ConnectOne Bancorp, Inc. (NASDAQ:CNOB) Given Average Recommendation of “Buy” by Brokerages

Shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB) have received a consensus rating of “Buy” from the four analysts that are presently covering the company, Marketbeat.com reports. Three investment analysts have rated the stock with a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price target among analysts that have covered the stock in the last year is $24.50.

A number of equities analysts have recently weighed in on CNOB shares. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $24.00 target price (down previously from $27.00) on shares of ConnectOne Bancorp in a report on Friday. Piper Sandler increased their price objective on ConnectOne Bancorp from $24.00 to $25.00 and gave the stock an “overweight” rating in a report on Friday, January 26th. StockNews.com downgraded ConnectOne Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday. Finally, Raymond James increased their price objective on ConnectOne Bancorp from $26.00 to $28.00 and gave the stock a “strong-buy” rating in a report on Monday, January 29th.

ConnectOne Bancorp Price Performance

CNOB stock opened at $18.30 on Tuesday. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 0.92. ConnectOne Bancorp has a one year low of $13.11 and a one year high of $24.44. The firm has a market capitalization of $701.44 million, a PE ratio of 9.68 and a beta of 1.25. The firm has a 50-day moving average of $19.16 and a two-hundred day moving average of $20.08.

ConnectOne Bancorp (NASDAQ:CNOB) last issued its earnings results on Thursday, January 25th. The financial services provider reported $0.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.47 by $0.03. The company had revenue of $66.03 million for the quarter, compared to the consensus estimate of $65.50 million. ConnectOne Bancorp had a return on equity of 7.41% and a net margin of 15.29%. On average, analysts forecast that ConnectOne Bancorp will post 1.76 earnings per share for the current year.

ConnectOne Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Wednesday, May 15th will be given a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 3.93%. This is a boost from ConnectOne Bancorp’s previous quarterly dividend of $0.17. The ex-dividend date is Tuesday, May 14th. ConnectOne Bancorp’s dividend payout ratio is currently 35.98%.

Institutional Investors Weigh In On ConnectOne Bancorp

Several hedge funds have recently modified their holdings of CNOB. Parallel Advisors LLC boosted its position in shares of ConnectOne Bancorp by 206.8% in the fourth quarter. Parallel Advisors LLC now owns 1,123 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 757 shares during the period. Sound Income Strategies LLC bought a new position in ConnectOne Bancorp in the fourth quarter worth $53,000. GAMMA Investing LLC bought a new position in ConnectOne Bancorp in the fourth quarter worth $80,000. Quest Partners LLC bought a new position in ConnectOne Bancorp in the fourth quarter worth $165,000. Finally, Bryn Mawr Capital Management LLC bought a new position in ConnectOne Bancorp in the fourth quarter worth $207,000. 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.