ConnectOne Bancorp, Inc. (NASDAQ:CNOB) Receives $33.25 Average PT from Brokerages

ConnectOne Bancorp, Inc. (NASDAQ:CNOB) has been given a consensus rating of “Buy” by the five brokerages that are currently covering the company, Marketbeat reports. Three analysts have rated the stock with a buy recommendation and two have given a strong buy recommendation to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $33.25.

A number of equities analysts recently issued reports on the company. Raymond James Financial restated a “strong-buy” rating and issued a $34.00 target price on shares of ConnectOne Bancorp in a report on Monday, April 27th. Keefe, Bruyette & Woods lifted their target price on ConnectOne Bancorp from $32.00 to $34.00 and gave the stock an “outperform” rating in a report on Friday, April 24th. Hovde Group lifted their target price on ConnectOne Bancorp from $32.00 to $34.00 and gave the stock an “outperform” rating in a report on Friday, April 24th. Weiss Ratings upgraded ConnectOne Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, May 20th. Finally, Piper Sandler assumed coverage on ConnectOne Bancorp in a report on Monday, March 16th. They issued an “overweight” rating and a $31.00 target price on the stock.

ConnectOne Bancorp Stock Performance

Shares of NASDAQ CNOB opened at $32.70 on Tuesday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $1.64 billion, a price-to-earnings ratio of 18.90 and a beta of 1.06. The stock’s fifty day simple moving average is $30.00 and its 200 day simple moving average is $28.03. ConnectOne Bancorp has a 52-week low of $21.79 and a 52-week high of $33.12.

ConnectOne Bancorp (NASDAQ:CNOB) last issued its earnings results on Thursday, April 23rd. The financial services provider reported $0.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.73 by $0.06. The business had revenue of $116.64 million for the quarter, compared to analysts’ expectations of $119.59 million. ConnectOne Bancorp had a return on equity of 10.17% and a net margin of 13.21%. As a group, sell-side analysts forecast that ConnectOne Bancorp 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. Investors of record on Friday, May 15th were issued a $0.195 dividend. This represents a $0.78 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date was Friday, May 15th. This is a positive change from ConnectOne Bancorp’s previous quarterly dividend of $0.18. ConnectOne Bancorp’s payout ratio is presently 45.09%.

Institutional Investors Weigh In On ConnectOne Bancorp

Several hedge funds have recently bought and sold shares of CNOB. Clearstead Advisors LLC lifted its stake in ConnectOne Bancorp by 195.6% in the 4th quarter. Clearstead Advisors LLC now owns 1,330 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 880 shares in the last quarter. Osaic Holdings Inc. lifted its stake in ConnectOne Bancorp by 728.4% in the 2nd 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. State of Wyoming purchased a new stake in ConnectOne Bancorp in the 4th quarter worth about $73,000. Farther Finance Advisors LLC lifted its stake in ConnectOne Bancorp by 129.1% in the 4th quarter. Farther Finance Advisors LLC now owns 3,475 shares of the financial services provider’s stock worth $91,000 after acquiring an additional 1,958 shares in the last quarter. Finally, Russell Investments Group Ltd. lifted its stake in 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 worth $113,000 after acquiring an additional 4,042 shares in the last quarter. 67.70% of the stock is owned by hedge funds and other 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.