ConnectOne Bancorp (NASDAQ:CNOB) Price Target Cut to $32.00 by Analysts at Hovde Group

ConnectOne Bancorp (NASDAQ:CNOB) had its price objective decreased by Hovde Group from $32.50 to $32.00 in a research report sent to investors on Friday morning, Marketbeat reports. Hovde Group currently has an outperform rating on the financial services provider’s stock.

Several other analysts also recently weighed in on the company. Piper Sandler began coverage on ConnectOne Bancorp in a report on Friday, November 7th. They issued an “overweight” rating and a $28.00 price objective for the company. Weiss Ratings restated a “hold (c)” rating on shares of ConnectOne Bancorp in a report on Wednesday, January 21st. Finally, Wall Street Zen cut shares of ConnectOne Bancorp from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. Three analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $30.67.

ConnectOne Bancorp Stock Down 3.6%

Shares of NASDAQ CNOB opened at $26.62 on Friday. ConnectOne Bancorp has a 52-week low of $20.61 and a 52-week high of $29.28. The firm has a market capitalization of $1.34 billion, a price-to-earnings ratio of 17.75 and a beta of 1.13. The stock has a 50 day moving average price of $26.78 and a 200 day moving average price of $25.33. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.03 and a current ratio of 1.03.

ConnectOne Bancorp (NASDAQ:CNOB) last released its quarterly earnings data on Thursday, January 29th. The financial services provider reported $0.83 EPS for the quarter, topping the consensus estimate of $0.74 by $0.09. ConnectOne Bancorp had a return on equity of 9.59% and a net margin of 11.83%.The company had revenue of $114.63 million for the quarter, compared to the consensus estimate of $114.80 million. Sell-side analysts expect that ConnectOne Bancorp will post 2.23 earnings per share for the current year.

ConnectOne Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 2nd. Investors of record on Friday, February 13th will be given a dividend of $0.18 per share. The ex-dividend date of this dividend is Friday, February 13th. This represents a $0.72 dividend on an annualized basis and a yield of 2.7%. ConnectOne Bancorp’s dividend payout ratio is presently 58.06%.

Hedge Funds Weigh In On ConnectOne Bancorp

A number of large investors have recently made changes to their positions in the business. Farther Finance Advisors LLC boosted its position in shares of ConnectOne Bancorp by 275.3% in the 2nd quarter. Farther Finance Advisors LLC now owns 1,471 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 1,079 shares in the last quarter. Osaic Holdings Inc. boosted its holdings in ConnectOne Bancorp by 728.4% in the second quarter. Osaic Holdings Inc. now owns 1,781 shares of the financial services provider’s stock worth $41,000 after acquiring an additional 1,566 shares in the last quarter. PNC Financial Services Group Inc. grew its stake in shares of ConnectOne Bancorp by 107.9% during the second quarter. PNC Financial Services Group Inc. now owns 1,842 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 956 shares during the last quarter. State of Alaska Department of Revenue acquired a new position in shares of ConnectOne Bancorp during the third quarter valued at about $48,000. Finally, Russell Investments Group Ltd. raised its position in shares of ConnectOne Bancorp by 791.0% in the 3rd quarter. Russell Investments Group Ltd. now owns 4,553 shares of the financial services provider’s stock valued at $113,000 after purchasing an additional 4,042 shares during the last quarter. 67.70% of the stock is owned by institutional investors and hedge funds.

Key Stories Impacting ConnectOne Bancorp

Here are the key news stories impacting ConnectOne Bancorp this week:

• Positive Sentiment: Q4 results beat on the bottom line: EPS $0.83 vs. $0.74 expected; net interest margin widened and the company reported continued asset growth including a ~$14B asset milestone and solid credit trends — supports earnings momentum. Press Release
• Positive Sentiment: Analyst upgrade: Keefe, Bruyette & Woods raised its price target to $32 and keeps an “Outperform” rating — implies roughly 20% upside from current levels and is supportive of the stock. Benzinga
• Positive Sentiment: Dividend declared: quarterly cash dividend of $0.18 per share (annualized yield ~2.6%), with record/ex-dividend dates announced — supports income-focused investors and reduces downside. Dividend/Release
• Neutral Sentiment: Analyst note with small trim: Hovde Group trimmed its price target to $32.00 from $32.50 but maintained an “Outperform” rating — a modest tweak rather than a bearish call.
• Neutral Sentiment: Revenue was essentially flat versus expectations ($114.63M reported vs. ~$114.8M consensus) — underlying business activity appears stable but not clearly accelerating. Earnings Summary
• Negative Sentiment: Market reaction: shares are trading down on the session despite the EPS beat — likely reflecting profit-taking and the market digesting mixed signals (earnings beat vs. revenue slight miss and only modest upside from some analysts).

About ConnectOne Bancorp

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.