ConnectOne Bancorp, Inc. (NASDAQ:CNOB) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB) have been given an average rating of “Moderate Buy” by the five analysts that are presently covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating on the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $35.00.

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

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Bank of New York Mellon Corp purchased a new position in shares of ConnectOne Bancorp during the second quarter worth about $9,501,000. Empowered Funds LLC bought a new position in shares of ConnectOne Bancorp in the second quarter worth approximately $6,926,000. Squarepoint Ops LLC raised its stake in ConnectOne Bancorp by 36.4% in the second quarter. Squarepoint Ops LLC now owns 259,988 shares of the financial services provider’s stock valued at $8,694,000 after purchasing an additional 69,386 shares in the last quarter. Bank of America Corp DE purchased a new stake in ConnectOne Bancorp in the second quarter valued at approximately $29,505,000. Finally, BlackRock Inc. bought a new stake in ConnectOne Bancorp during the second quarter valued at approximately $159,462,000. 67.70% of the stock is currently owned by hedge funds and other institutional investors.

ConnectOne Bancorp Price Performance

Shares of NASDAQ CNOB opened at $30.34 on Friday. The stock has a market cap of $1.53 billion, a PE ratio of 9.95 and a beta of 1.08. ConnectOne Bancorp has a fifty-two week low of $23.20 and a fifty-two week high of $34.14. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.04 and a current ratio of 1.04. The stock has a fifty day moving average of $32.06 and a 200-day moving average of $30.74.

ConnectOne Bancorp (NASDAQ:CNOB) last issued its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.82 by $0.02. The business had revenue of $122.77 million for the quarter, compared to analysts’ expectations of $121.55 million. ConnectOne Bancorp had a return on equity of 11.24% and a net margin of 20.21%. Equities research analysts anticipate that ConnectOne Bancorp will post 3.35 earnings per share for the current year.

ConnectOne Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th were paid a $0.1950 dividend. The ex-dividend date was Friday, August 14th. This represents a $0.78 annualized dividend and a yield of 2.6%. ConnectOne Bancorp’s dividend payout ratio is currently 25.57%.

About ConnectOne Bancorp

ConnectOne Bancorp, Inc is the parent company of ConnectOne Bank, a full-service commercial bank serving businesses, professionals, nonprofit organizations and individuals. The bank provides lending, deposit and cash-management services, with a focus on relationship-based banking and customized financial solutions.

ConnectOne Bank offers commercial and residential real estate loans, commercial and industrial financing, construction lending, mortgages, personal loans, checking and savings accounts, treasury-management services, online and mobile banking, and wealth-management solutions.