ConnectOne Bancorp (NASDAQ:CNOB) Reaches New 12-Month High – Here’s Why

ConnectOne Bancorp, Inc. (NASDAQ:CNOB)’s stock price hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $26.59 and last traded at $26.45, with a volume of 27640 shares changing hands. The stock had previously closed at $25.78.

Analysts Set New Price Targets

Several brokerages have recently weighed in on CNOB. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $26.00 target price (up from $22.00) on shares of ConnectOne Bancorp in a research note on Friday, July 26th. Piper Sandler raised their target price on ConnectOne Bancorp from $22.00 to $25.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Two analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $26.33.

ConnectOne Bancorp Trading Up 0.6 %

The company has a debt-to-equity ratio of 0.07, a current ratio of 1.01 and a quick ratio of 1.01. The business’s fifty day simple moving average is $24.32 and its 200 day simple moving average is $21.24. The stock has a market cap of $1.02 billion, a price-to-earnings ratio of 14.03 and a beta of 1.25.

ConnectOne Bancorp (NASDAQ:CNOB) last released its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.06. ConnectOne Bancorp had a net margin of 14.56% and a return on equity of 7.13%. The firm had revenue of $134.41 million for the quarter, compared to analyst estimates of $64.62 million. During the same quarter in the prior year, the business earned $0.51 earnings per share. On average, research analysts predict that ConnectOne Bancorp, Inc. will post 1.78 EPS for the current year.

ConnectOne Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Thursday, August 15th were given a dividend of $0.18 per share. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $0.72 dividend on an annualized basis and a yield of 2.70%. ConnectOne Bancorp’s dividend payout ratio is currently 38.10%.

Institutional Investors Weigh In On ConnectOne Bancorp

Several large investors have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. bought a new position in shares of ConnectOne Bancorp during the first quarter worth about $381,000. BNP Paribas Financial Markets raised its holdings in shares of ConnectOne Bancorp by 19.8% during the first quarter. BNP Paribas Financial Markets now owns 48,504 shares of the financial services provider’s stock valued at $946,000 after buying an additional 8,026 shares during the last quarter. GSA Capital Partners LLP acquired a new stake in ConnectOne Bancorp in the 1st quarter valued at approximately $461,000. Empowered Funds LLC increased its position in ConnectOne Bancorp by 43.1% in the 1st quarter. Empowered Funds LLC now owns 120,644 shares of the financial services provider’s stock valued at $2,353,000 after acquiring an additional 36,325 shares during the period. Finally, Vanguard Group Inc. raised its stake in ConnectOne Bancorp by 2.6% during the 1st quarter. Vanguard Group Inc. now owns 2,143,706 shares of the financial services provider’s stock valued at $41,802,000 after acquiring an additional 53,563 shares in the last quarter. 67.70% of the stock is 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.