ConnectOne Bancorp, Inc. (NASDAQ:CNOB) Receives $25.00 Average Price Target from Brokerages

ConnectOne Bancorp, Inc. (NASDAQ:CNOB) has been assigned a consensus recommendation of “Buy” from the four analysts that are covering the stock, Marketbeat.com reports. One analyst has rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating on the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $25.00.

Several research analysts recently commented on CNOB shares. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $26.00 price target (up previously from $22.00) on shares of ConnectOne Bancorp in a report on Friday, July 26th. Piper Sandler lifted their price objective on shares of ConnectOne Bancorp from $22.00 to $25.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Finally, StockNews.com upgraded shares of ConnectOne Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, May 10th.

Institutional Trading of ConnectOne Bancorp

A number of hedge funds have recently made changes to their positions in CNOB. Parallel Advisors LLC grew its position in shares of ConnectOne Bancorp by 206.8% during the fourth quarter. Parallel Advisors LLC now owns 1,123 shares of the financial services provider’s stock worth $26,000 after buying an additional 757 shares in the last quarter. GAMMA Investing LLC acquired a new stake in shares of ConnectOne Bancorp during the fourth quarter worth approximately $80,000. Quest Partners LLC acquired a new stake in shares of ConnectOne Bancorp during the fourth quarter worth approximately $165,000. Bryn Mawr Capital Management LLC acquired a new stake in shares of ConnectOne Bancorp during the second quarter worth approximately $171,000. Finally, Certuity LLC acquired a new stake in shares of ConnectOne Bancorp during the fourth quarter worth approximately $209,000. Institutional investors and hedge funds own 67.70% of the company’s stock.

ConnectOne Bancorp Trading Down 2.6 %

NASDAQ CNOB opened at $21.31 on Thursday. ConnectOne Bancorp has a one year low of $14.51 and a one year high of $25.53. The company’s 50 day moving average price is $19.77 and its 200 day moving average price is $19.90. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.01 and a current ratio of 1.01. The firm has a market capitalization of $816.81 million, a price-to-earnings ratio of 11.28 and a beta of 1.27.

ConnectOne Bancorp (NASDAQ:CNOB) last posted its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.46 EPS for the quarter, beating the consensus estimate of $0.40 by $0.06. ConnectOne Bancorp had a net margin of 14.56% and a return on equity of 7.16%. The firm had revenue of $134.41 million for the quarter, compared to analyst estimates of $64.62 million. During the same quarter last year, the firm posted $0.51 earnings per share. On average, sell-side analysts predict that ConnectOne Bancorp will post 1.74 EPS for the current year.

ConnectOne Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Thursday, August 15th will be paid a dividend of $0.18 per share. The ex-dividend date is Thursday, August 15th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.38%. ConnectOne Bancorp’s dividend payout ratio is currently 38.10%.

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.