ConnectOne Bancorp (NASDAQ:CNOB) Reaches New 52-Week High – Here’s What Happened

ConnectOne Bancorp, Inc. (NASDAQ:CNOB)’s share price reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $28.19 and last traded at $27.81, with a volume of 40793 shares changing hands. The stock had previously closed at $27.71.

Analysts Set New Price Targets

CNOB has been the subject of a number of research reports. Piper Sandler began coverage on shares of ConnectOne Bancorp in a report on Friday, November 7th. They issued an “overweight” rating and a $28.00 price objective for the company. Weiss Ratings reaffirmed a “hold (c)” rating on shares of ConnectOne Bancorp in a research note on Wednesday, October 8th. Three equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, ConnectOne Bancorp currently has a consensus rating of “Moderate Buy” and an average price target of $29.50.

ConnectOne Bancorp Trading Up 0.8%

The firm has a 50-day moving average of $24.97 and a 200 day moving average of $24.51. The company has a market cap of $1.40 billion, a P/E ratio of 22.50 and a beta of 1.15. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.73.

ConnectOne Bancorp (NASDAQ:CNOB) last issued its quarterly earnings results on Thursday, October 30th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.68 by $0.02. The firm had revenue of $110.78 million for the quarter, compared to analyst estimates of $111.20 million. ConnectOne Bancorp had a return on equity of 8.22% and a net margin of 9.90%. On average, analysts predict that ConnectOne Bancorp, Inc. will post 2.23 earnings per share for the current fiscal year.

ConnectOne Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 1st. Investors of record on Friday, November 14th were paid a dividend of $0.18 per share. The ex-dividend date of this dividend was Friday, November 14th. This represents a $0.72 annualized dividend and a yield of 2.6%. ConnectOne Bancorp’s dividend payout ratio is currently 58.06%.

Hedge Funds Weigh In On ConnectOne Bancorp

Several institutional investors have recently made changes to their positions in the stock. Wellington Management Group LLP increased its holdings in ConnectOne Bancorp by 76.8% during the 3rd quarter. Wellington Management Group LLP now owns 2,882,584 shares of the financial services provider’s stock worth $71,517,000 after purchasing an additional 1,252,614 shares in the last quarter. Kennedy Capital Management LLC bought a new position in shares of ConnectOne Bancorp in the third quarter valued at approximately $18,974,000. Algebris UK Ltd. purchased a new position in shares of ConnectOne Bancorp during the third quarter valued at approximately $15,379,000. Nuveen LLC purchased a new position in shares of ConnectOne Bancorp during the first quarter valued at approximately $8,311,000. Finally, Geode Capital Management LLC grew its holdings in ConnectOne Bancorp by 33.1% during the second quarter. Geode Capital Management LLC now owns 1,160,058 shares of the financial services provider’s stock worth $26,870,000 after buying an additional 288,530 shares in the last quarter. Institutional investors and hedge funds own 67.70% of the company’s stock.

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.