ConnectOne Bancorp (NASDAQ:CNOB) Shares Gap Up After Earnings Beat

ConnectOne Bancorp, Inc. (NASDAQ:CNOB)’s stock price gapped up prior to trading on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $23.83, but opened at $25.03. ConnectOne Bancorp shares last traded at $25.26, with a volume of 23,694 shares changing hands.

The financial services provider reported $0.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.42 by $0.10. ConnectOne Bancorp had a net margin of 13.56% and a return on equity of 6.71%.

Analysts Set New Price Targets

CNOB has been the subject of several recent research reports. Keefe, Bruyette & Woods boosted their price objective 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 raised shares of ConnectOne Bancorp from a “sell” rating to a “hold” rating in a report on Monday, November 18th.

Institutional Investors Weigh In On ConnectOne Bancorp

Several institutional investors have recently added to or reduced their stakes in CNOB. Copeland Capital Management LLC bought a new position in ConnectOne Bancorp in the 3rd quarter worth about $53,000. Palouse Capital Management Inc. increased its stake in ConnectOne Bancorp by 25.1% in the 3rd quarter. Palouse Capital Management Inc. now owns 8,022 shares of the financial services provider’s stock worth $201,000 after acquiring an additional 1,607 shares during the last quarter. Serenus Wealth Advisors LLC purchased a new stake in shares of ConnectOne Bancorp in the 4th quarter valued at about $209,000. Zacks Investment Management bought a new stake in shares of ConnectOne Bancorp during the 3rd quarter valued at about $232,000. Finally, SG Americas Securities LLC purchased a new position in shares of ConnectOne Bancorp during the third quarter worth about $246,000. 67.70% of the stock is owned by hedge funds and other institutional investors.

ConnectOne Bancorp Stock Performance

The company has a debt-to-equity ratio of 0.07, a current ratio of 1.01 and a quick ratio of 1.01. The company has a 50 day simple moving average of $24.52 and a 200-day simple moving average of $24.51. The stock has a market cap of $971.49 million, a P/E ratio of 14.61 and a beta of 1.30.

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.