Short Interest in ConnectOne Bancorp, Inc. (NASDAQ:CNOB) Decreases By 19.5%

ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Get Free Report) was the target of a large drop in short interest in October. As of October 31st, there was short interest totalling 493,300 shares, a drop of 19.5% from the October 15th total of 612,900 shares. Based on an average daily trading volume, of 206,400 shares, the short-interest ratio is presently 2.4 days. Currently, 1.4% of the company's stock are sold short.

ConnectOne Bancorp Price Performance

Shares of ConnectOne Bancorp stock traded down $0.31 during trading hours on Friday, reaching $27.09. 183,703 shares of the company's stock were exchanged, compared to its average volume of 242,055. The business has a fifty day moving average of $25.40 and a two-hundred day moving average of $22.39. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.07. The company has a market capitalization of $1.04 billion, a P/E ratio of 15.57 and a beta of 1.25. ConnectOne Bancorp has a 1 year low of $17.07 and a 1 year high of $29.02.

ConnectOne Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 15th will be issued a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 2.66%. The ex-dividend date is Friday, November 15th. ConnectOne Bancorp's payout ratio is currently 41.38%.

Institutional Trading of ConnectOne Bancorp

Hedge funds and other institutional investors have recently modified their holdings of the stock. Kennedy Capital Management LLC grew its holdings in shares of ConnectOne Bancorp by 698.1% during the 1st quarter. Kennedy Capital Management LLC now owns 676,791 shares of the financial services provider's stock worth $13,197,000 after purchasing an additional 591,995 shares during the period. Wellington Management Group LLP purchased a new stake in ConnectOne Bancorp during the third quarter worth about $14,127,000. Stieven Capital Advisors L.P. acquired a new stake in shares of ConnectOne Bancorp during the third quarter worth about $6,488,000. Thrivent Financial for Lutherans purchased a new position in shares of ConnectOne Bancorp in the second quarter valued at approximately $1,648,000. Finally, American Century Companies Inc. boosted its stake in shares of 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 purchasing an additional 85,437 shares during the period. 67.70% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Piper Sandler increased their price objective on ConnectOne Bancorp from $22.00 to $25.00 and gave the company an "overweight" rating in a report on Friday, July 26th. StockNews.com upgraded ConnectOne Bancorp from a "sell" rating to a "hold" rating in a research report on Wednesday, November 6th. Finally, Keefe, Bruyette & Woods reaffirmed 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.

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.

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