ConnectOne Bancorp, Inc. (NASDAQ:CNOB) Receives Consensus Recommendation of “Moderate Buy” from Analysts

ConnectOne Bancorp, Inc. (NASDAQ:CNOB) has been assigned a consensus rating of “Moderate Buy” from the five research firms that are currently covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $35.00.

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

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. ProShare Advisors LLC boosted its holdings in ConnectOne Bancorp by 6.9% in the fourth quarter. ProShare Advisors LLC now owns 8,716 shares of the financial services provider’s stock valued at $229,000 after purchasing an additional 560 shares during the last quarter. Clearstead Advisors LLC increased its holdings in ConnectOne Bancorp by 195.6% during the 4th quarter. Clearstead Advisors LLC now owns 1,330 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 880 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in ConnectOne Bancorp by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,537 shares of the financial services provider’s stock worth $524,000 after purchasing an additional 914 shares during the last quarter. LPL Financial LLC raised its position in shares of ConnectOne Bancorp by 13.3% in the 4th quarter. LPL Financial LLC now owns 9,467 shares of the financial services provider’s stock valued at $248,000 after purchasing an additional 1,114 shares in the last quarter. Finally, Watershed Asset Management L.L.C. boosted its stake in shares of ConnectOne Bancorp by 8.4% during the 1st quarter. Watershed Asset Management L.L.C. now owns 16,379 shares of the financial services provider’s stock valued at $438,000 after buying an additional 1,265 shares during the last quarter. 67.70% of the stock is currently owned by hedge funds and other institutional investors.

ConnectOne Bancorp Trading Up 1.0%

Shares of NASDAQ:CNOB traded up $0.32 during trading on Friday, reaching $32.38. The stock had a trading volume of 414,317 shares, compared to its average volume of 518,884. The business has a fifty day moving average price of $31.16 and a 200-day moving average price of $28.58. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.14. The stock has a market cap of $1.63 billion, a P/E ratio of 18.72 and a beta of 1.05. ConnectOne Bancorp has a fifty-two week low of $22.07 and a fifty-two week high of $33.97.

ConnectOne Bancorp (NASDAQ:CNOB) last announced its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $0.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.73 by $0.06. ConnectOne Bancorp had a net margin of 13.21% and a return on equity of 10.17%. The business had revenue of $116.64 million for the quarter, compared to the consensus estimate of $119.59 million. As a group, analysts anticipate that ConnectOne Bancorp will post 3.28 earnings per share for the current fiscal year.

ConnectOne Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Friday, May 15th were paid a dividend of $0.195 per share. The ex-dividend date of this dividend was Friday, May 15th. This represents a $0.78 dividend on an annualized basis and a dividend yield of 2.4%. This is an increase from ConnectOne Bancorp’s previous quarterly dividend of $0.18. ConnectOne Bancorp’s dividend payout ratio is currently 45.09%.

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.