Short Interest in ConnectOne Bancorp, Inc. (NASDAQ:CNOB) Expands By 24.9%

ConnectOne Bancorp, Inc. (NASDAQ:CNOBGet Rating) saw a significant growth in short interest in the month of April. As of April 15th, there was short interest totalling 527,000 shares, a growth of 24.9% from the March 31st total of 422,100 shares. Based on an average trading volume of 176,500 shares, the short-interest ratio is presently 3.0 days. Approximately 1.5% of the shares of the company are sold short.

Several equities analysts have recently commented on CNOB shares. Zacks Investment Research downgraded ConnectOne Bancorp from a “buy” rating to a “hold” rating in a research report on Monday, January 31st. Raymond James downgraded ConnectOne Bancorp from a “strong-buy” rating to an “outperform” rating and lowered their price objective for the company from $40.00 to $38.00 in a research report on Monday, January 31st. Finally, StockNews.com started coverage on ConnectOne Bancorp in a research report on Thursday, March 31st. They issued a “hold” rating on the stock.

In related news, Director William Thompson sold 2,805 shares of ConnectOne Bancorp stock in a transaction on Friday, February 18th. The stock was sold at an average price of $32.68, for a total value of $91,667.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 6.58% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Knights of Columbus Asset Advisors LLC grew its stake in shares of ConnectOne Bancorp by 0.4% during the third quarter. Knights of Columbus Asset Advisors LLC now owns 115,949 shares of the financial services provider’s stock valued at $3,480,000 after buying an additional 434 shares during the last quarter. William Blair Investment Management LLC grew its stake in ConnectOne Bancorp by 48,030.7% in the third quarter. William Blair Investment Management LLC now owns 1,908,383 shares of the financial services provider’s stock worth $57,271,000 after purchasing an additional 1,904,418 shares in the last quarter. Verition Fund Management LLC grew its stake in ConnectOne Bancorp by 8.4% in the third quarter. Verition Fund Management LLC now owns 137,914 shares of the financial services provider’s stock worth $4,139,000 after purchasing an additional 10,729 shares in the last quarter. Second Curve Capital LLC grew its stake in ConnectOne Bancorp by 5.9% in the third quarter. Second Curve Capital LLC now owns 90,000 shares of the financial services provider’s stock worth $2,701,000 after purchasing an additional 5,000 shares in the last quarter. Finally, HighTower Advisors LLC bought a new position in ConnectOne Bancorp in the third quarter worth approximately $220,000. 67.82% of the stock is currently owned by hedge funds and other institutional investors.

NASDAQ:CNOB opened at $27.63 on Tuesday. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.61. The stock has a market capitalization of $1.09 billion, a P/E ratio of 8.77 and a beta of 1.26. ConnectOne Bancorp has a 12 month low of $24.17 and a 12 month high of $37.00. The stock has a 50-day moving average price of $31.63.

ConnectOne Bancorp (NASDAQ:CNOBGet Rating) last posted its earnings results on Thursday, April 28th. The financial services provider reported $0.75 EPS for the quarter, hitting analysts’ consensus estimates of $0.75. ConnectOne Bancorp had a return on equity of 13.02% and a net margin of 39.81%. During the same period in the prior year, the company earned $0.82 EPS. Equities research analysts predict that ConnectOne Bancorp will post 3.14 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 1st. Shareholders of record on Monday, May 16th will be paid a dividend of $0.155 per share. This is a boost from ConnectOne Bancorp’s previous quarterly dividend of $0.13. This represents a $0.62 annualized dividend and a yield of 2.24%. The ex-dividend date of this dividend is Friday, May 13th. ConnectOne Bancorp’s payout ratio is presently 16.51%.

About ConnectOne Bancorp (Get Rating)

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 Northern New Jersey and New York Metropolitan area, and South Florida market. The company offers personal and business checking, retirement, money market, and time and savings accounts.

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