StockNews.com Lowers ConnectOne Bancorp (NASDAQ:CNOB) to Sell

StockNews.com cut shares of ConnectOne Bancorp (NASDAQ:CNOB) from a hold rating to a sell rating in a report published on Wednesday morning.

Other research analysts also recently issued research reports about the stock. Piper Sandler lifted their price objective on shares of ConnectOne Bancorp from $24.00 to $25.00 and gave the stock an overweight rating in a research report on Friday, January 26th. Keefe, Bruyette & Woods lifted their price objective on shares of ConnectOne Bancorp from $25.00 to $27.00 and gave the stock an outperform rating in a research report on Friday, January 26th. Finally, Raymond James lifted their price objective on shares of ConnectOne Bancorp from $26.00 to $28.00 and gave the stock a strong-buy rating in a research report on Monday, January 29th. One equities research analyst has rated the stock with a sell rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, ConnectOne Bancorp currently has a consensus rating of Moderate Buy and an average price target of $24.50.

ConnectOne Bancorp Trading Down 0.9 %

NASDAQ:CNOB opened at $18.30 on Wednesday. The firm has a 50-day simple moving average of $19.16 and a 200-day simple moving average of $20.08. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.14 and a current ratio of 1.14. ConnectOne Bancorp has a one year low of $13.11 and a one year high of $24.44. The firm has a market cap of $701.44 million, a P/E ratio of 9.68 and a beta of 1.25.

ConnectOne Bancorp (NASDAQ:CNOB) last issued its quarterly earnings data on Thursday, January 25th. The financial services provider reported $0.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.47 by $0.03. ConnectOne Bancorp had a net margin of 15.29% and a return on equity of 7.41%. The firm had revenue of $66.03 million for the quarter, compared to the consensus estimate of $65.50 million. Equities analysts anticipate that ConnectOne Bancorp will post 1.76 EPS for the current fiscal year.

ConnectOne Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Wednesday, May 15th will be given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 3.93%. The ex-dividend date of this dividend is Tuesday, May 14th. This is an increase from ConnectOne Bancorp’s previous quarterly dividend of $0.17. ConnectOne Bancorp’s payout ratio is currently 35.98%.

Institutional Trading of ConnectOne Bancorp

Large investors have recently bought and sold shares of the stock. FMR LLC lifted its stake in ConnectOne Bancorp by 27.0% during the 3rd quarter. FMR LLC now owns 3,500,507 shares of the financial services provider’s stock valued at $62,414,000 after acquiring an additional 743,209 shares during the period. Dimensional Fund Advisors LP lifted its stake in ConnectOne Bancorp by 2.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,270,093 shares of the financial services provider’s stock valued at $52,009,000 after acquiring an additional 58,277 shares during the period. Vanguard Group Inc. lifted its stake in ConnectOne Bancorp by 0.7% during the 3rd quarter. Vanguard Group Inc. now owns 2,045,578 shares of the financial services provider’s stock valued at $36,473,000 after acquiring an additional 14,564 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in ConnectOne Bancorp by 10.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 438,198 shares of the financial services provider’s stock valued at $10,039,000 after acquiring an additional 41,010 shares during the period. Finally, Knights of Columbus Asset Advisors LLC lifted its stake in ConnectOne Bancorp by 118.2% during the 4th quarter. Knights of Columbus Asset Advisors LLC now owns 246,232 shares of the financial services provider’s stock valued at $5,641,000 after acquiring an additional 133,384 shares during the period. Hedge funds and other institutional investors own 67.70% of the company’s stock.

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.