ConnectOne Bancorp (NASDAQ:CNOB) Sees Large Volume Increase

Shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB) saw strong trading volume on Thursday . 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.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on CNOB shares. Piper Sandler boosted their price target on 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 issued a $26.00 price target (up previously from $22.00) on shares of ConnectOne Bancorp in a research note on Friday, July 26th. Finally, StockNews.com raised ConnectOne Bancorp from a “sell” rating to a “hold” rating in a report on Friday, May 10th. Two equities 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 stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $25.00.

ConnectOne Bancorp Stock Performance

The company has a market cap of $953.34 million, a P/E ratio of 12.68 and a beta of 1.27. The stock has a 50 day moving average price of $22.11 and a two-hundred day moving average price of $20.12. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.07.

ConnectOne Bancorp (NASDAQ:CNOB) last posted its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.06. ConnectOne Bancorp had a return on equity of 7.13% and a net margin of 14.56%. The firm had revenue of $134.41 million for the quarter, compared to analysts’ expectations of $64.62 million. During the same quarter last year, the business earned $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 Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Thursday, August 15th were given a dividend of $0.18 per share. 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 2.90%. ConnectOne Bancorp’s payout ratio is presently 38.10%.

Institutional Investors Weigh In On ConnectOne Bancorp

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Parallel Advisors LLC lifted its position in shares of ConnectOne Bancorp by 206.8% during the 4th quarter. Parallel Advisors LLC now owns 1,123 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 757 shares during the period. Quest Partners LLC bought a new stake in ConnectOne Bancorp during the fourth quarter worth about $165,000. Bryn Mawr Capital Management LLC bought a new stake in ConnectOne Bancorp during the second quarter worth about $171,000. Evergreen Capital Management LLC acquired a new stake in ConnectOne Bancorp during the second quarter worth about $196,000. Finally, Access Investment Management LLC bought a new position in ConnectOne Bancorp in the 4th quarter valued at about $327,000. 67.70% of the stock is currently owned by institutional investors and hedge funds.

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.