ConnectOne Bancorp (NASDAQ:CNOB) Shares Pass Below Fifty Day Moving Average – Time to Sell?

Shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB) passed 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.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on CNOB. Keefe, Bruyette & Woods lifted their price target on 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 upgraded 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 firm has a market capitalization of $862.94 million, a price-to-earnings ratio of 12.93 and a beta of 1.30. 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’s fifty day moving average is $25.63 and its two-hundred day moving average is $24.06.

ConnectOne Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Stockholders 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 annualized dividend and a dividend yield of 3.20%. ConnectOne Bancorp’s payout ratio is currently 41.38%.

Institutional Investors Weigh In On ConnectOne Bancorp

Several hedge funds have recently bought and sold shares of the company. Copeland Capital Management LLC bought a new position in ConnectOne Bancorp during the third quarter worth about $53,000. Evergreen Capital Management LLC acquired a new position in ConnectOne Bancorp in the 2nd quarter worth $196,000. Palouse Capital Management Inc. increased 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 in the last quarter. Zacks Investment Management acquired a new stake in shares of ConnectOne Bancorp in the 3rd quarter valued at about $232,000. Finally, SG Americas Securities LLC bought a new stake in shares of ConnectOne Bancorp in the third quarter valued at about $246,000. 67.70% of the stock is currently owned by institutional investors and hedge funds.

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.