ConnectOne Bancorp (NASDAQ:CNOB) Share Price Crosses Above Fifty Day Moving Average – Time to Sell?

ConnectOne Bancorp, Inc. (NASDAQ:CNOB) passed above its fifty day moving average during trading on Monday . The stock has a fifty day moving average of $27.24 and traded as high as $27.91. ConnectOne Bancorp shares last traded at $27.75, with a volume of 256,705 shares.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. Keefe, Bruyette & Woods lifted their price target on ConnectOne Bancorp from $30.00 to $32.00 and gave the stock an “outperform” rating in a research note on Friday, January 30th. Wall Street Zen lowered ConnectOne Bancorp from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. Piper Sandler initiated coverage on shares of ConnectOne Bancorp in a research note on Friday, November 7th. They issued an “overweight” rating and a $28.00 price target on the stock. Weiss Ratings reaffirmed a “hold (c)” rating on shares of ConnectOne Bancorp in a research report on Wednesday, January 21st. Finally, Hovde Group decreased their price target on ConnectOne Bancorp from $32.50 to $32.00 and set an “outperform” rating on the stock in a research note on Friday, January 30th. Three investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $30.67.

ConnectOne Bancorp Stock Performance

The firm has a fifty day simple moving average of $27.24 and a 200-day simple moving average of $25.60. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.73. The company has a market cap of $1.39 billion, a PE ratio of 18.50 and a beta of 1.15.

ConnectOne Bancorp (NASDAQ:CNOB) last issued its quarterly earnings results on Thursday, January 29th. The financial services provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.09. The firm had revenue of $114.63 million during the quarter, compared to analysts’ expectations of $114.80 million. ConnectOne Bancorp had a net margin of 11.83% and a return on equity of 9.59%. On average, research analysts forecast that ConnectOne Bancorp, Inc. will post 2.23 EPS for the current fiscal year.

ConnectOne Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 2nd. Investors of record on Friday, February 13th will be issued a dividend of $0.18 per share. The ex-dividend date of this dividend is Friday, February 13th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.6%. ConnectOne Bancorp’s dividend payout ratio (DPR) is currently 48.00%.

Institutional Trading of ConnectOne Bancorp

Hedge funds have recently added to or reduced their stakes in the stock. Clearstead Advisors LLC increased its holdings in shares of ConnectOne Bancorp by 195.6% in the fourth quarter. Clearstead Advisors LLC now owns 1,330 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 880 shares during the period. Osaic Holdings Inc. grew its position in ConnectOne Bancorp by 728.4% in the 2nd quarter. Osaic Holdings Inc. now owns 1,781 shares of the financial services provider’s stock valued at $41,000 after buying an additional 1,566 shares during the last quarter. PNC Financial Services Group Inc. increased its stake in ConnectOne Bancorp by 107.9% in the 2nd quarter. PNC Financial Services Group Inc. now owns 1,842 shares of the financial services provider’s stock valued at $43,000 after buying an additional 956 shares during the period. State of Alaska Department of Revenue acquired a new position in ConnectOne Bancorp in the 3rd quarter valued at $48,000. Finally, State of Wyoming purchased a new position in ConnectOne Bancorp during the 4th quarter worth $73,000. 67.70% of the stock is owned by institutional investors and hedge funds.

About ConnectOne Bancorp

ConnectOne Bancorp is a New Jersey‐based bank holding company whose primary subsidiary, ConnectOne Bank, offers a suite of commercial banking services to small and medium‐sized businesses, professionals and individuals. Established in 2005 and headquartered in Englewood Cliffs, New Jersey, the company seeks to deliver customized lending and deposit solutions through a network of branches across northern New Jersey and the New York metropolitan area.

The company’s lending portfolio centers on commercial real estate financing, construction lending, owner‐occupied real estate loans and working capital lines of credit.