ConnectOne Bancorp (NASDAQ:CNOB) Shares Gap Down – Here’s What Happened

ConnectOne Bancorp, Inc. (NASDAQ:CNOB) gapped down before the market opened on Wednesday . The stock had previously closed at $24.21, but opened at $23.32. ConnectOne Bancorp shares last traded at $24.09, with a volume of 21,279 shares.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods raised shares of ConnectOne Bancorp from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $31.00 to $32.00 in a report on Wednesday, March 26th.

ConnectOne Bancorp Stock Performance

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 company has a 50 day simple moving average of $24.79 and a 200-day simple moving average of $25.03. The stock has a market capitalization of $923.89 million, a P/E ratio of 13.58 and a beta of 1.29.

ConnectOne Bancorp (NASDAQ:CNOB) last released its quarterly earnings data on Thursday, January 30th. The financial services provider reported $0.52 EPS for the quarter, beating 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%. On average, equities analysts forecast 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, March 3rd. Investors of record on Tuesday, February 18th were issued a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 2.99%. The ex-dividend date was Tuesday, February 18th. ConnectOne Bancorp’s dividend payout ratio (DPR) is presently 40.68%.

Institutional Investors Weigh In On ConnectOne Bancorp

Several institutional investors have recently made changes to their positions in CNOB. First Trust Advisors LP grew its position in shares of ConnectOne Bancorp by 1.7% in the fourth quarter. First Trust Advisors LP now owns 23,601 shares of the financial services provider’s stock valued at $541,000 after purchasing an additional 389 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in ConnectOne Bancorp by 3.6% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 20,623 shares of the financial services provider’s stock worth $472,000 after purchasing an additional 722 shares during the period. Sterling Capital Management LLC boosted its stake in ConnectOne Bancorp by 792.3% in the 4th quarter. Sterling Capital Management LLC now owns 1,160 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 1,030 shares during the period. MetLife Investment Management LLC grew its holdings in ConnectOne Bancorp by 5.7% during the 4th quarter. MetLife Investment Management LLC now owns 22,323 shares of the financial services provider’s stock valued at $511,000 after buying an additional 1,202 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. increased its position in shares of ConnectOne Bancorp by 5.6% during the third quarter. Jacobs Levy Equity Management Inc. now owns 30,343 shares of the financial services provider’s stock valued at $760,000 after buying an additional 1,605 shares during the period. Hedge funds and other institutional investors own 67.70% of the company’s stock.

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.