ConnectOne Bancorp (NASDAQ:CNOB) Reaches New 12-Month High – Here’s Why

ConnectOne Bancorp, Inc. (NASDAQ:CNOB)’s stock price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $27.83 and last traded at $27.7850, with a volume of 89612 shares changing hands. The stock had previously closed at $27.32.

Analysts Set New Price Targets

A number of research firms have recently commented on CNOB. Weiss Ratings reissued a “hold (c)” rating on shares of ConnectOne Bancorp in a research report on Wednesday, October 8th. Piper Sandler assumed coverage on shares of ConnectOne Bancorp in a report on Friday, November 7th. They issued an “overweight” rating and a $28.00 price objective on the stock. Three investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, ConnectOne Bancorp presently has an average rating of “Moderate Buy” and a consensus target price of $29.50.

ConnectOne Bancorp Trading Up 0.9%

The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.03 and a current ratio of 1.03. The business’s 50 day moving average price is $24.91 and its 200-day moving average price is $24.42. The firm has a market cap of $1.39 billion, a price-to-earnings ratio of 22.30 and a beta of 1.15.

ConnectOne Bancorp (NASDAQ:CNOB) last released its earnings results on Thursday, October 30th. The financial services provider reported $0.70 EPS for the quarter, topping analysts’ consensus estimates of $0.68 by $0.02. ConnectOne Bancorp had a return on equity of 8.22% and a net margin of 9.90%.The company had revenue of $110.78 million for the quarter, compared to the consensus estimate of $111.20 million. Equities analysts expect that ConnectOne Bancorp, Inc. will post 2.23 EPS for the current year.

ConnectOne Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 1st. Investors of record on Friday, November 14th were paid a dividend of $0.18 per share. The ex-dividend date was Friday, November 14th. This represents a $0.72 annualized dividend and a yield of 2.6%. ConnectOne Bancorp’s dividend payout ratio is 58.06%.

Hedge Funds Weigh In On ConnectOne Bancorp

Institutional investors have recently made changes to their positions in the stock. Millennium Management LLC bought a new stake in shares of ConnectOne Bancorp in the 3rd quarter worth approximately $4,180,000. Boothbay Fund Management LLC increased its position in ConnectOne Bancorp by 1.6% in the third quarter. Boothbay Fund Management LLC now owns 438,384 shares of the financial services provider’s stock worth $10,876,000 after buying an additional 6,907 shares during the period. Alliancebernstein L.P. lifted its stake in ConnectOne Bancorp by 1.2% in the third quarter. Alliancebernstein L.P. now owns 262,100 shares of the financial services provider’s stock valued at $6,503,000 after buying an additional 3,000 shares during the last quarter. Creative Planning lifted its stake in ConnectOne Bancorp by 19.2% in the third quarter. Creative Planning now owns 52,239 shares of the financial services provider’s stock valued at $1,296,000 after buying an additional 8,397 shares during the last quarter. Finally, California State Teachers Retirement System boosted its holdings in shares of ConnectOne Bancorp by 29.4% during the third quarter. California State Teachers Retirement System now owns 44,468 shares of the financial services provider’s stock valued at $1,103,000 after acquiring an additional 10,104 shares during the period. 67.70% of the stock is owned by institutional investors.

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.