ConnectOne Bancorp (NASDAQ:CNOB) Shares Gap Up on Strong Earnings

ConnectOne Bancorp, Inc. (NASDAQ:CNOB) gapped up before the market opened on Thursday following a stronger than expected earnings report. 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 traded.

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 return on equity of 6.71% and a net margin of 13.56%.

Wall Street Analysts Forecast Growth

CNOB has been the topic of several research reports. Keefe, Bruyette & Woods raised their price objective on shares of ConnectOne Bancorp from $28.00 to $31.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. StockNews.com upgraded ConnectOne Bancorp from a “sell” rating to a “hold” rating in a report on Monday, November 18th.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Stieven Capital Advisors L.P. boosted its stake in shares of ConnectOne Bancorp by 96.2% during the 4th quarter. Stieven Capital Advisors L.P. now owns 508,265 shares of the financial services provider’s stock valued at $11,644,000 after purchasing an additional 249,265 shares in the last quarter. Salzhauer Michael boosted its position in ConnectOne Bancorp by 15.4% during the 4th quarter. Salzhauer Michael now owns 76,496 shares of the financial services provider’s stock valued at $1,753,000 after acquiring an additional 10,236 shares in the last quarter. Empowered Funds LLC grew its holdings in shares of ConnectOne Bancorp by 5.1% during the 4th quarter. Empowered Funds LLC now owns 143,981 shares of the financial services provider’s stock worth $3,299,000 after acquiring an additional 7,009 shares during the period. Serenus Wealth Advisors LLC bought a new position in shares of ConnectOne Bancorp in the 4th quarter worth approximately $209,000. Finally, SG Americas Securities LLC lifted its stake in shares of ConnectOne Bancorp by 52.5% in the 4th quarter. SG Americas Securities LLC now owns 14,992 shares of the financial services provider’s stock valued at $343,000 after purchasing an additional 5,158 shares during the period. 67.70% of the stock is owned by hedge funds and other institutional investors.

ConnectOne Bancorp Stock Up 5.2 %

The company has a 50-day moving average of $24.48 and a two-hundred day moving average of $24.52. 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 has a market capitalization of $961.94 million, a P/E ratio of 14.41 and a beta of 1.30.

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.