ConnectOne Bancorp, Inc. (NASDAQ:CNOB) Given Consensus Rating of “Buy” by Analysts

Shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB) have been given a consensus rating of “Buy” by the four research firms that are presently covering the stock, MarketBeat reports. One research analyst has rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. The average 1-year target price among analysts that have covered the stock in the last year is $25.00.

Several analysts have recently weighed in on the stock. StockNews.com upgraded shares of ConnectOne Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, May 10th. Piper Sandler upped their price objective on shares of ConnectOne Bancorp from $22.00 to $25.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Finally, 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.

ConnectOne Bancorp Trading Up 1.1 %

NASDAQ CNOB opened at $25.00 on Monday. The firm has a market capitalization of $959.25 million, a PE ratio of 13.23 and a beta of 1.27. The business’s 50-day moving average price is $21.70 and its two-hundred day moving average price is $20.03. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.07. ConnectOne Bancorp has a 12 month low of $14.51 and a 12 month high of $25.71.

ConnectOne Bancorp (NASDAQ:CNOB) last released its earnings results on Thursday, July 25th. The financial services provider reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.40 by $0.06. The business had revenue of $134.41 million during the quarter, compared to the consensus estimate of $64.62 million. ConnectOne Bancorp had a net margin of 14.56% and a return on equity of 7.13%. During the same quarter in the prior year, the firm posted $0.51 EPS. On average, analysts expect that ConnectOne Bancorp will post 1.76 EPS for the current year.

ConnectOne Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Thursday, August 15th will be given a $0.18 dividend. The ex-dividend date is Thursday, August 15th. This represents a $0.72 annualized dividend and a yield of 2.88%. ConnectOne Bancorp’s payout ratio is 38.10%.

Hedge Funds Weigh In On ConnectOne Bancorp

Hedge funds have recently bought and sold shares of the company. Creative Planning grew its stake in ConnectOne Bancorp by 23.8% in the 2nd quarter. Creative Planning now owns 33,808 shares of the financial services provider’s stock valued at $639,000 after purchasing an additional 6,489 shares during the period. AQR Capital Management LLC increased its stake in shares of ConnectOne Bancorp by 23.4% during the 2nd quarter. AQR Capital Management LLC now owns 138,583 shares of the financial services provider’s stock worth $2,618,000 after purchasing an additional 26,285 shares during the last quarter. Evergreen Capital Management LLC purchased a new stake in shares of ConnectOne Bancorp during the 2nd quarter worth approximately $196,000. Thrivent Financial for Lutherans bought a new stake in shares of ConnectOne Bancorp in the 2nd quarter worth approximately $1,648,000. Finally, Sei Investments Co. increased its position in ConnectOne Bancorp by 12.4% in the second quarter. Sei Investments Co. now owns 40,452 shares of the financial services provider’s stock worth $764,000 after buying an additional 4,447 shares during the last quarter. 67.70% of the stock is owned by hedge funds and other institutional investors.

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.