ConnectOne Bancorp (NASDAQ:CNOB) Shares Pass Above 50-Day Moving Average - Here's Why

Key Points

• ConnectOne Bancorp's stock recently surpassed its 50-day moving average, hitting a high of $25.42 during trading, with a last price of $25.08.
• Investment analysts have raised their consensus rating of the stock to "Buy" with an average target price of $30.25.
• The company reported $0.55 EPS for the quarter, exceeding expectations of $0.52, along with revenues of $84.65 million compared to an anticipated $72.80 million.

ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Get Free Report)'s stock price crossed above its 50-day moving average during trading on Monday . The stock has a 50-day moving average of $24.60 and traded as high as $25.42. ConnectOne Bancorp shares last traded at $25.08, with a volume of 329,575 shares changing hands.

Analysts Set New Price Targets

Separately, Wall Street Zen raised ConnectOne Bancorp from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Two investment analysts have rated the stock with a Buy rating, According to MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $30.25.

ConnectOne Bancorp Stock Performance

The company has a market cap of $1.26 billion, a PE ratio of 28.83 and a beta of 1.17. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.20. The company has a 50-day moving average of $24.60 and a 200-day moving average of $23.72.

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) last announced its earnings results on Tuesday, July 29th. The financial services provider reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.03. The company had revenue of $84.65 million for the quarter, compared to analysts' expectations of $72.80 million. ConnectOne Bancorp had a return on equity of 7.12% and a net margin of 6.85%. As a group, analysts anticipate that ConnectOne Bancorp, Inc. will post 2.23 earnings per share for the current year.

ConnectOne Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Friday, August 15th were issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date was Friday, August 15th. ConnectOne Bancorp's dividend payout ratio (DPR) is 82.76%.

Insider Buying and Selling

In related news, EVP Joseph T. Javitz sold 1,700 shares of ConnectOne Bancorp stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $25.46, for a total transaction of $43,282.00. Following the sale, the executive vice president directly owned 21,146 shares in the company, valued at approximately $538,377.16. This trade represents a 7.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Susan C. O'donnell purchased 2,691 shares of the company's stock in a transaction that occurred on Friday, August 1st. The shares were acquired at an average price of $22.30 per share, for a total transaction of $60,009.30. Following the completion of the acquisition, the director directly owned 8,523 shares of the company's stock, valued at $190,062.90. This trade represents a 46.14% increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 10,391 shares of company stock worth $231,210. 6.24% of the stock is owned by company insiders.

Institutional Trading of ConnectOne Bancorp

Hedge funds have recently bought and sold shares of the business. Millennium Management LLC bought a new stake in shares of ConnectOne Bancorp in the fourth quarter valued at $503,000. Squarepoint Ops LLC raised its stake in shares of ConnectOne Bancorp by 78.2% in the fourth quarter. Squarepoint Ops LLC now owns 22,858 shares of the financial services provider's stock valued at $524,000 after buying an additional 10,033 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of ConnectOne Bancorp by 15.9% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 60,855 shares of the financial services provider's stock valued at $1,394,000 after buying an additional 8,349 shares during the period. GAMMA Investing LLC raised its stake in shares of ConnectOne Bancorp by 2,738.9% in the first quarter. GAMMA Investing LLC now owns 97,289 shares of the financial services provider's stock valued at $2,365,000 after buying an additional 93,862 shares during the period. Finally, Envestnet Asset Management Inc. raised its stake in shares of ConnectOne Bancorp by 30.3% in the first quarter. Envestnet Asset Management Inc. now owns 205,792 shares of the financial services provider's stock valued at $5,003,000 after buying an additional 47,894 shares during the period. 67.70% of the stock is currently owned by 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.

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