ConnectOne Bancorp (NASDAQ:CNOB) Shares Down 3.3%

ConnectOne Bancorp, Inc. (NASDAQ:CNOB)’s share price fell 3.3% during trading on Wednesday . The company traded as low as $18.59 and last traded at $18.59. 75,997 shares traded hands during trading, a decline of 54% from the average session volume of 166,977 shares. The stock had previously closed at $19.22.

Analyst Ratings Changes

A number of research firms recently commented on CNOB. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $22.00 target price (down previously from $24.00) on shares of ConnectOne Bancorp in a report on Friday, May 31st. StockNews.com raised ConnectOne Bancorp from a “sell” rating to a “hold” rating in a report on Friday, May 10th. Two equities research 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 MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $24.00.

ConnectOne Bancorp Price Performance

The company has a market capitalization of $712.55 million, a price-to-earnings ratio of 9.84 and a beta of 1.27. The stock has a fifty day simple moving average of $18.89 and a 200-day simple moving average of $20.13. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.01 and a quick ratio of 1.01.

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

ConnectOne Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 3rd. Stockholders of record on Wednesday, May 15th were paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 3.87%. This is an increase from ConnectOne Bancorp’s previous quarterly dividend of $0.17. The ex-dividend date was Tuesday, May 14th. ConnectOne Bancorp’s dividend payout ratio is presently 38.10%.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. B. Riley Wealth Advisors Inc. purchased a new stake in shares of ConnectOne Bancorp during the third quarter worth approximately $1,086,000. Knights of Columbus Asset Advisors LLC increased its position in shares of ConnectOne Bancorp by 118.2% during the fourth 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 in the last quarter. GAMMA Investing LLC purchased a new stake in shares of ConnectOne Bancorp during the fourth quarter worth approximately $80,000. Dimensional Fund Advisors LP increased its position in shares of 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 purchasing an additional 58,277 shares in the last quarter. Finally, Pacific Ridge Capital Partners LLC grew its holdings in ConnectOne Bancorp by 13.0% in the 4th quarter. Pacific Ridge Capital Partners LLC now owns 80,296 shares of the financial services provider’s stock valued at $1,840,000 after buying an additional 9,243 shares in the last quarter. 67.70% of the stock is owned by institutional investors and hedge funds.

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.