ConnectOne Bancorp (NASDAQ:CNOB) Shares Gap Down - Time to Sell?

ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Get Free Report) gapped down before the market opened on Wednesday . The stock had previously closed at $24.21, but opened at $23.32. ConnectOne Bancorp shares last traded at $24.09, with a volume of 21,279 shares traded.

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods upgraded shares of ConnectOne Bancorp from a "market perform" rating to an "outperform" rating and increased their price target for the company from $31.00 to $32.00 in a research note on Wednesday, March 26th.

ConnectOne Bancorp Trading Down 0.9 %

The company has a debt-to-equity ratio of 0.07, a current ratio of 1.01 and a quick ratio of 1.01. The business has a 50-day simple moving average of $24.75 and a two-hundred day simple moving average of $24.98. The stock has a market cap of $829.26 million, a price-to-earnings ratio of 12.21 and a beta of 1.29.

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) last posted its earnings results on Thursday, January 30th. The financial services provider reported $0.52 earnings per share for the quarter, topping analysts' consensus estimates of $0.42 by $0.10. ConnectOne Bancorp had a return on equity of 6.77% and a net margin of 13.80%. Equities analysts forecast that ConnectOne Bancorp, Inc. will post 2.23 EPS for the current fiscal year.

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ConnectOne Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Tuesday, February 18th were paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.33%. The ex-dividend date was Tuesday, February 18th. ConnectOne Bancorp's dividend payout ratio is presently 40.68%.

Institutional Trading of ConnectOne Bancorp

Several hedge funds and other institutional investors have recently modified their holdings of CNOB. First Trust Advisors LP lifted its position in ConnectOne Bancorp by 1.7% during the fourth quarter. First Trust Advisors LP now owns 23,601 shares of the financial services provider's stock worth $541,000 after acquiring an additional 389 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of ConnectOne Bancorp by 3.6% during 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 lifted its holdings in ConnectOne Bancorp by 792.3% during the 4th 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 last quarter. MetLife Investment Management LLC boosted its stake in ConnectOne Bancorp by 5.7% in the 4th quarter. MetLife Investment Management LLC now owns 22,323 shares of the financial services provider's stock valued at $511,000 after purchasing an additional 1,202 shares during the period. Finally, Jacobs Levy Equity Management Inc. grew its holdings in ConnectOne Bancorp by 5.6% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 30,343 shares of the financial services provider's stock valued at $760,000 after buying an additional 1,605 shares in the last quarter. Institutional investors own 67.70% of the company's stock.

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.