ConnectOne Bancorp (NASDAQ:CNOB) Shares Gap Up to $23.24

ConnectOne Bancorp, Inc. (NASDAQ:CNOB)’s stock price gapped up before the market opened on Thursday . The stock had previously closed at $23.24, but opened at $24.21. ConnectOne Bancorp shares last traded at $24.19, with a volume of 7,611 shares traded.

Wall Street Analyst Weigh In

CNOB has been the topic of a number of recent research reports. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $22.00 target price (down previously from $24.00) on shares of ConnectOne Bancorp in a research report on Friday, May 31st. 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 stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $24.00.

ConnectOne Bancorp Price Performance

The stock has a market cap of $968.22 million, a price-to-earnings ratio of 13.06 and a beta of 1.27. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.01 and a current ratio of 1.01. The company has a 50-day simple moving average of $19.33 and a two-hundred day simple moving average of $19.88.

ConnectOne Bancorp (NASDAQ:CNOB) last issued its earnings results on Thursday, April 25th. The financial services provider reported $0.41 earnings per share for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.01). The firm had revenue of $64.15 million for the quarter, compared to analyst estimates of $63.93 million. ConnectOne Bancorp had a return on equity of 7.39% and a net margin of 15.29%. As a group, equities research analysts forecast that ConnectOne Bancorp, Inc. will post 1.66 EPS for the current year.

Institutional Investors Weigh In On ConnectOne Bancorp

A number of institutional investors and hedge funds have recently modified their holdings of CNOB. B. Riley Wealth Advisors Inc. increased its position in ConnectOne Bancorp by 196.1% during the first quarter. B. Riley Wealth Advisors Inc. now owns 60,903 shares of the financial services provider’s stock worth $1,086,000 after buying an additional 40,334 shares during the last quarter. Kennedy Capital Management LLC increased its holdings in shares of ConnectOne Bancorp by 698.1% during the 1st quarter. Kennedy Capital Management LLC now owns 676,791 shares of the financial services provider’s stock worth $13,197,000 after acquiring an additional 591,995 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of ConnectOne Bancorp by 4.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 36,860 shares of the financial services provider’s stock worth $719,000 after acquiring an additional 1,535 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of ConnectOne Bancorp by 2.6% during the 1st quarter. Vanguard Group Inc. now owns 2,143,706 shares of the financial services provider’s stock worth $41,802,000 after acquiring an additional 53,563 shares during the last quarter. Finally, Empowered Funds LLC increased its holdings in shares of ConnectOne Bancorp by 43.1% during the 1st quarter. Empowered Funds LLC now owns 120,644 shares of the financial services provider’s stock worth $2,353,000 after acquiring an additional 36,325 shares during the last quarter. 67.70% of the stock is owned by institutional investors.

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.