ConnectOne Bancorp (NASDAQ:CNOB) Shares Down 7%

ConnectOne Bancorp, Inc. (NASDAQ:CNOB)’s share price fell 7% during trading on Thursday . The company traded as low as $18.34 and last traded at $18.34. 47,591 shares traded hands during mid-day trading, a decline of 72% from the average session volume of 171,746 shares. The stock had previously closed at $19.73.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on CNOB. Piper Sandler boosted their price target on ConnectOne Bancorp from $24.00 to $25.00 and gave the company an “overweight” rating in a report on Friday, January 26th. Keefe, Bruyette & Woods lifted their target price on ConnectOne Bancorp from $25.00 to $27.00 and gave the company an “outperform” rating in a research report on Friday, January 26th. StockNews.com downgraded ConnectOne Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday. Finally, Raymond James lifted their target price on ConnectOne Bancorp from $26.00 to $28.00 and gave the company 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 issued a strong buy rating to the company. According to data from MarketBeat.com, ConnectOne Bancorp currently has a consensus rating of “Moderate Buy” and an average price target of $25.25.

ConnectOne Bancorp Stock Down 6.4 %

The firm has a 50-day moving average price of $19.25 and a 200 day moving average price of $20.07. 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 company has a market cap of $707.57 million, a price-to-earnings ratio of 8.92 and a beta of 1.25.

ConnectOne Bancorp (NASDAQ:CNOB) last posted its earnings results on Thursday, January 25th. The financial services provider reported $0.50 EPS for the quarter, beating the consensus estimate of $0.47 by $0.03. ConnectOne Bancorp had a return on equity of 8.14% and a net margin of 17.26%. The company had revenue of $66.03 million for the quarter, compared to the consensus estimate of $65.50 million. Sell-side analysts predict that ConnectOne Bancorp, Inc. will post 1.76 EPS for the current year.

Institutional Investors Weigh In On ConnectOne Bancorp

Several institutional investors have recently made changes to their positions in the stock. Pacific Ridge Capital Partners LLC boosted its stake in shares of ConnectOne Bancorp by 13.0% in the fourth quarter. Pacific Ridge Capital Partners LLC now owns 80,296 shares of the financial services provider’s stock valued at $1,840,000 after buying an additional 9,243 shares during the period. Parallel Advisors LLC boosted its stake in shares of ConnectOne Bancorp by 206.8% in the fourth quarter. Parallel Advisors LLC now owns 1,123 shares of the financial services provider’s stock valued at $26,000 after buying an additional 757 shares during the period. Quest Partners LLC bought a new stake in shares of ConnectOne Bancorp in the fourth quarter valued at approximately $165,000. Trexquant Investment LP lifted its stake in ConnectOne Bancorp by 11.2% during the fourth quarter. Trexquant Investment LP now owns 21,936 shares of the financial services provider’s stock worth $503,000 after purchasing an additional 2,206 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in ConnectOne Bancorp by 2.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,270,093 shares of the financial services provider’s stock worth $52,009,000 after purchasing an additional 58,277 shares during the last quarter. 67.70% of the stock is currently owned by 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.