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

Shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB) have earned an average rating of “Moderate Buy” from the five ratings firms that are currently covering the firm, Marketbeat reports. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. The average 1-year target price among brokerages that have covered the stock in the last year is $35.00.

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

ConnectOne Bancorp Trading Up 1.1%

Shares of CNOB opened at $33.26 on Thursday. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.61. ConnectOne Bancorp has a 12-month low of $23.20 and a 12-month high of $34.14. The firm has a market capitalization of $1.67 billion, a PE ratio of 10.90 and a beta of 1.05. The stock’s fifty day simple moving average is $32.67 and its 200-day simple moving average is $29.60.

ConnectOne Bancorp (NASDAQ:CNOB) last announced its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.84 EPS for the quarter, topping analysts’ consensus estimates 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 11.24% and a net margin of 20.21%. As a group, research analysts predict that ConnectOne Bancorp will post 3.37 earnings per share for the current year.

ConnectOne Bancorp Announces Dividend

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

Institutional Investors Weigh In On ConnectOne Bancorp

Institutional investors have recently made changes to their positions in the stock. BlackRock Inc. acquired a new position in ConnectOne Bancorp in the second quarter valued at about $159,462,000. Vanguard Group Inc. grew its position in shares of ConnectOne Bancorp by 2.2% during the 4th quarter. Vanguard Group Inc. now owns 2,914,268 shares of the financial services provider’s stock worth $76,412,000 after buying an additional 63,214 shares during the period. Wellington Management Group LLP grew its position in shares of ConnectOne Bancorp by 76.8% during the 3rd quarter. Wellington Management Group LLP now owns 2,882,584 shares of the financial services provider’s stock worth $71,517,000 after buying an additional 1,252,614 shares during the period. Dimensional Fund Advisors LP grew its position in shares of ConnectOne Bancorp by 1.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,853,964 shares of the financial services provider’s stock worth $76,400,000 after buying an additional 37,657 shares during the period. Finally, Bank of America Corp DE increased its stake in shares of ConnectOne Bancorp by 1.0% in the 1st quarter. Bank of America Corp DE now owns 922,378 shares of the financial services provider’s stock valued at $24,692,000 after acquiring an additional 9,146 shares during 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.