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

ConnectOne Bancorp, Inc. (NASDAQ:CNOB)’s stock price traded down 6.2% during trading on Thursday . The stock traded as low as $23.71 and last traded at $23.88. 193,367 shares traded 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 equities research analysts have recently commented on the stock. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $26.00 price objective (up from $22.00) on shares of ConnectOne Bancorp in a research note on Friday, July 26th. Piper Sandler boosted their target price on shares of ConnectOne Bancorp from $22.00 to $25.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. Two equities research analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently 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 market capitalization of $928.04 million, a price-to-earnings ratio of 12.81 and a beta of 1.25. The business’s 50-day moving average is $24.82 and its 200-day moving average is $21.55. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.07.

ConnectOne Bancorp (NASDAQ:CNOB) last released its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.40 by $0.06. ConnectOne Bancorp had a net margin of 14.56% and a return on equity of 7.13%. The company had revenue of $134.41 million during the quarter, compared to analysts’ expectations of $64.62 million. During the same quarter in the previous year, the company earned $0.51 earnings per share. As a group, equities analysts predict that ConnectOne Bancorp, Inc. will post 1.78 earnings per share for the current year.

ConnectOne Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders 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 dividend on an annualized basis and a yield of 2.97%. ConnectOne Bancorp’s payout ratio is 38.10%.

Institutional Trading of ConnectOne Bancorp

A number of institutional investors and hedge funds have recently modified their holdings of CNOB. Principal Financial Group Inc. purchased a new stake in shares of ConnectOne Bancorp during the first quarter worth about $381,000. BNP Paribas Financial Markets increased its stake in shares of ConnectOne Bancorp by 19.8% during the first quarter. BNP Paribas Financial Markets now owns 48,504 shares of the financial services provider’s stock worth $946,000 after purchasing an additional 8,026 shares in the last quarter. GSA Capital Partners LLP purchased a new stake in shares of ConnectOne Bancorp during the first quarter worth about $461,000. Empowered Funds LLC increased its stake in shares of ConnectOne Bancorp by 43.1% during the first quarter. Empowered Funds LLC now owns 120,644 shares of the financial services provider’s stock worth $2,353,000 after purchasing an additional 36,325 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake 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 purchasing an additional 53,563 shares in the last quarter. Hedge funds and other institutional investors own 67.70% of the company’s stock.

ConnectOne Bancorp Company Profile

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.