ConnectOne Bancorp (NASDAQ:CNOB) Sets New 52-Week High – Here’s Why

ConnectOne Bancorp, Inc. (NASDAQ:CNOB) shares hit a new 52-week high on Tuesday . The company traded as high as $33.14 and last traded at $33.08, with a volume of 371997 shares. The stock had previously closed at $32.70.

Analysts Set New Price Targets

CNOB has been the subject of several recent research reports. Hovde Group lifted their target price 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. Keefe, Bruyette & Woods upped their price target on ConnectOne Bancorp from $32.00 to $34.00 and gave the stock an “outperform” rating in a research note on Friday, April 24th. Piper Sandler assumed coverage on ConnectOne Bancorp in a research note on Monday, March 16th. They issued an “overweight” rating and a $31.00 target price on the stock. Raymond James Financial restated a “strong-buy” rating and set a $34.00 price target on shares of ConnectOne Bancorp in a report on Monday, April 27th. Finally, Weiss Ratings raised ConnectOne Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, May 20th. Two investment analysts have rated the stock with a Strong Buy rating and three have given a Buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $33.25.

ConnectOne Bancorp Trading Up 1.2%

The stock has a fifty day simple moving average of $30.00 and a 200 day simple moving average of $28.03. 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 firm has a market cap of $1.66 billion, a P/E ratio of 19.12 and a beta of 1.06.

ConnectOne Bancorp (NASDAQ:CNOB) last announced its quarterly earnings results on Thursday, April 23rd. The financial services provider reported $0.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.73 by $0.06. ConnectOne Bancorp had a return on equity of 10.17% and a net margin of 13.21%.The firm had revenue of $116.64 million for the quarter, compared to the consensus estimate of $119.59 million. On average, research analysts expect that ConnectOne Bancorp, Inc. will post 3.3 earnings per share for the current fiscal year.

ConnectOne Bancorp Increases Dividend

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

Institutional Trading of ConnectOne Bancorp

A number of large investors have recently made changes to their positions in the stock. Empowered Funds LLC raised its holdings in shares of ConnectOne Bancorp by 5.0% during the first quarter. Empowered Funds LLC now owns 223,051 shares of the financial services provider’s stock valued at $5,971,000 after purchasing an additional 10,555 shares during the last quarter. Bank of America Corp DE boosted its holdings in ConnectOne Bancorp by 1.0% in the first quarter. Bank of America Corp DE now owns 922,378 shares of the financial services provider’s stock worth $24,692,000 after purchasing an additional 9,146 shares during the last quarter. Amundi purchased a new stake in ConnectOne Bancorp in the first quarter worth approximately $330,000. Royal Bank of Canada grew its position in ConnectOne Bancorp by 8.2% in the 1st quarter. Royal Bank of Canada now owns 20,430 shares of the financial services provider’s stock worth $547,000 after purchasing an additional 1,554 shares during the period. Finally, Quantinno Capital Management LP grew its position in ConnectOne Bancorp by 17.2% in the 1st quarter. Quantinno Capital Management LP now owns 54,692 shares of the financial services provider’s stock worth $1,464,000 after purchasing an additional 8,043 shares during the period. 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.