ConnectOne Bancorp (NASDAQ:CNOB) Shares Down 7%

ConnectOne Bancorp, Inc. (NASDAQ:CNOB) shares dropped 7% on Thursday . The stock traded as low as $18.34 and last traded at $18.34. Approximately 47,591 shares were traded during mid-day trading, a decline of 72% from the average daily volume of 171,746 shares. The stock had previously closed at $19.73.

Analysts Set New Price Targets

CNOB has been the topic of several recent research reports. StockNews.com downgraded shares of ConnectOne Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday. Piper Sandler increased their price target on shares of ConnectOne Bancorp from $24.00 to $25.00 and gave the stock an “overweight” rating in a research report on Friday, January 26th. Raymond James increased their price objective on shares of ConnectOne Bancorp from $26.00 to $28.00 and gave the stock a “strong-buy” rating in a research note on Monday, January 29th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of ConnectOne Bancorp from $25.00 to $27.00 and gave the stock an “outperform” rating in a research note on Friday, January 26th. One equities research analyst has rated the stock with a sell rating, three have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $25.25.

ConnectOne Bancorp Stock Performance

The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.14 and a current ratio of 1.14. The company has a market capitalization of $707.57 million, a P/E ratio of 8.92 and a beta of 1.25. The business’s fifty day simple moving average is $19.25 and its 200-day simple moving average is $20.07.

ConnectOne Bancorp (NASDAQ:CNOB) last issued its quarterly earnings data on Thursday, January 25th. The financial services provider reported $0.50 EPS for the quarter, topping analysts’ consensus estimates of $0.47 by $0.03. ConnectOne Bancorp had a net margin of 17.26% and a return on equity of 8.14%. The business had revenue of $66.03 million during the quarter, compared to analysts’ expectations of $65.50 million. As a group, equities analysts anticipate that ConnectOne Bancorp, Inc. will post 1.76 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ConnectOne Bancorp

A number of institutional investors and hedge funds have recently made changes to their positions in CNOB. Parallel Advisors LLC grew its stake in shares of ConnectOne Bancorp by 206.8% in the 4th quarter. Parallel Advisors LLC now owns 1,123 shares of the financial services provider’s stock worth $26,000 after buying an additional 757 shares in the last quarter. Sound Income Strategies LLC purchased a new position in shares of ConnectOne Bancorp during the 4th quarter worth about $53,000. GAMMA Investing LLC purchased a new position in shares of ConnectOne Bancorp during the 4th quarter worth about $80,000. Quest Partners LLC purchased a new position in shares of ConnectOne Bancorp during the 4th quarter worth about $165,000. Finally, Bryn Mawr Capital Management LLC purchased a new position in shares of ConnectOne Bancorp during the 4th quarter worth about $207,000. 67.70% of the stock is owned by hedge funds and other institutional investors.

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.