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

Shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB) have been given an average recommendation of “Buy” by the four brokerages that are currently covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a hold recommendation, two have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $25.00.

Several equities analysts recently issued reports on CNOB shares. StockNews.com raised shares of ConnectOne Bancorp from a “sell” rating to a “hold” rating in a report on Friday, May 10th. Piper Sandler lifted their price target on shares of ConnectOne Bancorp from $22.00 to $25.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Finally, Keefe, Bruyette & Woods reissued a “market perform” rating and set a $26.00 price target (up from $22.00) on shares of ConnectOne Bancorp in a report on Friday, July 26th.

Hedge Funds Weigh In On ConnectOne Bancorp

Institutional investors have recently modified their holdings of the stock. Parallel Advisors LLC raised its stake in shares of ConnectOne Bancorp by 206.8% in the fourth quarter. Parallel Advisors LLC now owns 1,123 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 757 shares during the last quarter. GAMMA Investing LLC acquired a new stake in shares of ConnectOne Bancorp during the 4th quarter worth approximately $80,000. Quest Partners LLC acquired a new stake in shares of ConnectOne Bancorp during the 4th quarter worth approximately $165,000. Bryn Mawr Capital Management LLC acquired a new stake in shares of ConnectOne Bancorp during the 4th quarter worth approximately $207,000. Finally, Certuity LLC acquired a new stake in shares of ConnectOne Bancorp during the 4th quarter worth approximately $209,000. 67.70% of the stock is owned by institutional investors.

ConnectOne Bancorp Trading Up 7.4 %

Shares of CNOB stock opened at $25.31 on Monday. ConnectOne Bancorp has a 52-week low of $14.51 and a 52-week high of $25.53. The stock has a market cap of $970.21 million, a price-to-earnings ratio of 13.39 and a beta of 1.27. 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 fifty day moving average of $20.99 and a 200-day moving average of $19.87.

ConnectOne Bancorp (NASDAQ:CNOB) last announced its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.40 by $0.06. ConnectOne Bancorp had a net margin of 14.56% and a return on equity of 7.16%. The company had revenue of $134.41 million during the quarter, compared to analysts’ expectations of $64.62 million. During the same quarter in the prior year, the company posted $0.51 EPS. On average, equities research analysts forecast that ConnectOne Bancorp will post 1.74 earnings per share for the current fiscal year.

ConnectOne Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Thursday, August 15th will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.84%. The ex-dividend date of this dividend is Thursday, August 15th. ConnectOne Bancorp’s dividend payout ratio is presently 38.10%.

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.