ConnectOne Bancorp (NASDAQ:CNOB) Sees Large Volume Increase

ConnectOne Bancorp, Inc. (NASDAQ:CNOB) saw unusually-strong trading volume on Thursday . Approximately 254,722 shares traded 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.

Analyst Upgrades and Downgrades

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

ConnectOne Bancorp Stock Performance

The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.07. The company has a market capitalization of $936.86 million, a PE ratio of 12.93 and a beta of 1.27. The stock’s fifty day simple moving average is $22.25 and its 200-day simple moving average is $20.15.

ConnectOne Bancorp (NASDAQ:CNOB) last issued its quarterly earnings data 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 business had revenue of $134.41 million during the quarter, compared to analysts’ expectations of $64.62 million. During the same period last year, the company posted $0.51 EPS. On average, research analysts predict that ConnectOne Bancorp, Inc. will post 1.76 earnings per share for the current fiscal year.

ConnectOne Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Thursday, August 15th were paid a dividend of $0.18 per share. The ex-dividend date 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 38.10%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Creative Planning increased its stake in shares of ConnectOne Bancorp by 23.8% during the 2nd quarter. Creative Planning now owns 33,808 shares of the financial services provider’s stock worth $639,000 after purchasing an additional 6,489 shares in the last quarter. AQR Capital Management LLC increased its stake in shares of ConnectOne Bancorp by 23.4% during the 2nd quarter. AQR Capital Management LLC now owns 138,583 shares of the financial services provider’s stock worth $2,618,000 after purchasing an additional 26,285 shares in the last quarter. Evergreen Capital Management LLC acquired a new stake in ConnectOne Bancorp during the second quarter worth approximately $196,000. Thrivent Financial for Lutherans acquired a new stake in ConnectOne Bancorp during the second quarter worth approximately $1,648,000. Finally, Sei Investments Co. boosted its position in ConnectOne Bancorp by 12.4% during the second quarter. Sei Investments Co. now owns 40,452 shares of the financial services provider’s stock worth $764,000 after acquiring an additional 4,447 shares during the last quarter. 67.70% of the stock is owned by hedge funds and other institutional investors.

ConnectOne Bancorp Company Profile

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.