ConnectOne Bancorp (NASDAQ:CNOB) Stock Crosses Below 50 Day Moving Average – Here’s Why

ConnectOne Bancorp, Inc. (NASDAQ:CNOB) shares 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.

Wall Street Analysts Forecast Growth

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

ConnectOne Bancorp Stock Performance

The company has a debt-to-equity ratio of 0.07, a current ratio of 1.01 and a quick ratio of 1.01. The stock has a 50-day moving average price of $25.63 and a 200-day moving average price of $24.06. The company has a market capitalization of $862.94 million, a price-to-earnings ratio of 12.93 and a beta of 1.30.

ConnectOne Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Friday, November 15th were given a dividend of $0.18 per share. The ex-dividend date of this dividend was Friday, November 15th. This represents a $0.72 dividend on an annualized basis and a yield of 3.20%. ConnectOne Bancorp’s dividend payout ratio (DPR) is 41.38%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of CNOB. Copeland Capital Management LLC acquired a new stake in ConnectOne Bancorp during the third quarter worth approximately $53,000. Evergreen Capital Management LLC bought a new position in shares of ConnectOne Bancorp during the second quarter worth approximately $196,000. Palouse Capital Management Inc. lifted its holdings in ConnectOne Bancorp by 25.1% during the 3rd quarter. Palouse Capital Management Inc. now owns 8,022 shares of the financial services provider’s stock worth $201,000 after purchasing an additional 1,607 shares during the last quarter. Zacks Investment Management bought a new stake in ConnectOne Bancorp in the 3rd quarter valued at $232,000. Finally, SG Americas Securities LLC acquired a new position in ConnectOne Bancorp in the 3rd quarter valued at $246,000. Institutional investors and hedge funds own 67.70% of the company’s stock.

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.