ConnectOne Bancorp (NASDAQ:CNOB) Reaches New 12-Month High – Still a Buy?

ConnectOne Bancorp, Inc. (NASDAQ:CNOB)’s share price hit a new 52-week high during mid-day trading on Friday . The company traded as high as $30.80 and last traded at $30.71, with a volume of 66916 shares. The stock had previously closed at $30.60.

Analyst Ratings Changes

Several research analysts have weighed in on CNOB shares. Raymond James Financial restated a “strong-buy” rating and set a $34.00 target price on shares of ConnectOne Bancorp in a research report on Monday, April 27th. Weiss Ratings upgraded shares of ConnectOne Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, May 20th. Keefe, Bruyette & Woods upped their target price on shares of ConnectOne Bancorp from $32.00 to $34.00 and gave the stock an “outperform” rating in a research report on Friday, April 24th. Piper Sandler started coverage on shares of ConnectOne Bancorp in a research report on Monday, March 16th. They set an “overweight” rating and a $31.00 target price on the stock. Finally, Hovde Group upped their target price on shares of ConnectOne Bancorp from $32.00 to $34.00 and gave the stock an “outperform” rating in a research report on Friday, April 24th. Two analysts have rated the stock with a Strong Buy rating and three have issued a Buy rating to the stock. According to data from MarketBeat, ConnectOne Bancorp presently has an average rating of “Buy” and a consensus price target of $33.25.

ConnectOne Bancorp Stock Up 1.0%

The firm’s 50-day moving average price is $28.78 and its 200 day moving average price is $27.40. The firm has a market capitalization of $1.55 billion, a price-to-earnings ratio of 17.86 and a beta of 1.06. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.97 and a quick ratio of 0.97.

ConnectOne Bancorp (NASDAQ:CNOB) last released its quarterly earnings results on Thursday, April 23rd. The financial services provider reported $0.79 EPS for the quarter, beating the consensus estimate of $0.73 by $0.06. The business had revenue of $116.64 million for the quarter, compared to analyst estimates of $119.59 million. ConnectOne Bancorp had a net margin of 13.21% and a return on equity of 10.17%. Sell-side analysts expect that ConnectOne Bancorp, Inc. will post 3.3 EPS for the current year.

ConnectOne Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Friday, May 15th were given a $0.195 dividend. This is a boost from ConnectOne Bancorp’s previous quarterly dividend of $0.18. This represents a $0.78 annualized dividend and a dividend yield of 2.5%. The ex-dividend date was Friday, May 15th. ConnectOne Bancorp’s dividend payout ratio (DPR) is currently 45.09%.

Institutional Trading of ConnectOne Bancorp

Several large investors have recently modified their holdings of CNOB. Wellington Management Group LLP grew its position in shares of ConnectOne Bancorp by 76.8% in the third quarter. Wellington Management Group LLP now owns 2,882,584 shares of the financial services provider’s stock valued at $71,517,000 after purchasing an additional 1,252,614 shares during the last quarter. Kennedy Capital Management LLC purchased a new position in shares of ConnectOne Bancorp during the third quarter valued at approximately $18,974,000. UBS Group AG lifted its stake in shares of ConnectOne Bancorp by 579.2% during the fourth quarter. UBS Group AG now owns 705,119 shares of the financial services provider’s stock valued at $18,488,000 after buying an additional 601,310 shares during the period. SG Americas Securities LLC purchased a new position in shares of ConnectOne Bancorp during the fourth quarter valued at approximately $15,712,000. Finally, Algebris UK Ltd. lifted its stake in shares of ConnectOne Bancorp by 36.5% during the fourth quarter. Algebris UK Ltd. now owns 846,865 shares of the financial services provider’s stock valued at $22,215,000 after buying an additional 226,523 shares during the period. 67.70% of the stock is currently owned by institutional investors and hedge funds.

About ConnectOne Bancorp

ConnectOne Bancorp is a New Jersey‐based bank holding company whose primary subsidiary, ConnectOne Bank, offers a suite of commercial banking services to small and medium‐sized businesses, professionals and individuals. Established in 2005 and headquartered in Englewood Cliffs, New Jersey, the company seeks to deliver customized lending and deposit solutions through a network of branches across northern New Jersey and the New York metropolitan area.

The company’s lending portfolio centers on commercial real estate financing, construction lending, owner‐occupied real estate loans and working capital lines of credit.