ConnectOne Bancorp, Inc. (NASDAQ:CNOB) Short Interest Update

ConnectOne Bancorp, Inc. (NASDAQ:CNOB) saw a large decrease in short interest in September. As of September 30th, there was short interest totalling 609,000 shares, a decrease of 7.1% from the September 15th total of 655,700 shares. Based on an average daily volume of 213,300 shares, the short-interest ratio is currently 2.9 days. Approximately 1.7% of the company’s shares are short sold.

Analyst Upgrades and Downgrades

Several analysts have commented on CNOB shares. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $26.00 target price (up from $22.00) on shares of ConnectOne Bancorp in a research note on Friday, July 26th. Piper Sandler upped their target price on ConnectOne Bancorp from $22.00 to $25.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Two research 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 stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $26.33.

ConnectOne Bancorp Stock Performance

Shares of CNOB stock opened at $26.68 on Friday. The firm has a market capitalization of $1.02 billion, a price-to-earnings ratio of 14.12 and a beta of 1.25. The company has a 50 day moving average price of $24.41 and a 200 day moving average price of $21.28. ConnectOne Bancorp has a one year low of $14.51 and a one year high of $27.13. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.01 and a current ratio of 1.01.

ConnectOne Bancorp (NASDAQ:CNOB) last released its quarterly earnings data 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. ConnectOne Bancorp had a return on equity of 7.13% and a net margin of 14.56%. The business had revenue of $134.41 million during the quarter, compared to the consensus estimate of $64.62 million. During the same period in the prior year, the firm posted $0.51 EPS. Sell-side analysts anticipate 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 given a dividend of $0.18 per share. The ex-dividend date was Thursday, August 15th. This represents a $0.72 dividend on an annualized basis and a yield of 2.70%. ConnectOne Bancorp’s dividend payout ratio (DPR) is 38.10%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in CNOB. Bryn Mawr Capital Management LLC acquired a new stake in shares of ConnectOne Bancorp in the 2nd quarter valued at about $171,000. Evergreen Capital Management LLC bought a new stake in shares of ConnectOne Bancorp during the 2nd quarter worth about $196,000. SG Americas Securities LLC bought a new stake in ConnectOne Bancorp during the third quarter worth approximately $246,000. Hsbc Holdings PLC raised its stake in shares of ConnectOne Bancorp by 6.7% in the 2nd quarter. Hsbc Holdings PLC now owns 17,938 shares of the financial services provider’s stock worth $332,000 after buying an additional 1,131 shares in the last quarter. Finally, Principal Financial Group Inc. acquired a new stake in ConnectOne Bancorp in the 1st quarter valued at about $381,000. 67.70% of the stock is owned by hedge funds and other institutional investors.

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.