Short Interest in ConnectOne Bancorp, Inc. (NASDAQ:CNOB) Decreases By 7.1%

ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Get Free Report) was the recipient of a large decline in short interest in September. As of September 30th, there was short interest totalling 609,000 shares, a decline of 7.1% from the September 15th total of 655,700 shares. Based on an average trading volume of 213,300 shares, the short-interest ratio is presently 2.9 days. Currently, 1.7% of the company's stock are sold short.

ConnectOne Bancorp Stock Up 0.6 %

CNOB traded up $0.16 during trading on Thursday, reaching $26.68. 194,018 shares of the stock were exchanged, compared to its average volume of 182,284. The stock has a market cap of $1.02 billion, a P/E ratio of 14.03 and a beta of 1.25. 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 stock's 50 day moving average price is $24.32 and its two-hundred day moving average price is $21.24. ConnectOne Bancorp has a twelve month low of $14.51 and a twelve month high of $27.13.

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) last posted its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.46 EPS for the quarter, topping analysts' consensus estimates of $0.40 by $0.06. The business had revenue of $134.41 million during the quarter, compared to analysts' expectations of $64.62 million. ConnectOne Bancorp had a return on equity of 7.13% and a net margin of 14.56%. During the same quarter last year, the company posted $0.51 earnings per share. Equities analysts expect that ConnectOne Bancorp will post 1.78 EPS for the current year.

ConnectOne Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Thursday, August 15th were paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 2.70%. The ex-dividend date of this dividend was Thursday, August 15th. ConnectOne Bancorp's dividend payout ratio (DPR) is presently 38.10%.

Analysts Set New Price Targets

CNOB has been the subject of several recent research reports. Keefe, Bruyette & Woods restated a "market perform" rating and set a $26.00 target price (up previously from $22.00) on shares of ConnectOne Bancorp in a report on Friday, July 26th. Piper Sandler increased their price objective on shares of ConnectOne Bancorp from $22.00 to $25.00 and gave the stock an "overweight" rating in a research note on Friday, July 26th. Two analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $26.33.

Institutional Investors Weigh In On ConnectOne Bancorp

Hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in ConnectOne Bancorp by 2.6% during the first quarter. Vanguard Group Inc. now owns 2,143,706 shares of the financial services provider's stock worth $41,802,000 after buying an additional 53,563 shares in the last quarter. Kennedy Capital Management LLC lifted its holdings in shares of ConnectOne Bancorp by 698.1% in the first quarter. Kennedy Capital Management LLC now owns 676,791 shares of the financial services provider's stock worth $13,197,000 after acquiring an additional 591,995 shares during the last quarter. American Century Companies Inc. boosted its position in ConnectOne Bancorp by 15.6% in the second quarter. American Century Companies Inc. now owns 633,599 shares of the financial services provider's stock valued at $11,969,000 after buying an additional 85,437 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of ConnectOne Bancorp by 2.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 218,936 shares of the financial services provider's stock valued at $4,136,000 after acquiring an additional 5,186 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its stake in shares of ConnectOne Bancorp by 7.2% during the second quarter. Renaissance Technologies LLC now owns 209,487 shares of the financial services provider's stock valued at $3,957,000 after purchasing an additional 14,124 shares in the last quarter. Institutional investors and hedge funds 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.