ConnectOne Bancorp, Inc. (NASDAQ:CNOB) Given Average Rating of “Moderate Buy” by Analysts

Shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB) have earned an average recommendation of “Moderate Buy” from the five brokerages that are currently covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold rating and four have issued a buy rating on the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $35.00.

Several research firms recently weighed in on CNOB. Keefe, Bruyette & Woods increased their price target on shares of ConnectOne Bancorp from $32.00 to $34.00 and gave the company an “outperform” rating in a research report on Friday, April 24th. Hovde Group lifted their price objective on shares of ConnectOne Bancorp from $32.00 to $34.00 and gave the stock an “outperform” rating in a research report on Friday, April 24th. Raymond James Financial reiterated a “market perform” rating on shares of ConnectOne Bancorp in a research note on Wednesday, July 1st. Weiss Ratings raised shares of ConnectOne Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, May 20th. Finally, Piper Sandler raised their price target on shares of ConnectOne Bancorp from $34.00 to $38.00 and gave the stock an “overweight” rating in a research note on Friday, June 26th.

ConnectOne Bancorp Stock Down 0.7%

CNOB stock opened at $33.42 on Thursday. The stock’s fifty day simple moving average is $32.36 and its two-hundred day simple moving average is $29.41. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.14. ConnectOne Bancorp has a 1-year low of $22.54 and a 1-year high of $34.14. The stock has a market cap of $1.68 billion, a P/E ratio of 10.96 and a beta of 1.05.

ConnectOne Bancorp (NASDAQ:CNOB) last announced its earnings results on Thursday, July 23rd. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.82 by $0.02. The firm had revenue of $121.57 million during the quarter, compared to analyst estimates of $121.55 million. ConnectOne Bancorp had a return on equity of 11.35% and a net margin of 20.21%. Analysts expect that ConnectOne Bancorp will post 3.37 EPS for the current year.

ConnectOne Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th will be issued a dividend of $0.195 per share. This represents a $0.78 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend is Friday, August 14th. ConnectOne Bancorp’s dividend payout ratio is 25.57%.

Institutional Trading of ConnectOne Bancorp

Several hedge funds have recently made changes to their positions in CNOB. Bryn Mawr Trust Advisors LLC bought a new position in shares of ConnectOne Bancorp during the 2nd quarter worth $269,000. Shulman DeMeo Asset Management LLC bought a new stake in ConnectOne Bancorp in the 2nd quarter valued at about $208,000. Empowered Funds LLC raised its stake in ConnectOne Bancorp by 5.0% in the 1st quarter. Empowered Funds LLC now owns 223,051 shares of the financial services provider’s stock valued at $5,971,000 after acquiring an additional 10,555 shares during the period. Bank of America Corp DE lifted its holdings in ConnectOne Bancorp by 1.0% during the first quarter. Bank of America Corp DE now owns 922,378 shares of the financial services provider’s stock valued at $24,692,000 after purchasing an additional 9,146 shares during the last quarter. Finally, Amundi purchased a new stake in ConnectOne Bancorp during the first quarter valued at about $330,000. 67.70% of the stock is currently owned by institutional investors.

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.