ConnectOne Bancorp (NASDAQ:CNOB) Sets New 1-Year High – Still a Buy?

ConnectOne Bancorp, Inc. (NASDAQ:CNOB) reached a new 52-week high during mid-day trading on Monday . The company traded as high as $29.02 and last traded at $29.02, with a volume of 26168 shares changing hands. The stock had previously closed at $27.83.

Analyst Ratings Changes

Separately, StockNews.com upgraded shares of ConnectOne Bancorp from a “sell” rating to a “hold” rating in a report on Monday, November 18th.

ConnectOne Bancorp Stock Performance

The stock has a market capitalization of $1.06 billion, a P/E ratio of 16.00 and a beta of 1.25. 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 50 day simple moving average of $25.82 and a two-hundred day simple moving average of $22.80.

ConnectOne Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 15th will be given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 2.59%. The ex-dividend date of this dividend is Friday, November 15th. ConnectOne Bancorp’s dividend payout ratio (DPR) is currently 41.38%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of CNOB. Wellington Management Group LLP acquired a new stake in ConnectOne Bancorp in the 3rd quarter valued at about $14,127,000. Stieven Capital Advisors L.P. bought a new stake in ConnectOne Bancorp in the third quarter valued at approximately $6,488,000. Thrivent Financial for Lutherans acquired a new stake in shares of ConnectOne Bancorp in the second quarter valued at approximately $1,648,000. American Century Companies Inc. boosted its stake in shares of ConnectOne Bancorp by 15.6% during the 2nd quarter. American Century Companies Inc. now owns 633,599 shares of the financial services provider’s stock worth $11,969,000 after acquiring an additional 85,437 shares during the period. Finally, Franklin Resources Inc. increased its holdings in shares of ConnectOne Bancorp by 52.8% during the 3rd quarter. Franklin Resources Inc. now owns 242,920 shares of the financial services provider’s stock worth $6,262,000 after acquiring an additional 83,950 shares during the last quarter. Institutional investors 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.