ConnectOne Bancorp, Inc. (NASDAQ:CNOB) Receives $25.25 Average Target Price from Brokerages

ConnectOne Bancorp, Inc. (NASDAQ:CNOB) has received a consensus recommendation of “Buy” from the four brokerages that are covering the stock, Marketbeat Ratings reports. Three investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $25.25.

Several brokerages have weighed in on CNOB. Raymond James boosted their price target on ConnectOne Bancorp from $26.00 to $28.00 and gave the company a “strong-buy” rating in a report on Monday, January 29th. Piper Sandler upped their price objective on shares of ConnectOne Bancorp from $24.00 to $25.00 and gave the company an “overweight” rating in a research report on Friday, January 26th. Finally, Keefe, Bruyette & Woods increased their price target on shares of ConnectOne Bancorp from $25.00 to $27.00 and gave the stock an “outperform” rating in a research report on Friday, January 26th.

Hedge Funds Weigh In On ConnectOne Bancorp

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in shares of ConnectOne Bancorp by 2.2% in the 4th quarter. Vanguard Group Inc. now owns 2,090,143 shares of the financial services provider’s stock valued at $47,885,000 after purchasing an additional 44,565 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in ConnectOne Bancorp by 1.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 35,325 shares of the financial services provider’s stock valued at $810,000 after buying an additional 598 shares during the period. Public Employees Retirement System of Ohio lifted its holdings in ConnectOne Bancorp by 3,714.4% in the fourth quarter. Public Employees Retirement System of Ohio now owns 18,004 shares of the financial services provider’s stock valued at $412,000 after buying an additional 17,532 shares during the period. Legal & General Group Plc lifted its holdings in ConnectOne Bancorp by 6.5% in the fourth quarter. Legal & General Group Plc now owns 31,788 shares of the financial services provider’s stock valued at $728,000 after buying an additional 1,948 shares during the period. Finally, Barclays PLC increased its stake in ConnectOne Bancorp by 14.0% in the fourth quarter. Barclays PLC now owns 112,291 shares of the financial services provider’s stock valued at $2,573,000 after purchasing an additional 13,805 shares in the last quarter. 67.70% of the stock is currently owned by hedge funds and other institutional investors.

ConnectOne Bancorp Stock Up 0.7 %

ConnectOne Bancorp stock opened at $19.50 on Friday. ConnectOne Bancorp has a 1-year low of $13.11 and a 1-year high of $24.44. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.14 and a quick ratio of 1.14. The stock has a market cap of $748.80 million, a PE ratio of 9.42 and a beta of 1.25. The stock’s fifty day moving average is $20.48 and its two-hundred day moving average is $19.98.

ConnectOne Bancorp (NASDAQ:CNOB) last posted its earnings results on Thursday, January 25th. The financial services provider reported $0.50 EPS for the quarter, topping analysts’ consensus estimates of $0.47 by $0.03. The business had revenue of $66.03 million for the quarter, compared to analysts’ expectations of $65.50 million. ConnectOne Bancorp had a return on equity of 8.14% and a net margin of 17.26%. On average, sell-side analysts expect that ConnectOne Bancorp will post 1.76 EPS for the current fiscal year.

ConnectOne Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Thursday, February 15th were paid a dividend of $0.17 per share. The ex-dividend date was Wednesday, February 14th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.49%. ConnectOne Bancorp’s dividend payout ratio is presently 32.85%.

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.