ConnectOne Bancorp, Inc. (NASDAQ:CNOB) Receives $25.00 Consensus PT from Analysts

Shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB) have been assigned an average rating of “Buy” from the four analysts that are presently covering the stock, Marketbeat reports. One research analyst has rated the stock with a hold recommendation, two have given 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 $25.00.

A number of analysts have commented on the stock. Piper Sandler upped 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. 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 research report on Friday, July 26th.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Creative Planning boosted its stake in shares of ConnectOne Bancorp by 23.8% during the 2nd quarter. Creative Planning now owns 33,808 shares of the financial services provider’s stock valued at $639,000 after buying an additional 6,489 shares during the period. AQR Capital Management LLC boosted its position in ConnectOne Bancorp by 23.4% during the second quarter. AQR Capital Management LLC now owns 138,583 shares of the financial services provider’s stock valued at $2,618,000 after purchasing an additional 26,285 shares during the last quarter. Evergreen Capital Management LLC purchased a new position in ConnectOne Bancorp in the second quarter valued at about $196,000. Thrivent Financial for Lutherans purchased a new position in ConnectOne Bancorp in the second quarter valued at about $1,648,000. Finally, Sei Investments Co. increased its position in ConnectOne Bancorp by 12.4% in the 2nd quarter. Sei Investments Co. now owns 40,452 shares of the financial services provider’s stock worth $764,000 after purchasing an additional 4,447 shares during the last quarter. 67.70% of the stock is owned by hedge funds and other institutional investors.

ConnectOne Bancorp Trading Down 0.1 %

ConnectOne Bancorp stock opened at $24.31 on Friday. The firm has a market cap of $931.88 million, a price-to-earnings ratio of 12.86 and a beta of 1.25. ConnectOne Bancorp has a 1 year low of $14.51 and a 1 year high of $26.53. The firm’s 50 day moving average price is $23.77 and its two-hundred day moving average price is $20.66. 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 issued its earnings results on Thursday, July 25th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.40 by $0.06. ConnectOne Bancorp had a return on equity of 7.13% 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 period in the previous year, the firm posted $0.51 EPS. On average, research analysts predict that ConnectOne Bancorp will post 1.76 EPS for the current fiscal year.

ConnectOne Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Thursday, August 15th were issued a $0.18 dividend. The ex-dividend date was Thursday, August 15th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.96%. ConnectOne Bancorp’s dividend payout ratio is 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.