ConnectOne Bancorp Inc (NASDAQ:CNOB) Short Interest Down 17.8% in October

ConnectOne Bancorp Inc (NASDAQ:CNOB) saw a large decrease in short interest during the month of October. As of October 31st, there was short interest totalling 721,900 shares, a decrease of 17.8% from the September 30th total of 877,800 shares. Currently, 2.4% of the shares of the stock are sold short. Based on an average trading volume of 114,600 shares, the short-interest ratio is currently 6.3 days.

Shares of ConnectOne Bancorp stock traded up $0.02 during mid-day trading on Friday, hitting $25.23. The stock had a trading volume of 82,100 shares, compared to its average volume of 103,014. ConnectOne Bancorp has a 12-month low of $17.07 and a 12-month high of $25.47. The firm has a 50-day moving average of $23.26 and a two-hundred day moving average of $22.16. The firm has a market cap of $890.74 million, a P/E ratio of 11.31 and a beta of 0.97. The company has a quick ratio of 1.11, a current ratio of 1.12 and a debt-to-equity ratio of 0.91.

ConnectOne Bancorp (NASDAQ:CNOB) last announced its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.60 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.57 by $0.03. ConnectOne Bancorp had a net margin of 26.60% and a return on equity of 11.43%. The business had revenue of $50.52 million for the quarter, compared to analyst estimates of $49.01 million. Sell-side analysts expect that ConnectOne Bancorp will post 2.28 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Monday, October 14th were issued a $0.09 dividend. The ex-dividend date was Thursday, October 10th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.43%. ConnectOne Bancorp’s payout ratio is 16.14%.

In other ConnectOne Bancorp news, Director Stephen T. Boswell acquired 10,500 shares of the business’s stock in a transaction on Tuesday, August 20th. The stock was bought at an average price of $20.47 per share, for a total transaction of $214,935.00. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Frank W. Baier acquired 5,000 shares of the business’s stock in a transaction on Tuesday, August 27th. The stock was acquired at an average price of $19.99 per share, with a total value of $99,950.00. Following the acquisition, the director now owns 82,233 shares in the company, valued at approximately $1,643,837.67. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 21,519 shares of company stock valued at $327,766. 7.58% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently made changes to their positions in CNOB. Nuveen Asset Management LLC acquired a new stake in shares of ConnectOne Bancorp in the 2nd quarter valued at $12,098,000. BlackRock Inc. boosted its holdings in shares of ConnectOne Bancorp by 11.8% in the second quarter. BlackRock Inc. now owns 2,141,243 shares of the financial services provider’s stock valued at $48,522,000 after acquiring an additional 226,756 shares in the last quarter. Corrado Advisors LLC boosted its holdings in ConnectOne Bancorp by 226.4% during the second quarter. Corrado Advisors LLC now owns 123,103 shares of the financial services provider’s stock worth $3,693,000 after buying an additional 85,393 shares in the last quarter. Acadian Asset Management LLC boosted its holdings in ConnectOne Bancorp by 1,145.4% during the second quarter. Acadian Asset Management LLC now owns 71,561 shares of the financial services provider’s stock worth $1,621,000 after buying an additional 65,815 shares in the last quarter. Finally, California Public Employees Retirement System boosted its holdings in ConnectOne Bancorp by 120.8% during the third quarter. California Public Employees Retirement System now owns 85,112 shares of the financial services provider’s stock worth $1,889,000 after buying an additional 46,564 shares in the last quarter. Institutional investors and hedge funds own 60.95% of the company’s stock.

CNOB has been the subject of a number of recent research reports. Zacks Investment Research downgraded shares of ConnectOne Bancorp from a “buy” rating to a “hold” rating in a report on Wednesday, November 6th. BidaskClub raised shares of ConnectOne Bancorp from a “hold” rating to a “buy” rating in a research note on Thursday, October 31st. Finally, Stephens initiated coverage on shares of ConnectOne Bancorp in a research note on Monday, October 28th. They issued an “overweight” rating for the company. One research analyst has rated the stock with a sell rating, one has issued a hold rating and two have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $27.00.

About ConnectOne Bancorp

ConnectOne Bancorp, Inc operates as the bank holding company for ConnectOne Bank, a state chartered bank that provides various commercial banking products and services. The company offers a range of deposit products, including personal and business checking accounts, retirement accounts, money market accounts, and time and savings accounts.

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