StockNews.com Downgrades ConnectOne Bancorp (NASDAQ:CNOB) to Sell

StockNews.com lowered shares of ConnectOne Bancorp (NASDAQ:CNOB) from a hold rating to a sell rating in a research note issued to investors on Tuesday.

Several other research firms also recently issued reports on CNOB. Piper Sandler boosted 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. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $26.00 price target (up from $22.00) on shares of ConnectOne Bancorp in a research report on Friday, July 26th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, ConnectOne Bancorp has an average rating of “Moderate Buy” and a consensus target price of $26.33.

ConnectOne Bancorp Stock Performance

NASDAQ CNOB opened at $24.35 on Tuesday. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.01 and a quick ratio of 1.01. ConnectOne Bancorp has a 1-year low of $16.59 and a 1-year high of $27.13. The firm has a market capitalization of $934.31 million, a P/E ratio of 13.93 and a beta of 1.25. The business’s 50-day simple moving average is $24.94 and its 200-day simple moving average is $21.72.

ConnectOne Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Friday, November 15th will be given a dividend of $0.18 per share. The ex-dividend date is Friday, November 15th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.96%. ConnectOne Bancorp’s payout ratio is currently 41.38%.

Institutional Investors Weigh In On ConnectOne Bancorp

A number of large investors have recently added to or reduced their stakes in CNOB. Principal Financial Group Inc. acquired a new stake in shares of ConnectOne Bancorp during the first quarter worth approximately $381,000. BNP Paribas Financial Markets raised its stake in ConnectOne Bancorp by 19.8% during the first quarter. BNP Paribas Financial Markets now owns 48,504 shares of the financial services provider’s stock valued at $946,000 after buying an additional 8,026 shares in the last quarter. GSA Capital Partners LLP bought a new position in ConnectOne Bancorp during the 1st quarter worth approximately $461,000. Empowered Funds LLC grew its position in shares of ConnectOne Bancorp by 43.1% in the 1st quarter. Empowered Funds LLC now owns 120,644 shares of the financial services provider’s stock worth $2,353,000 after acquiring an additional 36,325 shares in the last quarter. Finally, Vanguard Group Inc. increased its holdings in shares of ConnectOne Bancorp by 2.6% in the 1st quarter. Vanguard Group Inc. now owns 2,143,706 shares of the financial services provider’s stock valued at $41,802,000 after acquiring an additional 53,563 shares during the last quarter. 67.70% of the stock is owned by institutional investors and hedge funds.

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.