ConnectOne Bancorp (NASDAQ:CNOB) Shares Down 6.2% – Here’s Why

ConnectOne Bancorp, Inc. (NASDAQ:CNOB) shares fell 6.2% during mid-day trading on Thursday . The stock traded as low as $23.71 and last traded at $23.88. 193,367 shares traded hands during trading, an increase of 6% from the average session volume of 182,173 shares. The stock had previously closed at $25.45.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Piper Sandler increased their price target on shares of ConnectOne Bancorp from $22.00 to $25.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Keefe, Bruyette & Woods restated a “market perform” rating and set a $26.00 price target (up previously from $22.00) on shares of ConnectOne Bancorp in a report on Friday, July 26th. Two investment analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $26.33.

ConnectOne Bancorp Stock Down 5.1 %

The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.07. The company’s 50 day moving average price is $24.74 and its 200 day moving average price is $21.49. The firm has a market capitalization of $926.13 million, a price-to-earnings ratio of 12.56 and a beta of 1.25.

ConnectOne Bancorp (NASDAQ:CNOB) last posted its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.46 EPS for the quarter, topping the consensus estimate of $0.40 by $0.06. ConnectOne Bancorp had a return on equity of 7.13% and a net margin of 14.56%. The company had revenue of $134.41 million during the quarter, compared to analyst estimates of $64.62 million. During the same period in the previous year, the business earned $0.51 EPS. As a group, research analysts forecast that ConnectOne Bancorp, Inc. will post 1.78 earnings per share for the current fiscal year.

Institutional Trading of ConnectOne Bancorp

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Principal Financial Group Inc. acquired a new position in ConnectOne Bancorp in the first quarter valued at approximately $381,000. BNP Paribas Financial Markets boosted its holdings in ConnectOne Bancorp by 19.8% in the first quarter. BNP Paribas Financial Markets now owns 48,504 shares of the financial services provider’s stock valued at $946,000 after acquiring an additional 8,026 shares during the last quarter. GSA Capital Partners LLP acquired a new position in shares of ConnectOne Bancorp in the 1st quarter valued at about $461,000. Empowered Funds LLC grew its stake in shares of ConnectOne Bancorp by 43.1% in the first quarter. Empowered Funds LLC now owns 120,644 shares of the financial services provider’s stock valued at $2,353,000 after buying an additional 36,325 shares in the last quarter. Finally, Vanguard Group Inc. grew its holdings in ConnectOne Bancorp by 2.6% during 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. 67.70% of the stock is currently owned by hedge funds and other 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.