ConnectOne Bancorp (NASDAQ:CNOB) Hits New 1-Year High – Here’s Why

ConnectOne Bancorp, Inc. (NASDAQ:CNOB)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $27.99 and last traded at $27.53, with a volume of 12642 shares trading hands. The stock had previously closed at $24.89.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. StockNews.com upgraded ConnectOne Bancorp from a “sell” rating to a “hold” rating in a research note on Wednesday. Piper Sandler upped their price objective on ConnectOne Bancorp from $22.00 to $25.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $26.00 price objective (up from $22.00) on shares of ConnectOne Bancorp in a research note on Friday, July 26th. Two investment analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, ConnectOne Bancorp has a consensus rating of “Moderate Buy” and an average price target of $26.33.

ConnectOne Bancorp Trading Down 5.9 %

The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.01 and a current ratio of 1.01. The firm has a market cap of $1.03 billion, a price-to-earnings ratio of 15.47 and a beta of 1.25. The business has a fifty day simple moving average of $25.04 and a 200-day simple moving average of $21.99.

ConnectOne Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 15th will be issued a $0.18 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $0.72 dividend on an annualized basis and a yield of 2.68%. ConnectOne Bancorp’s dividend payout ratio (DPR) is presently 41.38%.

Institutional Trading of ConnectOne Bancorp

Several institutional investors have recently modified their holdings of the business. Copeland Capital Management LLC bought a new stake in ConnectOne Bancorp in the third quarter valued at approximately $53,000. Bryn Mawr Capital Management LLC acquired a new position in shares of ConnectOne Bancorp in the 2nd quarter worth approximately $171,000. Evergreen Capital Management LLC bought a new stake in shares of ConnectOne Bancorp in the 2nd quarter valued at $196,000. Palouse Capital Management Inc. increased its position in shares of ConnectOne Bancorp by 25.1% during the third quarter. Palouse Capital Management Inc. now owns 8,022 shares of the financial services provider’s stock worth $201,000 after buying an additional 1,607 shares during the period. Finally, SG Americas Securities LLC acquired a new stake in shares of ConnectOne Bancorp during the third quarter worth $246,000. Institutional investors own 67.70% of the company’s stock.

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.