ConnectOne Bancorp, Inc. (NASDAQ:CNOB) Given Average Rating of “Moderate Buy” by Brokerages

Shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB) have been assigned an average recommendation of “Moderate Buy” from the five research firms that are covering the company, MarketBeat reports. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. The average twelve-month price target among analysts that have covered the stock in the last year is $35.00.

Several brokerages recently weighed in on CNOB. Raymond James Financial reaffirmed a “market perform” rating on shares of ConnectOne Bancorp in a research note on Wednesday, July 1st. Weiss Ratings reaffirmed a “buy (b)” rating on shares of ConnectOne Bancorp in a research report on Monday, August 17th. Finally, Piper Sandler lifted their target price on ConnectOne Bancorp from $34.00 to $38.00 and gave the company an “overweight” rating in a report on Friday, June 26th.

Hedge Funds Weigh In On ConnectOne Bancorp

A number of institutional investors and hedge funds have recently made changes to their positions in CNOB. Hsbc Holdings PLC purchased a new stake in shares of ConnectOne Bancorp during the first quarter worth approximately $983,000. GSA Capital Partners LLP purchased a new position in ConnectOne Bancorp in the second quarter worth approximately $1,040,000. BlackRock Inc. acquired a new position in ConnectOne Bancorp during the 2nd quarter worth approximately $159,462,000. Kestra Advisory Services LLC grew its holdings in ConnectOne Bancorp by 226.6% during the 1st quarter. Kestra Advisory Services LLC now owns 97,663 shares of the financial services provider’s stock worth $2,614,000 after acquiring an additional 67,761 shares in the last quarter. Finally, Deutsche Bank AG purchased a new stake in shares of ConnectOne Bancorp in the 2nd quarter valued at approximately $1,615,000. 67.70% of the stock is owned by institutional investors and hedge funds.

ConnectOne Bancorp Stock Performance

NASDAQ CNOB opened at $31.73 on Monday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.04 and a quick ratio of 1.04. The company has a market cap of $1.60 billion, a P/E ratio of 10.40 and a beta of 1.05. The stock has a 50-day moving average of $32.77 and a two-hundred day moving average of $29.98. ConnectOne Bancorp has a 1-year low of $23.20 and a 1-year high of $34.14.

ConnectOne Bancorp (NASDAQ:CNOB) last issued its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.82 by $0.02. ConnectOne Bancorp had a net margin of 20.21% and a return on equity of 11.24%. The business had revenue of $121.57 million for the quarter, compared to analysts’ expectations of $121.55 million. As a group, analysts anticipate that ConnectOne Bancorp will post 3.37 EPS for the current year.

ConnectOne Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th will be given a $0.195 dividend. The ex-dividend date of this dividend is Friday, August 14th. This represents a $0.78 dividend on an annualized basis and a yield of 2.5%. ConnectOne Bancorp’s dividend payout ratio (DPR) is currently 25.57%.

ConnectOne Bancorp Company Profile

ConnectOne Bancorp is a New Jersey?based bank holding company whose primary subsidiary, ConnectOne Bank, offers a suite of commercial banking services to small and medium?sized businesses, professionals and individuals. Established in 2005 and headquartered in Englewood Cliffs, New Jersey, the company seeks to deliver customized lending and deposit solutions through a network of branches across northern New Jersey and the New York metropolitan area.

The company’s lending portfolio centers on commercial real estate financing, construction lending, owner?occupied real estate loans and working capital lines of credit.