ConnectOne Bancorp (NASDAQ:CNOB) Shares Gap Up – Time to Buy?

Shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB) gapped up prior to trading on Wednesday . The stock had previously closed at $23.73, but opened at $24.37. ConnectOne Bancorp shares last traded at $24.65, with a volume of 91,401 shares trading hands.

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods raised shares of ConnectOne Bancorp from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $31.00 to $32.00 in a report on Wednesday.

ConnectOne Bancorp Stock Down 0.2 %

The stock has a market cap of $940.55 million, a P/E ratio of 13.85 and a beta of 1.30. The firm has a 50 day simple moving average of $24.72 and a two-hundred day simple moving average of $25.02. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.01 and a current ratio of 1.01.

ConnectOne Bancorp (NASDAQ:CNOB) last posted its quarterly earnings data on Thursday, January 30th. The financial services provider reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.10. ConnectOne Bancorp had a net margin of 13.80% and a return on equity of 6.77%. Equities research analysts predict that ConnectOne Bancorp, Inc. will post 2.23 earnings per share for the current year.

ConnectOne Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Tuesday, February 18th were issued a dividend of $0.18 per share. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $0.72 annualized dividend and a yield of 2.94%. ConnectOne Bancorp’s payout ratio is 40.68%.

Hedge Funds Weigh In On ConnectOne Bancorp

Several hedge funds have recently modified their holdings of the company. Sterling Capital Management LLC boosted its stake in ConnectOne Bancorp by 792.3% during the fourth quarter. Sterling Capital Management LLC now owns 1,160 shares of the financial services provider’s stock valued at $27,000 after buying an additional 1,030 shares in the last quarter. Aquatic Capital Management LLC bought a new stake in ConnectOne Bancorp during the fourth quarter worth approximately $62,000. KLP Kapitalforvaltning AS acquired a new position in ConnectOne Bancorp in the fourth quarter worth approximately $149,000. Quantbot Technologies LP bought a new position in shares of ConnectOne Bancorp in the fourth quarter valued at $205,000. Finally, Serenus Wealth Advisors LLC acquired a new stake in shares of ConnectOne Bancorp during the 4th quarter valued at $209,000. 67.70% of the stock is currently 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.