ConnectOne Bancorp (NASDAQ:CNOB) Shares Gap Up After Better-Than-Expected Earnings

ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Get Free Report) gapped up prior to trading on Thursday following a better than expected earnings announcement. The stock had previously closed at $23.83, but opened at $25.03. ConnectOne Bancorp shares last traded at $25.26, with a volume of 23,694 shares traded.

The financial services provider reported $0.52 EPS for the quarter, topping the consensus estimate of $0.42 by $0.10. ConnectOne Bancorp had a return on equity of 6.77% and a net margin of 13.80%.

ConnectOne Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, March 3rd. Investors of record on Tuesday, February 18th will be paid a $0.18 dividend. The ex-dividend date is Tuesday, February 18th. This represents a $0.72 annualized dividend and a yield of 2.86%. ConnectOne Bancorp's dividend payout ratio (DPR) is presently 40.68%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on CNOB shares. Keefe, Bruyette & Woods boosted their price target on ConnectOne Bancorp from $28.00 to $31.00 and gave the company a "market perform" rating in a research note on Wednesday, December 4th. StockNews.com raised ConnectOne Bancorp from a "sell" rating to a "hold" rating in a report on Monday, November 18th.

Hedge Funds Weigh In On ConnectOne Bancorp

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Barclays PLC raised its holdings in ConnectOne Bancorp by 52.0% in the 3rd quarter. Barclays PLC now owns 114,708 shares of the financial services provider's stock valued at $2,874,000 after acquiring an additional 39,249 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of ConnectOne Bancorp during the 3rd quarter worth $743,000. Stieven Capital Advisors L.P. acquired a new position in shares of ConnectOne Bancorp during the 3rd quarter worth $6,488,000. Stifel Financial Corp raised its holdings in shares of ConnectOne Bancorp by 4.0% during the 3rd quarter. Stifel Financial Corp now owns 91,650 shares of the financial services provider's stock worth $2,296,000 after buying an additional 3,565 shares in the last quarter. Finally, SG Americas Securities LLC acquired a new position in shares of ConnectOne Bancorp during the 3rd quarter worth $246,000. 67.70% of the stock is owned by institutional investors and hedge funds.

ConnectOne Bancorp Price Performance

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 company has a market cap of $967.42 million, a price-to-earnings ratio of 14.27 and a beta of 1.30. The business has a fifty day moving average price of $24.43 and a 200 day moving average price of $24.58.

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.