ConnectOne Bancorp, Inc. (NASDAQ:CNOB) Receives $24.50 Average PT from Analysts

ConnectOne Bancorp, Inc. (NASDAQ:CNOB) has earned a consensus recommendation of “Buy” from the four brokerages that are covering the company, MarketBeat reports. Three equities research analysts have rated the stock with a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $24.50.

A number of analysts have recently weighed in on the company. Raymond James increased their price objective on ConnectOne Bancorp from $26.00 to $28.00 and gave the company a “strong-buy” rating in a research note on Monday, January 29th. StockNews.com upgraded ConnectOne Bancorp from a “sell” rating to a “hold” rating in a report on Friday, May 10th. Piper Sandler raised their price target on ConnectOne Bancorp from $24.00 to $25.00 and gave the company an “overweight” rating in a report on Friday, January 26th. Finally, Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $24.00 price objective (down from $27.00) on shares of ConnectOne Bancorp in a research report on Friday, April 26th.

Institutional Trading of ConnectOne Bancorp

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Parallel Advisors LLC grew its position in ConnectOne Bancorp by 206.8% in the 4th quarter. Parallel Advisors LLC now owns 1,123 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 757 shares during the last quarter. Sound Income Strategies LLC purchased a new stake in shares of ConnectOne Bancorp during the 4th quarter worth $53,000. GAMMA Investing LLC purchased a new stake in shares of ConnectOne Bancorp during the 4th quarter worth $80,000. Quest Partners LLC purchased a new stake in ConnectOne Bancorp in the fourth quarter valued at about $165,000. Finally, Bryn Mawr Capital Management LLC purchased a new stake in ConnectOne Bancorp in the fourth quarter valued at about $207,000. Hedge funds and other institutional investors own 67.70% of the company’s stock.

ConnectOne Bancorp Stock Down 0.2 %

CNOB stock opened at $20.22 on Friday. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.07. The company’s 50 day moving average is $19.17 and its 200 day moving average is $20.42. The stock has a market cap of $775.03 million, a price-to-earnings ratio of 10.70 and a beta of 1.25. ConnectOne Bancorp has a 1-year low of $13.15 and a 1-year high of $24.44.

ConnectOne Bancorp (NASDAQ:CNOB) last posted its quarterly earnings data on Thursday, April 25th. The financial services provider reported $0.41 earnings per share for the quarter, missing the consensus estimate of $0.42 by ($0.01). The company had revenue of $64.15 million during the quarter, compared to the consensus estimate of $63.93 million. ConnectOne Bancorp had a return on equity of 7.39% and a net margin of 15.29%. Sell-side analysts predict that ConnectOne Bancorp will post 1.67 EPS for the current fiscal year.

ConnectOne Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Wednesday, May 15th will be issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 3.56%. The ex-dividend date of this dividend is Tuesday, May 14th. This is a positive change from ConnectOne Bancorp’s previous quarterly dividend of $0.17. ConnectOne Bancorp’s dividend payout ratio is presently 38.10%.

ConnectOne Bancorp Company Profile

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.