ConnectOne Bancorp (NASDAQ:CNOB) Shares Gap Up – Should You Buy?

Shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB) gapped up prior to trading on Wednesday . The stock had previously closed at $23.73, but opened at $24.37. ConnectOne Bancorp shares last traded at $24.65, with a volume of 91,401 shares changing hands.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods upgraded shares of ConnectOne Bancorp from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $31.00 to $32.00 in a report on Wednesday.

ConnectOne Bancorp Price Performance

The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.07. The business’s fifty day moving average is $24.65 and its 200 day moving average is $25.03. The company has a market cap of $942.85 million, a P/E ratio of 13.83 and a beta of 1.30.

ConnectOne Bancorp (NASDAQ:CNOB) last issued its earnings results on Thursday, January 30th. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.10. ConnectOne Bancorp had a return on equity of 6.77% and a net margin of 13.80%. As a group, sell-side analysts anticipate that ConnectOne Bancorp, Inc. will post 2.23 EPS for the current year.

ConnectOne Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th were issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 2.93%. The ex-dividend date of this dividend was Tuesday, February 18th. ConnectOne Bancorp’s dividend payout ratio (DPR) is presently 40.68%.

Hedge Funds Weigh In On ConnectOne Bancorp

Several large investors have recently modified their holdings of the business. Sterling Capital Management LLC boosted its holdings in ConnectOne Bancorp by 792.3% in the 4th quarter. Sterling Capital Management LLC now owns 1,160 shares of the financial services provider’s stock worth $27,000 after buying an additional 1,030 shares during the period. Aquatic Capital Management LLC bought a new position in shares of ConnectOne Bancorp in the fourth quarter worth $62,000. KLP Kapitalforvaltning AS purchased a new position in shares of ConnectOne Bancorp in the fourth quarter valued at $149,000. Quantbot Technologies LP bought a new stake in shares of ConnectOne Bancorp during the 4th quarter valued at $205,000. Finally, Serenus Wealth Advisors LLC purchased a new stake in ConnectOne Bancorp during the 4th quarter worth about $209,000. 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.