Analysts Set ConnectOne Bancorp, Inc. (NASDAQ:CNOB) Price Target at $35.00

Shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB) have been assigned an average recommendation of “Moderate Buy” from the five ratings firms that are presently covering the stock, Marketbeat reports. One investment analyst has rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $35.00.

Several research firms recently issued reports on CNOB. Piper Sandler upped their price objective on ConnectOne Bancorp from $34.00 to $38.00 and gave the company an “overweight” rating in a research report on Friday, June 26th. Raymond James Financial restated a “market perform” rating on shares of ConnectOne Bancorp in a research report on Wednesday, July 1st. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of ConnectOne Bancorp in a research report on Monday, August 17th.

ConnectOne Bancorp Trading Up 0.8%

CNOB opened at $32.31 on Monday. ConnectOne Bancorp has a 52 week low of $23.20 and a 52 week high of $34.14. The stock has a market cap of $1.63 billion, a PE ratio of 10.59 and a beta of 1.03. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.61. The business has a 50 day moving average of $32.63 and a 200-day moving average of $30.11.

ConnectOne Bancorp (NASDAQ:CNOB) last issued its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.82 by $0.02. ConnectOne Bancorp had a net margin of 20.21% and a return on equity of 11.24%. The company had revenue of $121.57 million during the quarter, compared to analysts’ expectations of $121.55 million. Equities research analysts predict that ConnectOne Bancorp will post 3.37 earnings per share for the current fiscal year.

ConnectOne Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th were paid a $0.195 dividend. This represents a $0.78 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend was Friday, August 14th. ConnectOne Bancorp’s dividend payout ratio (DPR) is presently 25.57%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Clearstead Advisors LLC boosted its position in shares of ConnectOne Bancorp by 195.6% during the fourth quarter. Clearstead Advisors LLC now owns 1,330 shares of the financial services provider’s stock valued at $35,000 after buying an additional 880 shares during the period. Nykredit A S bought a new stake in ConnectOne Bancorp during the second quarter valued at about $39,000. Osaic Holdings Inc. lifted its position in ConnectOne Bancorp by 728.4% during the second quarter. Osaic Holdings Inc. now owns 1,781 shares of the financial services provider’s stock valued at $41,000 after acquiring an additional 1,566 shares during the last quarter. Allworth Financial LP acquired a new stake in shares of ConnectOne Bancorp in the 2nd quarter worth $52,000. Finally, Quantbot Technologies LP acquired a new position in shares of ConnectOne Bancorp during the second quarter valued at about $73,000. Institutional investors own 67.70% of the company’s stock.

ConnectOne Bancorp Company Profile

ConnectOne Bancorp is a New Jersey‐based bank holding company whose primary subsidiary, ConnectOne Bank, offers a suite of commercial banking services to small and medium‐sized businesses, professionals and individuals. Established in 2005 and headquartered in Englewood Cliffs, New Jersey, the company seeks to deliver customized lending and deposit solutions through a network of branches across northern New Jersey and the New York metropolitan area.

The company’s lending portfolio centers on commercial real estate financing, construction lending, owner‐occupied real estate loans and working capital lines of credit.