ConnectOne Bancorp (NASDAQ:CNOB) Downgraded by StockNews.com

StockNews.com lowered shares of ConnectOne Bancorp (NASDAQ:CNOB) from a hold rating to a sell rating in a research note published on Wednesday.

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

ConnectOne Bancorp Stock Down 0.9 %

CNOB stock opened at $18.30 on Wednesday. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.14 and a quick ratio of 1.14. The stock has a market capitalization of $701.44 million, a P/E ratio of 8.84 and a beta of 1.25. The business has a 50-day moving average of $19.16 and a 200-day moving average of $20.06. ConnectOne Bancorp has a fifty-two week low of $13.11 and a fifty-two week high of $24.44.

ConnectOne Bancorp (NASDAQ:CNOB) last posted its quarterly earnings data on Thursday, January 25th. The financial services provider reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.03. The company had revenue of $66.03 million during the quarter, compared to analysts’ expectations of $65.50 million. ConnectOne Bancorp had a return on equity of 8.14% and a net margin of 17.26%. On average, sell-side analysts anticipate that ConnectOne Bancorp will post 1.76 earnings per share for the current fiscal year.

ConnectOne Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 24th. Investors of record on Wednesday, May 15th will be given a dividend of $0.18 per share. The ex-dividend date of this dividend is Tuesday, May 14th. This is a boost from ConnectOne Bancorp’s previous quarterly dividend of $0.17. This represents a $0.72 annualized dividend and a yield of 3.93%. ConnectOne Bancorp’s dividend payout ratio is 32.85%.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. raised its stake in ConnectOne Bancorp by 16.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 397,188 shares of the financial services provider’s stock valued at $7,082,000 after buying an additional 55,682 shares during the period. B. Riley Wealth Advisors Inc. bought a new stake in ConnectOne Bancorp in the third quarter valued at approximately $1,086,000. Swiss National Bank raised its stake in ConnectOne Bancorp by 1.2% in the third quarter. Swiss National Bank now owns 81,900 shares of the financial services provider’s stock valued at $1,460,000 after buying an additional 1,000 shares during the period. FMR LLC raised its stake in ConnectOne Bancorp by 27.0% in the third quarter. FMR LLC now owns 3,500,507 shares of the financial services provider’s stock valued at $62,414,000 after buying an additional 743,209 shares during the period. Finally, Knights of Columbus Asset Advisors LLC raised its stake in ConnectOne Bancorp by 118.2% in the fourth 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 buying an additional 133,384 shares during the period. 67.70% of the stock is owned by institutional investors and hedge funds.

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.