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 report released on Tuesday.

Several other analysts also recently commented on the stock. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $26.00 price target (up previously from $22.00) on shares of ConnectOne Bancorp in a research report on Friday, July 26th. Piper Sandler increased their target price on shares of ConnectOne Bancorp from $22.00 to $25.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, one has given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, ConnectOne Bancorp presently has an average rating of “Moderate Buy” and an average target price of $26.33.

ConnectOne Bancorp Stock Down 1.2 %

Shares of NASDAQ CNOB opened at $24.56 on Tuesday. The stock has a market cap of $941.46 million, a PE ratio of 12.99 and a beta of 1.25. ConnectOne Bancorp has a 52-week low of $15.89 and a 52-week high of $27.13. The business has a 50-day moving average price of $24.86 and a 200 day moving average price of $21.64. 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 Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 15th will be given a dividend of $0.18 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $0.72 dividend on an annualized basis and a yield of 2.93%. ConnectOne Bancorp’s payout ratio is currently 38.10%.

Institutional Trading of ConnectOne Bancorp

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in ConnectOne Bancorp by 2.6% in the 1st quarter. Vanguard Group Inc. now owns 2,143,706 shares of the financial services provider’s stock valued at $41,802,000 after purchasing an additional 53,563 shares in the last quarter. Kennedy Capital Management LLC increased its holdings in shares of ConnectOne Bancorp by 698.1% in the 1st quarter. Kennedy Capital Management LLC now owns 676,791 shares of the financial services provider’s stock valued at $13,197,000 after purchasing an additional 591,995 shares in the last quarter. American Century Companies Inc. lifted its stake in shares of ConnectOne Bancorp by 15.6% in the second quarter. American Century Companies Inc. now owns 633,599 shares of the financial services provider’s stock valued at $11,969,000 after purchasing an additional 85,437 shares during the period. Bank of New York Mellon Corp boosted its holdings in ConnectOne Bancorp by 2.4% during the second quarter. Bank of New York Mellon Corp now owns 218,936 shares of the financial services provider’s stock worth $4,136,000 after buying an additional 5,186 shares in the last quarter. Finally, Renaissance Technologies LLC grew its position in ConnectOne Bancorp by 7.2% during the second quarter. Renaissance Technologies LLC now owns 209,487 shares of the financial services provider’s stock worth $3,957,000 after buying an additional 14,124 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.