ConnectOne Bancorp (NASDAQ:CNOB) Sets New 12-Month High – Here’s Why

Shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB) reached a new 52-week high on Thursday . The stock traded as high as $33.99 and last traded at $34.06, with a volume of 131113 shares traded. The stock had previously closed at $33.02.

Analyst Ratings Changes

Several research analysts have issued reports on CNOB shares. Keefe, Bruyette & Woods upped their price objective on ConnectOne Bancorp from $32.00 to $34.00 and gave the stock an “outperform” rating in a report on Friday, April 24th. Raymond James Financial restated a “market perform” rating on shares of ConnectOne Bancorp in a research report on Wednesday, July 1st. Hovde Group upped their price target on ConnectOne Bancorp from $32.00 to $34.00 and gave the company an “outperform” rating in a research note on Friday, April 24th. Weiss Ratings upgraded ConnectOne Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, May 20th. Finally, Piper Sandler lifted their price objective on ConnectOne Bancorp from $34.00 to $38.00 and gave the stock an “overweight” rating in a research report on Friday, June 26th. Four investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $35.00.

ConnectOne Bancorp Price Performance

The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.97 and a current ratio of 0.97. The company has a market capitalization of $1.71 billion, a price-to-earnings ratio of 19.65 and a beta of 1.05. The company has a 50-day moving average price of $31.32 and a 200-day moving average price of $28.70.

ConnectOne Bancorp (NASDAQ:CNOB) last announced its quarterly earnings results on Thursday, April 23rd. The financial services provider reported $0.79 earnings per share for the quarter, beating analysts’ consensus estimates 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. On average, equities research analysts expect that ConnectOne Bancorp, Inc. will post 3.28 EPS for the current fiscal year.

ConnectOne Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 15th were issued a $0.195 dividend. This represents a $0.78 annualized dividend and a yield of 2.3%. This is a boost from ConnectOne Bancorp’s previous quarterly dividend of $0.18. The ex-dividend date was Friday, May 15th. ConnectOne Bancorp’s dividend payout ratio (DPR) is 45.09%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. SG Americas Securities LLC bought a new stake in ConnectOne Bancorp during the 4th quarter worth about $15,712,000. Genesis Financial Group LLC acquired a new stake in ConnectOne Bancorp during the fourth quarter worth approximately $535,000. UBS Group AG grew its holdings in ConnectOne Bancorp by 579.2% in the 4th quarter. UBS Group AG now owns 705,119 shares of the financial services provider’s stock valued at $18,488,000 after buying an additional 601,310 shares in the last quarter. BW Gestao de Investimentos Ltda. bought a new stake in shares of ConnectOne Bancorp in the fourth quarter valued at about $4,261,000. Finally, Algebris UK Ltd. raised its position in shares of ConnectOne Bancorp by 36.5% in the fourth quarter. Algebris UK Ltd. now owns 846,865 shares of the financial services provider’s stock valued at $22,215,000 after buying an additional 226,523 shares in the last quarter. 67.70% of the stock is owned by institutional investors and hedge funds.

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.