ConnectOne Bancorp (NASDAQ:CNOB) Sees Large Volume Increase

ConnectOne Bancorp, Inc. (NASDAQ:CNOB) shares saw an uptick in trading volume on Thursday . 254,722 shares changed hands during trading, an increase of 45% from the previous session’s volume of 175,449 shares.The stock last traded at $25.00 and had previously closed at $23.97.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on CNOB. Piper Sandler raised their target price on shares of ConnectOne Bancorp from $22.00 to $25.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Keefe, Bruyette & Woods restated a “market perform” rating and set a $26.00 target price (up previously from $22.00) on shares of ConnectOne Bancorp in a research report on Friday, July 26th. Finally, StockNews.com upgraded shares of ConnectOne Bancorp from a “sell” rating to a “hold” rating in a report on Friday, May 10th. Two analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $25.00.

ConnectOne Bancorp Trading Down 2.2 %

The company has a debt-to-equity ratio of 0.07, a current ratio of 1.01 and a quick ratio of 1.01. The business’s 50-day simple moving average is $22.25 and its two-hundred day simple moving average is $20.15. The stock has a market capitalization of $936.86 million, a price-to-earnings ratio of 12.93 and a beta of 1.27.

ConnectOne Bancorp (NASDAQ:CNOB) last announced its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.40 by $0.06. ConnectOne Bancorp had a net margin of 14.56% and a return on equity of 7.13%. The firm had revenue of $134.41 million during the quarter, compared to analysts’ expectations of $64.62 million. During the same period in the prior year, the company earned $0.51 EPS. On average, research analysts anticipate that ConnectOne Bancorp, Inc. will post 1.76 earnings per share for the current fiscal year.

ConnectOne Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Thursday, August 15th were paid a $0.18 dividend. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.95%. ConnectOne Bancorp’s dividend payout ratio (DPR) is currently 38.10%.

Hedge Funds Weigh In On ConnectOne Bancorp

Several hedge funds and other institutional investors have recently bought and sold shares of CNOB. Parallel Advisors LLC boosted its position in ConnectOne Bancorp by 206.8% in the 4th quarter. Parallel Advisors LLC now owns 1,123 shares of the financial services provider’s stock valued at $26,000 after buying an additional 757 shares during the last quarter. Hsbc Holdings PLC increased its holdings in ConnectOne Bancorp by 6.7% during the 2nd quarter. Hsbc Holdings PLC now owns 17,938 shares of the financial services provider’s stock worth $332,000 after purchasing an additional 1,131 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of ConnectOne Bancorp by 4.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 36,860 shares of the financial services provider’s stock valued at $719,000 after purchasing an additional 1,535 shares in the last quarter. Principal Financial Group Inc. boosted its stake in shares of ConnectOne Bancorp by 8.2% during the 2nd quarter. Principal Financial Group Inc. now owns 21,130 shares of the financial services provider’s stock valued at $399,000 after buying an additional 1,606 shares during the last quarter. Finally, Trexquant Investment LP grew its position in shares of ConnectOne Bancorp by 11.2% during the fourth quarter. Trexquant Investment LP now owns 21,936 shares of the financial services provider’s stock worth $503,000 after buying an additional 2,206 shares in the last quarter. 67.70% of the stock is owned by institutional investors and hedge funds.

About ConnectOne Bancorp

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.