ConnectOne Bancorp (NASDAQ:CNOB) Sets New 12-Month High – Here’s What Happened

ConnectOne Bancorp, Inc. (NASDAQ:CNOB)’s share price hit a new 52-week high on Wednesday . The company traded as high as $33.12 and last traded at $32.4750, with a volume of 204969 shares changing hands. The stock had previously closed at $32.54.

Wall Street Analysts Forecast Growth

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

ConnectOne Bancorp Price Performance

The company’s fifty day moving average is $29.63 and its two-hundred day moving average is $27.84. The firm has a market capitalization of $1.62 billion, a price-to-earnings ratio of 18.61 and a beta of 1.06. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.14.

ConnectOne Bancorp (NASDAQ:CNOB) last announced its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $0.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.73 by $0.06. ConnectOne Bancorp had a net margin of 13.21% and a return on equity of 10.17%. The firm had revenue of $116.64 million for the quarter, compared to analysts’ expectations of $119.59 million. Equities research analysts anticipate that ConnectOne Bancorp, Inc. will post 3.3 earnings per share for the current fiscal year.

ConnectOne Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 15th were paid a dividend of $0.195 per share. This represents a $0.78 dividend on an annualized basis and a dividend yield of 2.4%. This is a boost from ConnectOne Bancorp’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend was Friday, May 15th. ConnectOne Bancorp’s payout ratio is presently 45.09%.

Institutional Investors Weigh In On ConnectOne Bancorp

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. ProShare Advisors LLC lifted its stake in ConnectOne Bancorp by 6.9% in the fourth quarter. ProShare Advisors LLC now owns 8,716 shares of the financial services provider’s stock valued at $229,000 after buying an additional 560 shares during the period. Clearstead Advisors LLC grew its position in shares of ConnectOne Bancorp by 195.6% during the 4th quarter. Clearstead Advisors LLC now owns 1,330 shares of the financial services provider’s stock worth $35,000 after buying an additional 880 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of ConnectOne Bancorp by 4.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,537 shares of the financial services provider’s stock valued at $524,000 after acquiring an additional 914 shares during the last quarter. EJF Capital LLC increased its stake in shares of ConnectOne Bancorp by 3.7% in the 3rd quarter. EJF Capital LLC now owns 30,214 shares of the financial services provider’s stock valued at $750,000 after acquiring an additional 1,066 shares during the last quarter. Finally, LPL Financial LLC raised its position in shares of ConnectOne Bancorp by 13.3% in the 4th quarter. LPL Financial LLC now owns 9,467 shares of the financial services provider’s stock valued at $248,000 after acquiring an additional 1,114 shares during the period. Institutional investors own 67.70% of the company’s stock.

ConnectOne Bancorp Company Profile

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.