dividend date of this dividend was Tuesday, May 14th. This is a boost from ConnectOne Bancorp’s previous quarterly dividend of $0.17. This represents a $0.72 dividend on an annualized basis and a yield of 3.99%. ConnectOne Bancorp’s payout ratio is 38.10%.

Institutional Trading of ConnectOne Bancorp

A number of large investors have recently made changes to their positions in CNOB. Dimensional Fund Advisors LP increased its position in ConnectOne Bancorp by 2.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,270,093 shares of the financial services provider’s stock worth $52,009,000 after buying an additional 58,277 shares during the period. Vanguard Group Inc. grew its position in shares of ConnectOne Bancorp by 2.6% during the first quarter. Vanguard Group Inc. now owns 2,143,706 shares of the financial services provider’s stock worth $41,802,000 after acquiring an additional 53,563 shares during the last quarter. Kennedy Capital Management LLC increased its holdings in shares of ConnectOne Bancorp by 698.1% in the 1st quarter. Kennedy Capital Management LLC now owns 676,791 shares of the financial services provider’s stock valued at $13,197,000 after acquiring an additional 591,995 shares during the period. Charles Schwab Investment Management Inc. raised its position in ConnectOne Bancorp by 10.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 438,198 shares of the financial services provider’s stock valued at $10,039,000 after purchasing an additional 41,010 shares during the last quarter. Finally, Knights of Columbus Asset Advisors LLC boosted its stake in ConnectOne Bancorp by 118.2% during the 4th quarter. Knights of Columbus Asset Advisors LLC now owns 246,232 shares of the financial services provider’s stock worth $5,641,000 after purchasing an additional 133,384 shares during the period. 67.70% of the stock is 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.