ConnectOne Bancorp (NASDAQ:CNOB) Shares Down 6.2% - Should You Sell?

ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Get Free Report)'s share price dropped 6.2% during trading on Thursday . The stock traded as low as $23.71 and last traded at $23.88. Approximately 193,367 shares were traded during trading, an increase of 6% from the average daily volume of 182,173 shares. The stock had previously closed at $25.45.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Piper Sandler upped their target price on shares of ConnectOne Bancorp from $22.00 to $25.00 and gave the stock an "overweight" rating in a research report on Friday, July 26th. Keefe, Bruyette & Woods restated a "market perform" rating and issued a $26.00 price objective (up previously from $22.00) on shares of ConnectOne Bancorp in a report on Friday, July 26th. Two analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $26.33.

ConnectOne Bancorp Stock Down 3.3 %

The firm has a market capitalization of $943.76 million, a P/E ratio of 13.03 and a beta of 1.25. The company has a fifty day simple moving average of $24.79 and a 200 day simple moving average of $21.51. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.07.

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

Institutional Investors Weigh In On ConnectOne Bancorp

Institutional investors and hedge funds have recently made changes to their positions in the company. Copeland Capital Management LLC purchased a new stake in ConnectOne Bancorp during the 3rd quarter valued at $53,000. Bryn Mawr Capital Management LLC purchased a new stake in shares of ConnectOne Bancorp during the second quarter valued at $171,000. Evergreen Capital Management LLC bought a new stake in ConnectOne Bancorp in the 2nd quarter worth about $196,000. Palouse Capital Management Inc. raised its position in ConnectOne Bancorp by 25.1% in the 3rd quarter. Palouse Capital Management Inc. now owns 8,022 shares of the financial services provider's stock worth $201,000 after buying an additional 1,607 shares during the last quarter. Finally, SG Americas Securities LLC bought a new position in ConnectOne Bancorp during the 3rd quarter valued at about $246,000. Institutional investors own 67.70% of the company's stock.

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.