ConnectOne Bancorp (NASDAQ:CNOB) Stock Price Passes Below Two Hundred Day Moving Average – Should You Sell?

ConnectOne Bancorp, Inc. (NASDAQ:CNOB)’s share price crossed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $25.91 and traded as low as $25.80. ConnectOne Bancorp shares last traded at $26.57, with a volume of 250,421 shares traded.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on CNOB. Hovde Group cut their price target on shares of ConnectOne Bancorp from $32.50 to $32.00 and set an “outperform” rating on the stock in a research report on Friday, January 30th. Wall Street Zen downgraded shares of ConnectOne Bancorp from a “buy” rating to a “hold” rating in a research note on Saturday, January 10th. Piper Sandler initiated coverage on shares of ConnectOne Bancorp in a research report on Friday, November 7th. They set an “overweight” rating and a $28.00 price target on the stock. Weiss Ratings reissued a “hold (c)” rating on shares of ConnectOne Bancorp in a report on Wednesday, January 21st. Finally, Keefe, Bruyette & Woods raised their price objective on ConnectOne Bancorp from $30.00 to $32.00 and gave the stock an “outperform” rating in a research note on Friday, January 30th. Three research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $30.67.

ConnectOne Bancorp Price Performance

The company’s fifty day moving average price is $27.20 and its two-hundred day moving average price is $25.91. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.76. The company has a market cap of $1.34 billion, a price-to-earnings ratio of 17.71 and a beta of 1.13.

ConnectOne Bancorp (NASDAQ:CNOB) last posted its quarterly earnings data on Thursday, January 29th. The financial services provider reported $0.83 EPS for the quarter, beating the consensus estimate of $0.74 by $0.09. The business had revenue of $114.63 million for the quarter, compared to analysts’ expectations of $114.80 million. ConnectOne Bancorp had a net margin of 11.83% and a return on equity of 9.33%. On average, equities research analysts forecast that ConnectOne Bancorp, Inc. will post 2.23 EPS for the current fiscal year.

ConnectOne Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 2nd. Stockholders of record on Friday, February 13th were given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend was Friday, February 13th. ConnectOne Bancorp’s dividend payout ratio is currently 48.00%.

Institutional Investors Weigh In On ConnectOne Bancorp

Institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in ConnectOne Bancorp by 2.2% during the 4th quarter. Vanguard Group Inc. now owns 2,914,268 shares of the financial services provider’s stock worth $76,412,000 after acquiring an additional 63,214 shares during the last quarter. Wellington Management Group LLP lifted its position in shares of ConnectOne Bancorp by 76.8% in the third quarter. Wellington Management Group LLP now owns 2,882,584 shares of the financial services provider’s stock worth $71,517,000 after purchasing an additional 1,252,614 shares in the last quarter. Geode Capital Management LLC boosted its holdings in ConnectOne Bancorp by 33.1% during the second quarter. Geode Capital Management LLC now owns 1,160,058 shares of the financial services provider’s stock worth $26,870,000 after purchasing an additional 288,530 shares during the last quarter. American Century Companies Inc. grew its position in ConnectOne Bancorp by 24.5% in the second quarter. American Century Companies Inc. now owns 983,452 shares of the financial services provider’s stock valued at $22,777,000 after purchasing an additional 193,692 shares in the last quarter. Finally, Kennedy Capital Management LLC increased its stake in ConnectOne Bancorp by 13.0% in the 4th quarter. Kennedy Capital Management LLC now owns 863,983 shares of the financial services provider’s stock valued at $22,654,000 after buying an additional 99,228 shares during the last quarter. Institutional investors own 67.70% of the company’s stock.

About ConnectOne Bancorp

ConnectOne Bancorp is a New Jersey?based bank holding company whose primary subsidiary, ConnectOne Bank, offers a suite of commercial banking services to small and medium?sized businesses, professionals and individuals. Established in 2005 and headquartered in Englewood Cliffs, New Jersey, the company seeks to deliver customized lending and deposit solutions through a network of branches across northern New Jersey and the New York metropolitan area.

The company’s lending portfolio centers on commercial real estate financing, construction lending, owner?occupied real estate loans and working capital lines of credit.