ConnectOne Bancorp (NASDAQ:CNOB) Lowered to Hold at StockNews.com

StockNews.com cut shares of ConnectOne Bancorp (NASDAQ:CNOBGet Rating) from a buy rating to a hold rating in a report issued on Monday morning.

A number of other analysts also recently issued reports on CNOB. Stephens raised their price objective on ConnectOne Bancorp from $31.00 to $32.00 and gave the stock an overweight rating in a research report on Tuesday, August 2nd. Piper Sandler cut their price objective on ConnectOne Bancorp to $29.00 in a research report on Wednesday, October 5th.

ConnectOne Bancorp Stock Down 0.3 %

NASDAQ CNOB opened at $26.19 on Monday. ConnectOne Bancorp has a 52 week low of $22.55 and a 52 week high of $37.00. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.15. The business’s fifty day simple moving average is $24.46 and its 200-day simple moving average is $25.45. The firm has a market cap of $1.03 billion, a PE ratio of 8.67 and a beta of 1.21.

ConnectOne Bancorp (NASDAQ:CNOBGet Rating) last issued its quarterly earnings data on Thursday, October 27th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.07). The business had revenue of $81.48 million for the quarter, compared to analyst estimates of $79.27 million. ConnectOne Bancorp had a return on equity of 12.23% and a net margin of 35.52%. As a group, equities analysts anticipate that ConnectOne Bancorp will post 3.06 earnings per share for the current year.

ConnectOne Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 1st. Shareholders of record on Monday, November 14th will be given a $0.155 dividend. This represents a $0.62 annualized dividend and a yield of 2.37%. The ex-dividend date of this dividend is Thursday, November 10th. ConnectOne Bancorp’s dividend payout ratio is currently 20.53%.

Insider Buying and Selling at ConnectOne Bancorp

In related news, Director Stephen T. Boswell acquired 8,000 shares of the stock in a transaction dated Monday, November 14th. The stock was acquired at an average cost of $24.88 per share, with a total value of $199,040.00. Following the completion of the transaction, the director now owns 249,103 shares in the company, valued at approximately $6,197,682.64. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. 6.58% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On ConnectOne Bancorp

A number of institutional investors and hedge funds have recently made changes to their positions in CNOB. Point72 Hong Kong Ltd acquired a new position in shares of ConnectOne Bancorp during the first quarter worth about $29,000. Copeland Capital Management LLC acquired a new position in shares of ConnectOne Bancorp during the third quarter worth about $30,000. Group One Trading L.P. acquired a new position in shares of ConnectOne Bancorp during the first quarter worth about $32,000. Great West Life Assurance Co. Can acquired a new position in shares of ConnectOne Bancorp during the third quarter worth about $40,000. Finally, Wipfli Financial Advisors LLC acquired a new position in shares of ConnectOne Bancorp during the third quarter worth about $45,000. 68.14% of the stock is owned by institutional investors and hedge funds.

About ConnectOne Bancorp

(Get Rating)

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 Northern New Jersey and New York Metropolitan area, and South Florida market. The company offers personal and business checking, retirement, money market, and time and savings accounts.

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