ConnectOne Bancorp (NASDAQ:CNOB) PT Raised to $25.00 at Piper Sandler

ConnectOne Bancorp (NASDAQ:CNOB) had its price objective boosted by Piper Sandler from $22.00 to $25.00 in a report released on Friday, Benzinga reports. The firm currently has an overweight rating on the financial services provider’s stock.

Several other research firms have also recently weighed in on CNOB. StockNews.com upgraded shares of ConnectOne Bancorp from a sell rating to a hold rating in a report on Friday, May 10th. Keefe, Bruyette & Woods reaffirmed a market perform rating and issued a $26.00 price objective (up from $22.00) on shares of ConnectOne Bancorp in a research report on Friday. Two equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus target price of $25.00.

ConnectOne Bancorp Stock Performance

CNOB stock opened at $24.05 on Friday. ConnectOne Bancorp has a 1-year low of $14.51 and a 1-year high of $25.53. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.07. The firm has a market cap of $921.84 million, a PE ratio of 12.87 and a beta of 1.27. The business’s 50-day moving average price is $19.48 and its two-hundred day moving average price is $19.88.

ConnectOne Bancorp (NASDAQ:CNOB) last released its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.06. ConnectOne Bancorp had a return on equity of 7.16% and a net margin of 14.56%. The business had revenue of $134.41 million for the quarter, compared to analysts’ expectations of $64.62 million. During the same quarter in the previous year, the business posted $0.51 EPS. As a group, research analysts forecast that ConnectOne Bancorp will post 1.66 earnings per share for the current year.

ConnectOne Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Thursday, August 15th will be issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 2.99%. The ex-dividend date of this dividend is Thursday, August 15th. ConnectOne Bancorp’s payout ratio is 38.10%.

Institutional Investors Weigh In On ConnectOne Bancorp

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Parallel Advisors LLC raised its stake in shares of ConnectOne Bancorp by 206.8% during the 4th quarter. Parallel Advisors LLC now owns 1,123 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 757 shares in the last quarter. GAMMA Investing LLC acquired a new position in ConnectOne Bancorp during the fourth quarter worth $80,000. Quest Partners LLC acquired a new position in ConnectOne Bancorp during the fourth quarter worth $165,000. Bryn Mawr Capital Management LLC bought a new stake in ConnectOne Bancorp during the fourth quarter worth $207,000. Finally, Certuity LLC acquired a new stake in ConnectOne Bancorp in the fourth quarter valued at $209,000. 67.70% of the stock is owned by institutional investors.

About ConnectOne Bancorp

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.