ConnectOne Bancorp (NASDAQ:CNOB) Stock Price Expected to Rise, Piper Sandler Analyst Says

ConnectOne Bancorp (NASDAQ:CNOB) had its target price boosted by Piper Sandler from $34.00 to $38.00 in a report issued on Friday,Benzinga reports. The firm presently has an “overweight” rating on the financial services provider’s stock. Piper Sandler’s price objective points to a potential upside of 14.23% from the company’s current price.

CNOB has been the topic of several other reports. Weiss Ratings upgraded ConnectOne Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, May 20th. Hovde Group increased their price objective on shares of ConnectOne Bancorp from $32.00 to $34.00 and gave the stock an “outperform” rating in a report on Friday, April 24th. 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. Finally, Keefe, Bruyette & Woods upped their price target on shares of ConnectOne Bancorp from $32.00 to $34.00 and gave the stock an “outperform” rating in a research report on Friday, April 24th. One equities research analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $35.00.

ConnectOne Bancorp Trading Down 0.3%

Shares of ConnectOne Bancorp stock opened at $33.27 on Friday. ConnectOne Bancorp has a 1 year low of $22.07 and a 1 year high of $33.66. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.97 and a quick ratio of 0.97. The business has a 50 day moving average price of $30.30 and a 200 day moving average price of $28.18. The company has a market capitalization of $1.67 billion, a P/E ratio of 19.25 and a beta of 1.06.

ConnectOne Bancorp (NASDAQ:CNOB) last posted its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $0.79 EPS for the quarter, topping analysts’ consensus estimates of $0.73 by $0.06. The firm had revenue of $116.64 million during 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%. Sell-side analysts anticipate that ConnectOne Bancorp will post 3.3 EPS for the current fiscal year.

Institutional Investors Weigh In On ConnectOne Bancorp

Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in shares of ConnectOne Bancorp by 2.2% during the fourth quarter. Vanguard Group Inc. now owns 2,914,268 shares of the financial services provider’s stock valued at $76,412,000 after purchasing an additional 63,214 shares during the period. Wellington Management Group LLP lifted its holdings in ConnectOne Bancorp by 76.8% in the 3rd quarter. Wellington Management Group LLP now owns 2,882,584 shares of the financial services provider’s stock worth $71,517,000 after buying an additional 1,252,614 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of ConnectOne Bancorp by 1.3% during the first quarter. Dimensional Fund Advisors LP now owns 2,853,964 shares of the financial services provider’s stock valued at $76,400,000 after acquiring an additional 37,657 shares in the last quarter. Bank of America Corp DE increased its position in shares of ConnectOne Bancorp by 1.0% during 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 acquiring an additional 9,146 shares during the last quarter. Finally, Kennedy Capital Management LLC lifted its stake in shares of ConnectOne Bancorp by 13.0% in the fourth quarter. Kennedy Capital Management LLC now owns 863,983 shares of the financial services provider’s stock worth $22,654,000 after acquiring an additional 99,228 shares in the last quarter. 67.70% of the stock is currently owned by hedge funds and other institutional investors.

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.