ConnectOne Bancorp (NASDAQ:CNOB) Stock Price Crosses Below 200-Day Moving Average - Here's What Happened

ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Get Free Report) passed 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 traded.

Wall Street Analyst Weigh In

A number of brokerages have commented on CNOB. Hovde Group increased their price target on shares of ConnectOne Bancorp from $29.00 to $29.50 and gave the company an "outperform" rating in a research note on Thursday, April 24th. Keefe, Bruyette & Woods cut their target price on shares of ConnectOne Bancorp from $32.00 to $31.00 and set an "outperform" rating for the company in a research note on Friday, April 25th.

ConnectOne Bancorp Price Performance

The business has a fifty day moving average of $22.97 and a two-hundred day moving average of $23.59. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.01 and a current ratio of 1.01. The firm has a market capitalization of $890.20 million, a price-to-earnings ratio of 12.51 and a beta of 1.12.

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) last released its quarterly earnings data on Thursday, April 24th. The financial services provider reported $0.51 EPS for the quarter, topping analysts' consensus estimates of $0.46 by $0.05. The firm had revenue of $70.21 million during the quarter, compared to analysts' expectations of $67.90 million. ConnectOne Bancorp had a net margin of 14.48% and a return on equity of 7.05%. As a group, research analysts predict that ConnectOne Bancorp, Inc. will post 2.23 EPS for the current fiscal year.

ConnectOne Bancorp Announces Dividend

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

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of CNOB. Sterling Capital Management LLC grew its position in shares of 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 valued at $27,000 after purchasing an additional 1,030 shares during the last quarter. Aquatic Capital Management LLC bought a new stake in ConnectOne Bancorp in the 4th quarter valued at $62,000. Quarry LP acquired a new position in ConnectOne Bancorp in the 1st quarter valued at $88,000. GAMMA Investing LLC grew its holdings in ConnectOne Bancorp by 16.8% in the 1st quarter. GAMMA Investing LLC now owns 4,002 shares of the financial services provider's stock valued at $97,000 after buying an additional 575 shares in the last quarter. Finally, KLP Kapitalforvaltning AS bought a new position in ConnectOne Bancorp during the 4th quarter worth $149,000. 67.70% of the stock is 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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