ConnectOne Bancorp (NASDAQ:CNOB) Share Price Passes Above 50 Day Moving Average – Here’s What Happened

ConnectOne Bancorp, Inc. (NASDAQ:CNOB)’s share price crossed above its fifty day moving average during trading on Tuesday . The stock has a fifty day moving average of $27.52 and traded as high as $29.79. ConnectOne Bancorp shares last traded at $29.46, with a volume of 272,102 shares.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Piper Sandler initiated coverage on ConnectOne Bancorp in a report on Monday, March 16th. They set an “overweight” rating and a $31.00 target price on the stock. Raymond James Financial reaffirmed a “strong-buy” rating and set a $34.00 price target on shares of ConnectOne Bancorp in a research report on Monday, April 27th. Weiss Ratings upgraded ConnectOne Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, May 6th. Keefe, Bruyette & Woods raised their target price on shares of ConnectOne Bancorp from $32.00 to $34.00 and gave the company an “outperform” rating in a research note on Friday, April 24th. Finally, Hovde Group boosted their target price on shares of ConnectOne Bancorp from $32.00 to $34.00 and gave the stock an “outperform” rating in a report on Friday, April 24th. Two investment analysts have rated the stock with a Strong Buy rating and three have issued a Buy rating to the company’s stock. Based on data from MarketBeat.com, ConnectOne Bancorp currently has an average rating of “Buy” and a consensus price target of $33.25.

ConnectOne Bancorp Price Performance

The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.14. The firm has a market cap of $1.48 billion, a P/E ratio of 17.03 and a beta of 1.06. The business has a fifty day moving average of $27.52 and a 200 day moving average of $26.75.

ConnectOne Bancorp (NASDAQ:CNOB) last released its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $0.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.73 by $0.06. ConnectOne Bancorp had a return on equity of 10.17% and a net margin of 13.21%.The firm had revenue of $116.64 million for the quarter, compared to analyst estimates of $119.59 million. On average, sell-side analysts anticipate that ConnectOne Bancorp, Inc. will post 3.3 earnings per share for the current year.

ConnectOne Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Friday, May 15th will be paid a $0.195 dividend. This is a boost from ConnectOne Bancorp’s previous quarterly dividend of $0.18. The ex-dividend date is Friday, May 15th. This represents a $0.78 dividend on an annualized basis and a yield of 2.6%. ConnectOne Bancorp’s dividend payout ratio (DPR) is currently 41.62%.

Hedge Funds Weigh In On ConnectOne Bancorp

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in shares of ConnectOne Bancorp by 2.2% in the fourth quarter. Vanguard Group Inc. now owns 2,914,268 shares of the financial services provider’s stock valued at $76,412,000 after purchasing an additional 63,214 shares during the last quarter. Wellington Management Group LLP boosted its holdings in shares of ConnectOne Bancorp by 76.8% during the 3rd quarter. Wellington Management Group LLP now owns 2,882,584 shares of the financial services provider’s stock worth $71,517,000 after buying an additional 1,252,614 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of ConnectOne Bancorp by 1.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,853,964 shares of the financial services provider’s stock worth $76,400,000 after buying an additional 37,657 shares during the period. Kennedy Capital Management LLC grew its stake in ConnectOne Bancorp by 13.0% in the 4th quarter. Kennedy Capital Management LLC now owns 863,983 shares of the financial services provider’s stock valued at $22,654,000 after buying an additional 99,228 shares during the last quarter. Finally, Algebris UK Ltd. grew its stake in ConnectOne Bancorp by 36.5% in the 4th quarter. Algebris UK Ltd. now owns 846,865 shares of the financial services provider’s stock valued at $22,215,000 after buying an additional 226,523 shares during the last quarter. 67.70% of the stock is owned by institutional investors.

ConnectOne Bancorp Company Profile

ConnectOne Bancorp is a New Jersey?based bank holding company whose primary subsidiary, ConnectOne Bank, offers a suite of commercial banking services to small and medium?sized businesses, professionals and individuals. Established in 2005 and headquartered in Englewood Cliffs, New Jersey, the company seeks to deliver customized lending and deposit solutions through a network of branches across northern New Jersey and the New York metropolitan area.

The company’s lending portfolio centers on commercial real estate financing, construction lending, owner?occupied real estate loans and working capital lines of credit.