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

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

CNOB has been the topic of several recent analyst reports. StockNews.com raised shares of ConnectOne Bancorp from a “sell” rating to a “hold” rating in a report on Friday, May 10th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $26.00 price target (up from $22.00) on shares of ConnectOne Bancorp in a report on Friday, July 26th. Finally, Piper Sandler upped 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.

ConnectOne Bancorp Price Performance

Shares of CNOB stock opened at $25.31 on Monday. The company has a market capitalization of $970.21 million, a PE ratio of 13.39 and a beta of 1.27. The firm has a fifty day simple moving average of $20.99 and a 200-day simple moving average of $19.87. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.07. ConnectOne Bancorp has a twelve month low of $14.51 and a twelve month high of $25.53.

ConnectOne Bancorp (NASDAQ:CNOB) last announced its earnings results on Thursday, July 25th. The financial services provider reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.06. The business had revenue of $134.41 million during the quarter, compared to the consensus estimate of $64.62 million. ConnectOne Bancorp had a net margin of 14.56% and a return on equity of 7.16%. During the same period in the prior year, the firm earned $0.51 earnings per share. Equities research analysts anticipate that ConnectOne Bancorp will post 1.74 earnings per share for the current fiscal year.

ConnectOne Bancorp Dividend Announcement

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

Institutional Trading of ConnectOne Bancorp

A number of institutional investors and hedge funds have recently modified their holdings of the business. Creative Planning raised its holdings in shares of ConnectOne Bancorp by 23.8% during the second quarter. Creative Planning now owns 33,808 shares of the financial services provider’s stock worth $639,000 after purchasing an additional 6,489 shares during the period. AQR Capital Management LLC raised its holdings in shares of ConnectOne Bancorp by 23.4% during the second quarter. AQR Capital Management LLC now owns 138,583 shares of the financial services provider’s stock worth $2,618,000 after purchasing an additional 26,285 shares during the period. Evergreen Capital Management LLC acquired a new stake in shares of ConnectOne Bancorp during the second quarter worth $196,000. Thrivent Financial for Lutherans acquired a new stake in shares of ConnectOne Bancorp during the second quarter worth $1,648,000. Finally, Sei Investments Co. raised its holdings in shares of ConnectOne Bancorp by 12.4% during the second quarter. Sei Investments Co. now owns 40,452 shares of the financial services provider’s stock worth $764,000 after purchasing an additional 4,447 shares during the period. 67.70% of the stock is owned by institutional investors and hedge funds.

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.