ConnectOne Bancorp, Inc. (NASDAQ:CNOB) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

ConnectOne Bancorp, Inc. (NASDAQ:CNOB) has received an average rating of “Moderate Buy” from the five analysts that are presently covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating on the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $35.00.

A number of research analysts have recently issued reports on CNOB shares. Piper Sandler increased their target price on ConnectOne Bancorp from $34.00 to $38.00 and gave the company an “overweight” rating in a research report on Friday, June 26th. Keefe, Bruyette & Woods upped their price objective 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. Weiss Ratings raised shares of ConnectOne Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, May 20th. Hovde Group lifted their target price on shares of ConnectOne Bancorp from $32.00 to $34.00 and gave the company an “outperform” rating in a research report on Friday, April 24th. Finally, Raymond James Financial restated a “market perform” rating on shares of ConnectOne Bancorp in a research report on Wednesday, July 1st.

Institutional Trading of ConnectOne Bancorp

A number of institutional investors have recently made changes to their positions in the company. Stieven Capital Advisors L.P. boosted its stake in ConnectOne Bancorp by 29.3% during the 3rd quarter. Stieven Capital Advisors L.P. now owns 700,739 shares of the financial services provider’s stock worth $17,385,000 after purchasing an additional 158,672 shares during the last quarter. SG Americas Securities LLC acquired a new stake in shares of ConnectOne Bancorp in the fourth quarter valued at about $15,712,000. Genesis Financial Group LLC acquired a new stake in shares of ConnectOne Bancorp in the fourth quarter valued at about $535,000. UBS Group AG lifted its stake in shares of ConnectOne Bancorp by 579.2% in the fourth quarter. UBS Group AG now owns 705,119 shares of the financial services provider’s stock worth $18,488,000 after buying an additional 601,310 shares in the last quarter. Finally, BW Gestao de Investimentos Ltda. acquired a new position in ConnectOne Bancorp during the fourth quarter worth about $4,261,000. 67.70% of the stock is owned by institutional investors and hedge funds.

ConnectOne Bancorp Price Performance

Shares of ConnectOne Bancorp stock opened at $34.11 on Friday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.14. ConnectOne Bancorp has a twelve month low of $22.07 and a twelve month high of $34.14. The business has a 50-day moving average price of $31.41 and a 200 day moving average price of $28.75. The firm has a market cap of $1.72 billion, a PE ratio of 19.72 and a beta of 1.05.

ConnectOne Bancorp (NASDAQ:CNOB) last issued its quarterly 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. ConnectOne Bancorp had a return on equity of 10.17% and a net margin of 13.21%.The company had revenue of $116.64 million for the quarter, compared to the consensus estimate of $119.59 million. Sell-side analysts predict that ConnectOne Bancorp will post 3.28 earnings per share for the current fiscal year.

ConnectOne Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 15th were issued a dividend of $0.195 per share. The ex-dividend date of this dividend was Friday, May 15th. This is an increase from ConnectOne Bancorp’s previous quarterly dividend of $0.18. This represents a $0.78 dividend on an annualized basis and a dividend yield of 2.3%. ConnectOne Bancorp’s payout ratio is currently 45.09%.

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.