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

Shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB) have been given an average recommendation of “Buy” by the four brokerages that are presently covering the company, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $24.50.

Several analysts have recently issued reports on CNOB shares. Raymond James increased their target price on ConnectOne Bancorp from $26.00 to $28.00 and gave the stock a “strong-buy” rating in a report on Monday, January 29th. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $24.00 target price (down from $27.00) on shares of ConnectOne Bancorp in a report on Friday. Piper Sandler increased their target price on ConnectOne Bancorp from $24.00 to $25.00 and gave the stock an “overweight” rating in a report on Friday, January 26th. Finally, StockNews.com lowered ConnectOne Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday.

Institutional Trading of ConnectOne Bancorp

Several large investors have recently bought and sold shares of the business. Salzhauer Michael boosted its stake in ConnectOne Bancorp by 3.9% in the first quarter. Salzhauer Michael now owns 65,656 shares of the financial services provider’s stock valued at $1,280,000 after buying an additional 2,480 shares in the last quarter. Pacific Ridge Capital Partners LLC boosted its stake in shares of ConnectOne Bancorp by 13.0% during the fourth quarter. Pacific Ridge Capital Partners LLC now owns 80,296 shares of the financial services provider’s stock valued at $1,840,000 after purchasing an additional 9,243 shares in the last quarter. Parallel Advisors LLC boosted its stake in shares of ConnectOne Bancorp by 206.8% during the fourth quarter. Parallel Advisors LLC now owns 1,123 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 757 shares in the last quarter. Quest Partners LLC acquired a new stake in shares of ConnectOne Bancorp during the fourth quarter valued at about $165,000. Finally, Trexquant Investment LP boosted its stake in shares of ConnectOne Bancorp by 11.2% during the fourth quarter. Trexquant Investment LP now owns 21,936 shares of the financial services provider’s stock valued at $503,000 after purchasing an additional 2,206 shares in the last quarter. 67.70% of the stock is owned by institutional investors and hedge funds.

ConnectOne Bancorp Stock Performance

CNOB opened at $18.30 on Tuesday. The firm has a market cap of $701.44 million, a P/E ratio of 9.68 and a beta of 1.25. ConnectOne Bancorp has a 52-week low of $13.11 and a 52-week high of $24.44. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.14 and a current ratio of 1.14. The business’s fifty day moving average is $19.16 and its 200-day moving average is $20.08.

ConnectOne Bancorp (NASDAQ:CNOB) last released its earnings results on Thursday, January 25th. The financial services provider reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.47 by $0.03. The company had revenue of $66.03 million for the quarter, compared to analyst estimates of $65.50 million. ConnectOne Bancorp had a return on equity of 7.41% and a net margin of 15.29%. Sell-side analysts expect that ConnectOne Bancorp will post 1.76 EPS for the current fiscal year.

ConnectOne Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Wednesday, May 15th will be paid a $0.18 dividend. The ex-dividend date of this dividend is Tuesday, May 14th. This is a positive change from ConnectOne Bancorp’s previous quarterly dividend of $0.17. This represents a $0.72 annualized dividend and a yield of 3.93%. ConnectOne Bancorp’s dividend payout ratio (DPR) is 35.98%.

ConnectOne Bancorp Company Profile

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.