ConnectOne Bancorp (NASDAQ:CNOB) Shares Pass Below 200-Day Moving Average - Here's Why

Shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Get Free Report) crossed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $23.59 and traded as low as $22.65. ConnectOne Bancorp shares last traded at $23.14, with a volume of 244,907 shares trading hands.

Analysts Set New Price Targets

Several research analysts have recently issued reports on CNOB shares. Hovde Group raised their target price on shares of ConnectOne Bancorp from $29.00 to $29.50 and gave the stock an "outperform" rating in a report on Thursday, April 24th. Keefe, Bruyette & Woods cut their price target on shares of ConnectOne Bancorp from $32.00 to $31.00 and set an "outperform" rating on the stock in a report on Friday, April 25th.

ConnectOne Bancorp Trading Down 1.0%

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 firm's fifty day moving average is $23.04 and its two-hundred day moving average is $23.51. The firm has a market cap of $890.97 million, a P/E ratio of 12.52 and a beta of 1.12.

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) last announced its earnings results on Thursday, April 24th. The financial services provider reported $0.51 earnings per share for the quarter, beating analysts' consensus estimates of $0.46 by $0.05. ConnectOne Bancorp had a net margin of 14.48% and a return on equity of 7.05%. The firm had revenue of $70.21 million for the quarter, compared to analyst estimates of $67.90 million. Analysts predict that ConnectOne Bancorp, Inc. will post 2.23 earnings per share for the current fiscal year.

ConnectOne Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Thursday, May 15th were issued a dividend of $0.18 per share. The ex-dividend date of this dividend was Thursday, May 15th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.11%. ConnectOne Bancorp's dividend payout ratio (DPR) is 38.92%.

Institutional Investors Weigh In On ConnectOne Bancorp

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. First Trust Advisors LP grew its position in shares of ConnectOne Bancorp by 1.7% in the 4th quarter. First Trust Advisors LP now owns 23,601 shares of the financial services provider's stock worth $541,000 after buying an additional 389 shares during the period. GAMMA Investing LLC boosted its stake in ConnectOne Bancorp by 16.8% during the first quarter. GAMMA Investing LLC now owns 4,002 shares of the financial services provider's stock worth $97,000 after acquiring an additional 575 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in ConnectOne Bancorp by 3.6% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 20,623 shares of the financial services provider's stock worth $472,000 after purchasing an additional 722 shares during the period. Sterling Capital Management LLC grew its holdings in ConnectOne Bancorp by 792.3% in the fourth quarter. Sterling Capital Management LLC now owns 1,160 shares of the financial services provider's stock worth $27,000 after purchasing an additional 1,030 shares during the period. Finally, Victory Capital Management Inc. increased its stake in shares of ConnectOne Bancorp by 2.1% during the first quarter. Victory Capital Management Inc. now owns 53,100 shares of the financial services provider's stock valued at $1,291,000 after purchasing an additional 1,100 shares in the last quarter. 67.70% of the stock is owned by hedge funds and other institutional investors.

About ConnectOne Bancorp

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.