ConnectOne Bancorp (NASDAQ:CNOB) Stock Crosses Below Fifty Day Moving Average – What’s Next?

ConnectOne Bancorp, Inc. (NASDAQ:CNOB)’s share price crossed below its 50-day moving average during trading on Tuesday . The stock has a 50-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 traded.

Wall Street Analysts Forecast Growth

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

ConnectOne Bancorp Price Performance

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 company has a market cap of $859.10 million, a price-to-earnings ratio of 12.87 and a beta of 1.30. The stock’s 50-day simple moving average is $25.68 and its 200 day simple moving average is $24.07.

ConnectOne Bancorp Dividend Announcement

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

Institutional Trading of ConnectOne Bancorp

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Franklin Resources Inc. grew its stake in shares of ConnectOne Bancorp by 52.8% in the third quarter. Franklin Resources Inc. now owns 242,920 shares of the financial services provider’s stock valued at $6,262,000 after buying an additional 83,950 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new position in ConnectOne Bancorp in the 3rd quarter valued at about $305,000. Geode Capital Management LLC grew its position in ConnectOne Bancorp by 0.8% in the 3rd quarter. Geode Capital Management LLC now owns 852,507 shares of the financial services provider’s stock valued at $21,359,000 after acquiring an additional 6,880 shares in the last quarter. Barclays PLC increased its stake in ConnectOne Bancorp by 52.0% during the third quarter. Barclays PLC now owns 114,708 shares of the financial services provider’s stock worth $2,874,000 after purchasing an additional 39,249 shares during the period. Finally, Zacks Investment Management acquired a new stake in shares of ConnectOne Bancorp during the third quarter worth about $232,000. Hedge funds and other institutional investors own 67.70% of the company’s stock.

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.