ConnectOne Bancorp (NASDAQ:CNOB) Shares Pass Below 50-Day Moving Average – Here’s What Happened

ConnectOne Bancorp, Inc. (NASDAQ:CNOB)’s share price passed below its fifty day moving average during trading on Tuesday . The stock has a fifty day moving average of $25.68 and traded as low as $22.16. ConnectOne Bancorp shares last traded at $22.39, with a volume of 379,188 shares.

Analyst Ratings Changes

Several equities analysts have recently weighed in on CNOB shares. Keefe, Bruyette & Woods increased their price target on ConnectOne Bancorp from $28.00 to $31.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th. StockNews.com raised shares of ConnectOne Bancorp from a “sell” rating to a “hold” rating in a research note on Monday, November 18th.

ConnectOne Bancorp Price Performance

The company has a 50-day moving average of $25.68 and a 200 day moving average of $24.07. 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 stock has a market capitalization of $859.10 million, a PE ratio of 12.87 and a beta of 1.30.

ConnectOne Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Friday, November 15th were issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.22%. The ex-dividend date was Friday, November 15th. ConnectOne Bancorp’s payout ratio is 41.38%.

Hedge Funds Weigh In On ConnectOne Bancorp

Hedge funds and other institutional investors have recently modified their holdings of the business. Copeland Capital Management LLC acquired a new stake in ConnectOne Bancorp in the 3rd quarter valued at about $53,000. Evergreen Capital Management LLC purchased a new stake in shares of ConnectOne Bancorp in the second quarter valued at approximately $196,000. Palouse Capital Management Inc. increased its holdings in shares of ConnectOne Bancorp by 25.1% in the third quarter. Palouse Capital Management Inc. now owns 8,022 shares of the financial services provider’s stock valued at $201,000 after purchasing an additional 1,607 shares during the last quarter. Zacks Investment Management purchased a new position in ConnectOne Bancorp during the third quarter worth approximately $232,000. Finally, SG Americas Securities LLC acquired a new position in ConnectOne Bancorp during the third quarter worth $246,000. 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.