ConnectOne Bancorp (NASDAQ:CNOB) Sets New 12-Month High – Here’s Why

ConnectOne Bancorp, Inc. (NASDAQ:CNOB)’s share price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $27.99 and last traded at $27.53, with a volume of 12642 shares traded. The stock had previously closed at $24.89.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CNOB. StockNews.com raised shares of ConnectOne Bancorp from a “sell” rating to a “hold” rating in a research note on Wednesday. Piper Sandler upped their price target on ConnectOne Bancorp from $22.00 to $25.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Finally, Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $26.00 price objective (up previously from $22.00) on shares of ConnectOne Bancorp in a research note on Friday, July 26th. Two investment analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $26.33.

ConnectOne Bancorp Stock Up 14.5 %

The company has a market cap of $1.09 billion, a P/E ratio of 16.06 and a beta of 1.25. The company’s 50-day moving average is $24.92 and its two-hundred day moving average is $21.91. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.01 and a quick ratio of 1.01.

ConnectOne Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 15th will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.53%. The ex-dividend date is Friday, November 15th. ConnectOne Bancorp’s payout ratio is 41.38%.

Institutional Investors Weigh In On ConnectOne Bancorp

Several institutional investors have recently modified their holdings of CNOB. B. Riley Wealth Advisors Inc. lifted its stake in ConnectOne Bancorp by 196.1% during the 1st quarter. B. Riley Wealth Advisors Inc. now owns 60,903 shares of the financial services provider’s stock valued at $1,086,000 after acquiring an additional 40,334 shares during the period. Vanguard Group Inc. raised its holdings in shares of ConnectOne Bancorp by 2.6% during the first quarter. Vanguard Group Inc. now owns 2,143,706 shares of the financial services provider’s stock valued at $41,802,000 after purchasing an additional 53,563 shares during the last quarter. Thrivent Financial for Lutherans bought a new position in ConnectOne Bancorp during the second quarter valued at approximately $1,648,000. Cornercap Investment Counsel Inc. boosted its holdings in ConnectOne Bancorp by 111.1% in the second quarter. Cornercap Investment Counsel Inc. now owns 55,406 shares of the financial services provider’s stock worth $1,047,000 after purchasing an additional 29,161 shares during the last quarter. Finally, BNP Paribas Financial Markets grew its position in ConnectOne Bancorp by 19.8% in the 1st quarter. BNP Paribas Financial Markets now owns 48,504 shares of the financial services provider’s stock worth $946,000 after purchasing an additional 8,026 shares during the period. 67.70% of the stock is owned by hedge funds and other institutional investors.

ConnectOne Bancorp Company Profile

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.