ConnectOne Bancorp (NASDAQ:CNOB) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of ConnectOne Bancorp (NASDAQ:CNOB) from a sell rating to a hold rating in a research report sent to investors on Thursday morning.

A number of other equities research analysts have also issued reports on CNOB. Piper Sandler upped their target price on shares of ConnectOne Bancorp from $24.00 to $25.00 and gave the company an overweight rating in a research note on Friday, January 26th. Keefe, Bruyette & Woods restated an outperform rating and set a $24.00 price objective (down previously from $27.00) on shares of ConnectOne Bancorp in a research note on Friday, April 26th. Finally, Raymond James increased their target price on ConnectOne Bancorp from $26.00 to $28.00 and gave the stock a strong-buy rating in a report on Monday, January 29th. One equities research analyst has rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of Buy and an average target price of $24.50.

ConnectOne Bancorp Stock Up 2.4 %

Shares of NASDAQ:CNOB traded up $0.45 during midday trading on Thursday, reaching $19.49. The company had a trading volume of 115,706 shares, compared to its average volume of 135,984. ConnectOne Bancorp has a one year low of $13.11 and a one year high of $24.44. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.14 and a quick ratio of 1.14. The stock has a market capitalization of $747.05 million, a P/E ratio of 10.31 and a beta of 1.25. The stock’s fifty day moving average price is $19.00 and its 200-day moving average price is $20.09.

ConnectOne Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Wednesday, May 15th will be paid a dividend of $0.18 per share. This is a positive change from ConnectOne Bancorp’s previous quarterly dividend of $0.17. The ex-dividend date is Tuesday, May 14th. This represents a $0.72 annualized dividend and a yield of 3.69%. ConnectOne Bancorp’s dividend payout ratio is 35.98%.

Hedge Funds Weigh In On ConnectOne Bancorp

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. raised its position in shares of ConnectOne Bancorp by 16.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 397,188 shares of the financial services provider’s stock worth $7,082,000 after purchasing an additional 55,682 shares during the period. B. Riley Wealth Advisors Inc. bought a new stake in ConnectOne Bancorp in the third quarter valued at $1,086,000. Swiss National Bank lifted its stake in ConnectOne Bancorp by 1.2% in the third quarter. Swiss National Bank now owns 81,900 shares of the financial services provider’s stock valued at $1,460,000 after buying an additional 1,000 shares during the last quarter. FMR LLC boosted its holdings in shares of ConnectOne Bancorp by 27.0% during the third quarter. FMR LLC now owns 3,500,507 shares of the financial services provider’s stock valued at $62,414,000 after acquiring an additional 743,209 shares during the period. Finally, Knights of Columbus Asset Advisors LLC grew its position in shares of ConnectOne Bancorp by 118.2% during the fourth quarter. Knights of Columbus Asset Advisors LLC now owns 246,232 shares of the financial services provider’s stock worth $5,641,000 after acquiring an additional 133,384 shares during the last quarter. 67.70% of the stock is currently owned by institutional investors and hedge funds.

About ConnectOne Bancorp

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.