ConnectOne Bancorp (NASDAQ:CNOB) Sets New 12-Month High at $25.75

Shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB) reached a new 52-week high during trading on Tuesday . The company traded as high as $25.75 and last traded at $25.74, with a volume of 72846 shares traded. The stock had previously closed at $24.79.

Analysts Set New Price Targets

Several research analysts recently weighed in on CNOB shares. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $26.00 price target (up from $22.00) on shares of ConnectOne Bancorp in a research note on Friday, July 26th. Piper Sandler raised their target price on ConnectOne Bancorp from $22.00 to $25.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. Two equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $25.00.

ConnectOne Bancorp Price Performance

The firm has a market capitalization of $961.77 million, a PE ratio of 13.12 and a beta of 1.25. The stock’s 50 day simple moving average is $23.05 and its two-hundred day simple moving average is $20.37. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.01 and a current ratio of 1.01.

ConnectOne Bancorp (NASDAQ:CNOB) last announced its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.40 by $0.06. The firm had revenue of $134.41 million for the quarter, compared to the consensus estimate of $64.62 million. ConnectOne Bancorp had a return on equity of 7.13% and a net margin of 14.56%. During the same quarter last year, the business posted $0.51 earnings per share. On average, sell-side analysts forecast that ConnectOne Bancorp, Inc. will post 1.76 EPS for the current year.

ConnectOne Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Thursday, August 15th were paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 2.87%. The ex-dividend date was Thursday, August 15th. ConnectOne Bancorp’s dividend payout ratio (DPR) is presently 38.10%.

Institutional Trading of ConnectOne Bancorp

Hedge funds have recently made changes to their positions in the company. Parallel Advisors LLC lifted its holdings in 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 last quarter. Quest Partners LLC acquired a new position in shares of ConnectOne Bancorp in the 4th quarter valued at $165,000. Bryn Mawr Capital Management LLC purchased a new position in shares of ConnectOne Bancorp during the 2nd quarter worth $171,000. Evergreen Capital Management LLC acquired a new stake in shares of ConnectOne Bancorp during the 2nd quarter worth about $196,000. Finally, Hsbc Holdings PLC increased its position in shares of ConnectOne Bancorp by 6.7% during the 2nd quarter. Hsbc Holdings PLC now owns 17,938 shares of the financial services provider’s stock worth $332,000 after purchasing an additional 1,131 shares during the last quarter. Hedge funds and other institutional investors own 67.70% of the company’s stock.

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.