ConnectOne Bancorp (NASDAQ:CNOB) Shares Gap Down to $25.97

ConnectOne Bancorp, Inc. (NASDAQ:CNOBGet Rating) shares gapped down prior to trading on Friday . The stock had previously closed at $25.97, but opened at $25.08. ConnectOne Bancorp shares last traded at $25.74, with a volume of 233 shares trading hands.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Piper Sandler lowered their price objective on shares of ConnectOne Bancorp to $29.00 in a research note on Wednesday, October 5th. StockNews.com downgraded shares of ConnectOne Bancorp from a “buy” rating to a “hold” rating in a research note on Monday, November 21st. Finally, Raymond James reiterated a “market perform” rating on shares of ConnectOne Bancorp in a research note on Thursday, December 22nd.

ConnectOne Bancorp Trading Down 1.1 %

The company has a debt-to-equity ratio of 0.15, a current ratio of 1.01 and a quick ratio of 1.01. The company’s fifty day moving average is $24.94 and its 200-day moving average is $25.05. The stock has a market cap of $1.01 billion, a PE ratio of 8.51 and a beta of 1.21.

ConnectOne Bancorp (NASDAQ:CNOBGet Rating) last issued its earnings results on Thursday, October 27th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.77 by ($0.07). ConnectOne Bancorp had a return on equity of 12.23% and a net margin of 35.52%. The business had revenue of $81.48 million for the quarter, compared to analysts’ expectations of $79.27 million. On average, analysts predict that ConnectOne Bancorp, Inc. will post 3.04 earnings per share for the current fiscal year.

ConnectOne Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 1st. Investors of record on Monday, November 14th were issued a dividend of $0.155 per share. The ex-dividend date was Thursday, November 10th. This represents a $0.62 annualized dividend and a dividend yield of 2.41%. ConnectOne Bancorp’s dividend payout ratio (DPR) is presently 20.53%.

Insider Buying and Selling at ConnectOne Bancorp

In other news, Director Stephen T. Boswell acquired 8,000 shares of the business’s stock in a transaction on Monday, November 14th. The stock was bought at an average price of $24.88 per share, with a total value of $199,040.00. Following the completion of the acquisition, the director now owns 249,103 shares of the company’s stock, valued at $6,197,682.64. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 6.58% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. BNP Paribas Arbitrage SNC grew its position in shares of ConnectOne Bancorp by 5.6% in the third quarter. BNP Paribas Arbitrage SNC now owns 13,747 shares of the financial services provider’s stock valued at $317,000 after purchasing an additional 727 shares during the period. Federated Hermes Inc. grew its position in shares of ConnectOne Bancorp by 69.4% in the third quarter. Federated Hermes Inc. now owns 2,114 shares of the financial services provider’s stock valued at $49,000 after purchasing an additional 866 shares during the period. Point72 Hong Kong Ltd acquired a new stake in shares of ConnectOne Bancorp in the first quarter valued at about $29,000. Group One Trading L.P. acquired a new stake in shares of ConnectOne Bancorp in the first quarter valued at about $32,000. Finally, Copeland Capital Management LLC acquired a new stake in shares of ConnectOne Bancorp in the third quarter valued at about $30,000. Hedge funds and other institutional investors own 67.46% of the company’s stock.

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.

Further Reading

Receive News & Ratings for ConnectOne Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ConnectOne Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.