StockNews.com lowered shares of ConnectOne Bancorp (NASDAQ:CNOB – Free Report) from a hold rating to a sell rating in a research report released on Wednesday.
Several other research analysts also recently weighed in on CNOB. Raymond James increased their price target on shares of ConnectOne Bancorp from $26.00 to $28.00 and gave the stock a strong-buy rating in a research report on Monday, January 29th. Piper Sandler increased their price target on shares of ConnectOne Bancorp from $24.00 to $25.00 and gave the stock an overweight rating in a research report on Friday, January 26th. Finally, Keefe, Bruyette & Woods increased their price target on shares of ConnectOne Bancorp from $25.00 to $27.00 and gave the stock an outperform rating in a research report on Friday, January 26th. One equities research analyst has rated the stock with a sell rating, three have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, ConnectOne Bancorp currently has an average rating of Moderate Buy and a consensus price target of $24.50.
Get Our Latest Stock Report on ConnectOne Bancorp
ConnectOne Bancorp Stock Down 0.9 %
ConnectOne Bancorp (NASDAQ:CNOB – Get Free Report) last issued its quarterly earnings data on Thursday, January 25th. The financial services provider reported $0.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.47 by $0.03. The company had revenue of $66.03 million for the quarter, compared to the consensus estimate of $65.50 million. ConnectOne Bancorp had a net margin of 15.29% and a return on equity of 7.41%. Research analysts anticipate that ConnectOne Bancorp will post 1.76 EPS for the current year.
ConnectOne Bancorp Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Wednesday, May 15th will be paid a $0.18 dividend. The ex-dividend date of this dividend is Tuesday, May 14th. This is a boost from ConnectOne Bancorp’s previous quarterly dividend of $0.17. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.93%. ConnectOne Bancorp’s dividend payout ratio is 35.98%.
Institutional Trading of ConnectOne Bancorp
Hedge funds and other institutional investors have recently modified their holdings of the company. Parallel Advisors LLC increased its stake in shares of ConnectOne Bancorp by 206.8% in the fourth quarter. Parallel Advisors LLC now owns 1,123 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 757 shares in the last quarter. Sound Income Strategies LLC purchased a new stake in shares of ConnectOne Bancorp in the fourth quarter worth $53,000. GAMMA Investing LLC purchased a new stake in shares of ConnectOne Bancorp in the fourth quarter worth $80,000. Quest Partners LLC purchased a new stake in shares of ConnectOne Bancorp in the fourth quarter worth $165,000. Finally, Bryn Mawr Capital Management LLC purchased a new stake in shares of ConnectOne Bancorp in the fourth quarter worth $207,000. 67.70% of the stock is owned by hedge funds and other institutional investors.
ConnectOne Bancorp Company Profile
ConnectOne Bancorp, Inc operates as the bank holding company for ConnectOne Bank that provides commercial banking products and services for small and mid-sized businesses, local professionals, and individuals in the New York Metropolitan area and South Florida market. The company offers personal and business checking, money market, and time and savings accounts; credit cards, wire transfers, safe deposit boxes, automated teller services and telephone, and internet and mobile banking.
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