ConnectOne Bancorp, Inc. (NASDAQ:CNOB) Given Average Rating of “Moderate Buy” by Analysts

ConnectOne Bancorp, Inc. (NASDAQ:CNOB) has been given a consensus rating of “Moderate Buy” by the five analysts that are currently covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $35.00.

A number of brokerages have recently commented on CNOB. Weiss Ratings reiterated a “buy (b)” rating on shares of ConnectOne Bancorp in a report on Monday, August 17th. Piper Sandler upped their price objective on shares of ConnectOne Bancorp from $34.00 to $38.00 and gave the company an “overweight” rating in a research note on Friday, June 26th. Finally, Raymond James Financial restated a “market perform” rating on shares of ConnectOne Bancorp in a research report on Wednesday, July 1st.

Hedge Funds Weigh In On ConnectOne Bancorp

Several institutional investors have recently added to or reduced their stakes in the business. ProShare Advisors LLC raised its stake in shares of ConnectOne Bancorp by 6.9% in the 4th quarter. ProShare Advisors LLC now owns 8,716 shares of the financial services provider’s stock valued at $229,000 after acquiring an additional 560 shares during the period. Clearstead Advisors LLC boosted its position in 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 purchasing an additional 880 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in ConnectOne Bancorp by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,537 shares of the financial services provider’s stock worth $524,000 after purchasing an additional 914 shares during the period. LPL Financial LLC raised its position in ConnectOne Bancorp by 13.3% in the fourth quarter. LPL Financial LLC now owns 9,467 shares of the financial services provider’s stock valued at $248,000 after purchasing an additional 1,114 shares during the period. Finally, Nykredit A S purchased a new position in ConnectOne Bancorp in the second quarter valued at about $39,000. 67.70% of the stock is currently owned by institutional investors and hedge funds.

ConnectOne Bancorp Stock Performance

NASDAQ CNOB opened at $32.31 on Monday. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.61. ConnectOne Bancorp has a fifty-two week low of $23.20 and a fifty-two week high of $34.14. The business has a fifty day moving average of $32.63 and a 200-day moving average of $30.12. The stock has a market cap of $1.63 billion, a price-to-earnings ratio of 10.59 and a beta of 1.03.

ConnectOne Bancorp (NASDAQ:CNOB) last posted its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.84 EPS for the quarter, beating analysts’ consensus estimates of $0.82 by $0.02. The business had revenue of $121.57 million for the quarter, compared to analyst estimates of $121.55 million. ConnectOne Bancorp had a return on equity of 11.24% and a net margin of 20.21%. As a group, analysts predict that ConnectOne Bancorp will post 3.37 earnings per share for the current fiscal year.

ConnectOne Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th 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%. The ex-dividend date of this dividend was Friday, August 14th. ConnectOne Bancorp’s dividend payout ratio is currently 25.57%.

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.