ConnectOne Bancorp (NASDAQ:CNOB) Stock Crosses Above 50 Day Moving Average – Here’s Why

ConnectOne Bancorp, Inc. (NASDAQ:CNOB) crossed above its 50 day moving average during trading on Monday . The stock has a 50 day moving average of $26.09 and traded as high as $27.39. ConnectOne Bancorp shares last traded at $27.00, with a volume of 265,792 shares.

Analyst Upgrades and Downgrades

CNOB has been the subject of a number of recent analyst reports. Wall Street Zen downgraded ConnectOne Bancorp from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of ConnectOne Bancorp in a research note on Wednesday, October 8th. Finally, Piper Sandler assumed coverage on ConnectOne Bancorp in a report on Friday, November 7th. They issued an “overweight” rating and a $28.00 target price for the company. Three investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, ConnectOne Bancorp presently has a consensus rating of “Moderate Buy” and an average target price of $29.50.

ConnectOne Bancorp Trading Up 6.4%

The business has a 50 day moving average of $26.22 and a two-hundred day moving average of $25.19. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.03 and a current ratio of 1.03. The firm has a market capitalization of $1.43 billion, a price-to-earnings ratio of 23.00 and a beta of 1.13.

ConnectOne Bancorp (NASDAQ:CNOB) last announced its quarterly earnings data on Thursday, October 30th. The financial services provider reported $0.70 EPS for the quarter, beating analysts’ consensus estimates of $0.68 by $0.02. ConnectOne Bancorp had a return on equity of 8.22% and a net margin of 9.90%.The firm had revenue of $110.78 million during the quarter, compared to analysts’ expectations of $111.20 million. Equities analysts predict that ConnectOne Bancorp, Inc. will post 2.23 EPS for the current year.

ConnectOne Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 1st. Shareholders of record on Friday, November 14th were issued a dividend of $0.18 per share. The ex-dividend date was Friday, November 14th. This represents a $0.72 annualized dividend and a yield of 2.5%. ConnectOne Bancorp’s dividend payout ratio is presently 58.06%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in CNOB. Wellington Management Group LLP raised its stake in shares of ConnectOne Bancorp by 76.8% in the third quarter. Wellington Management Group LLP now owns 2,882,584 shares of the financial services provider’s stock worth $71,517,000 after purchasing an additional 1,252,614 shares during the last quarter. Kennedy Capital Management LLC purchased a new position in shares of ConnectOne Bancorp during the third quarter valued at approximately $18,974,000. Algebris UK Ltd. bought a new stake in ConnectOne Bancorp during the third quarter worth $15,379,000. SG Americas Securities LLC purchased a new stake in ConnectOne Bancorp in the 4th quarter valued at $15,712,000. Finally, Geode Capital Management LLC raised its position in ConnectOne Bancorp by 33.1% in the 2nd quarter. Geode Capital Management LLC now owns 1,160,058 shares of the financial services provider’s stock valued at $26,870,000 after buying an additional 288,530 shares during the last quarter. 67.70% of the stock is currently 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.