ConnectOne Bancorp (NASDAQ:CNOB) Stock Crosses Above Fifty Day Moving Average – Here’s What Happened

ConnectOne Bancorp, Inc. (NASDAQ:CNOB)’s stock price crossed above its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of $25.26 and traded as high as $27.09. ConnectOne Bancorp shares last traded at $26.9250, with a volume of 105,539 shares trading hands.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on CNOB. Piper Sandler began coverage on ConnectOne Bancorp in a research note on Friday, November 7th. They set an “overweight” rating and a $28.00 target price for the company. Weiss Ratings reiterated a “hold (c)” rating on shares of ConnectOne Bancorp in a report on Wednesday, October 8th. Three research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, ConnectOne Bancorp currently has an average rating of “Moderate Buy” and a consensus target price of $29.50.

ConnectOne Bancorp Stock Performance

The firm has a market cap of $1.35 billion, a price-to-earnings ratio of 21.71 and a beta of 1.15. The stock has a 50-day moving average of $25.26 and a 200-day moving average of $24.69. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.03 and a current ratio of 1.03.

ConnectOne Bancorp (NASDAQ:CNOB) last released its quarterly earnings results on Thursday, October 30th. The financial services provider reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.68 by $0.02. The firm had revenue of $110.78 million during the quarter, compared to the consensus estimate of $111.20 million. ConnectOne Bancorp had a return on equity of 8.22% and a net margin of 9.90%. As a group, analysts anticipate that ConnectOne Bancorp, Inc. will post 2.23 EPS for the current fiscal year.

ConnectOne Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 1st. Investors of record on Friday, November 14th were given a $0.18 dividend. The ex-dividend date of this dividend was Friday, November 14th. This represents a $0.72 dividend on an annualized basis and a yield of 2.7%. ConnectOne Bancorp’s dividend payout ratio (DPR) is 58.06%.

Institutional Investors Weigh In On ConnectOne Bancorp

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. EJF Capital LLC grew its holdings in shares of ConnectOne Bancorp by 2.6% in the 2nd quarter. EJF Capital LLC now owns 29,148 shares of the financial services provider’s stock valued at $675,000 after acquiring an additional 743 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in ConnectOne Bancorp by 4.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,537 shares of the financial services provider’s stock valued at $524,000 after purchasing an additional 914 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in ConnectOne Bancorp by 107.9% in the second quarter. PNC Financial Services Group Inc. now owns 1,842 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 956 shares in the last quarter. Ameritas Investment Partners Inc. grew its stake in ConnectOne Bancorp by 28.8% in the second quarter. Ameritas Investment Partners Inc. now owns 4,746 shares of the financial services provider’s stock valued at $110,000 after purchasing an additional 1,061 shares in the last quarter. Finally, Farther Finance Advisors LLC increased its position in shares of ConnectOne Bancorp by 275.3% during the 2nd quarter. Farther Finance Advisors LLC now owns 1,471 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 1,079 shares during the last quarter. 67.70% of the stock is owned by institutional investors.

ConnectOne Bancorp Company Profile

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.