ConnectOne Bancorp (NASDAQ:CNOB) Shares Gap Down - What's Next?

Key Points

• ConnectOne Bancorp shares gapped down from a prior close of $33.00 to an open of $30.68, before last trading around $31.91. The move came with moderate volume of 45,347 shares.
• Analyst sentiment remains generally positive, with several firms raising price targets and four analysts rating the stock a Buy versus one Hold. The consensus rating is Moderate Buy with an average price target of $35.00.
• The bank recently reported better-than-expected quarterly results, posting EPS of $0.84 on revenue of $121.57 million. It also has solid operating metrics, including a 10.17% return on equity and a low debt-to-equity ratio of 0.14.

Shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Get Free Report) gapped down prior to trading on Thursday . The stock had previously closed at $33.00, but opened at $30.68. ConnectOne Bancorp shares last traded at $31.9090, with a volume of 45,347 shares.

Analyst Ratings Changes

A number of research firms have recently weighed in on CNOB. Keefe, Bruyette & Woods raised their price target on shares of ConnectOne Bancorp from $32.00 to $34.00 and gave the company an "outperform" rating in a report on Friday, April 24th. Hovde Group upped their price objective 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. Piper Sandler increased their target price on shares of ConnectOne Bancorp from $34.00 to $38.00 and gave the stock an "overweight" rating in a research report on Friday, June 26th. Raymond James Financial restated a "market perform" rating on shares of ConnectOne Bancorp in a report on Wednesday, July 1st. Finally, Weiss Ratings upgraded ConnectOne Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday, May 20th. Four analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, ConnectOne Bancorp has a consensus rating of "Moderate Buy" and a consensus price target of $35.00.

ConnectOne Bancorp Price Performance

The company has a debt-to-equity ratio of 0.14, a current ratio of 0.97 and a quick ratio of 0.97. The stock's 50 day moving average price is $31.70 and its two-hundred day moving average price is $28.95. The firm has a market capitalization of $1.60 billion, a price-to-earnings ratio of 18.35 and a beta of 1.05.

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) last announced its earnings results on Thursday, July 23rd. The financial services provider reported $0.84 EPS for the quarter, topping the consensus estimate of $0.82 by $0.02. The firm had revenue of $121.57 million for the quarter, compared to the consensus estimate of $121.55 million. ConnectOne Bancorp had a net margin of 13.21% and a return on equity of 10.17%. On average, equities research analysts anticipate that ConnectOne Bancorp, Inc. will post 3.28 EPS for the current year.

Hedge Funds Weigh In On ConnectOne Bancorp

Several large investors have recently made changes to their positions in CNOB. ProShare Advisors LLC boosted its stake in ConnectOne Bancorp by 6.9% in the 4th quarter. ProShare Advisors LLC now owns 8,716 shares of the financial services provider's stock valued at $229,000 after buying an additional 560 shares in the last quarter. Clearstead Advisors LLC raised its stake in ConnectOne Bancorp by 195.6% during the fourth quarter. Clearstead Advisors LLC now owns 1,330 shares of the financial services provider's stock worth $35,000 after acquiring an additional 880 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of ConnectOne Bancorp by 4.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,537 shares of the financial services provider's stock valued at $524,000 after acquiring an additional 914 shares during the period. LPL Financial LLC boosted its stake in shares of ConnectOne Bancorp by 13.3% in the 4th quarter. LPL Financial LLC now owns 9,467 shares of the financial services provider's stock valued at $248,000 after purchasing an additional 1,114 shares in the last quarter. Finally, Watershed Asset Management L.L.C. boosted its stake in shares of ConnectOne Bancorp by 8.4% in the 1st quarter. Watershed Asset Management L.L.C. now owns 16,379 shares of the financial services provider's stock valued at $438,000 after purchasing an additional 1,265 shares in the last quarter. Institutional investors and hedge funds own 67.70% of the company's stock.

About ConnectOne Bancorp

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.

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