ConnectOne Bancorp, Inc. (NASDAQ:CNOB) Receives $25.00 Consensus Price Target from Brokerages

ConnectOne Bancorp, Inc. (NASDAQ:CNOB) has been assigned an average rating of “Buy” from the four ratings firms that are currently covering the company, MarketBeat reports. One investment analyst has rated the stock with a hold recommendation, two have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $25.00.

A number of equities analysts recently commented on CNOB shares. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $26.00 target price (up previously from $22.00) on shares of ConnectOne Bancorp in a research report on Friday, July 26th. Piper Sandler lifted their price objective on ConnectOne Bancorp from $22.00 to $25.00 and gave the stock an “overweight” rating in a report on Friday, July 26th.

ConnectOne Bancorp Price Performance

CNOB stock opened at $24.74 on Friday. The firm has a 50 day simple moving average of $23.69 and a two-hundred day simple moving average of $20.61. The stock has a market cap of $948.36 million, a PE ratio of 13.09 and a beta of 1.25. ConnectOne Bancorp has a one year low of $14.51 and a one year high of $26.53. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.01 and a quick ratio of 1.01.

ConnectOne Bancorp (NASDAQ:CNOB) last announced its quarterly earnings data 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. ConnectOne Bancorp had a return on equity of 7.13% and a net margin of 14.56%. The company had revenue of $134.41 million for the quarter, compared to analysts’ expectations of $64.62 million. During the same period last year, the firm posted $0.51 EPS. On average, analysts predict that ConnectOne Bancorp will post 1.76 EPS for the current fiscal year.

ConnectOne Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Thursday, August 15th were issued 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 dividend yield of 2.91%. ConnectOne Bancorp’s dividend payout ratio is currently 38.10%.

Institutional Trading of ConnectOne Bancorp

Large investors have recently added to or reduced their stakes in the stock. B. Riley Wealth Advisors Inc. boosted its position in ConnectOne Bancorp by 196.1% during the 1st quarter. B. Riley Wealth Advisors Inc. now owns 60,903 shares of the financial services provider’s stock valued at $1,086,000 after acquiring an additional 40,334 shares in the last quarter. Vanguard Group Inc. raised its holdings in ConnectOne Bancorp by 2.6% in the first quarter. Vanguard Group Inc. now owns 2,143,706 shares of the financial services provider’s stock worth $41,802,000 after purchasing an additional 53,563 shares in the last quarter. Cornercap Investment Counsel Inc. boosted its holdings in shares of ConnectOne Bancorp by 111.1% during the 2nd quarter. Cornercap Investment Counsel Inc. now owns 55,406 shares of the financial services provider’s stock valued at $1,047,000 after buying an additional 29,161 shares in the last quarter. BNP Paribas Financial Markets grew its position in shares of ConnectOne Bancorp by 19.8% in the 1st quarter. BNP Paribas Financial Markets now owns 48,504 shares of the financial services provider’s stock worth $946,000 after buying an additional 8,026 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in shares of ConnectOne Bancorp by 2.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,270,093 shares of the financial services provider’s stock worth $52,009,000 after buying an additional 58,277 shares during the period. Institutional investors own 67.70% of the company’s stock.

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.