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.
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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