ConnectOne Bancorp, Inc. (NASDAQ:CNOB) Stock Now Rated “Moderate Buy” by Sell-Side Analysts

ConnectOne Bancorp, Inc. (NASDAQ:CNOB) has been assigned an average recommendation of “Moderate Buy” from the five brokerages that are covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $35.00.

Several brokerages recently commented on CNOB. Piper Sandler boosted their price target on shares of ConnectOne Bancorp from $34.00 to $38.00 and gave the stock an “overweight” rating in a report on Friday, June 26th. Raymond James Financial reaffirmed a “market perform” rating on shares of ConnectOne Bancorp in a report on Wednesday, July 1st. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of ConnectOne Bancorp in a research note on Monday, August 17th.

ConnectOne Bancorp Stock Up 1.3%

ConnectOne Bancorp stock opened at $30.89 on Friday. The stock has a market capitalization of $1.55 billion, a PE ratio of 10.13 and a beta of 1.03. ConnectOne Bancorp has a 12 month low of $23.20 and a 12 month high of $34.14. The business has a 50 day simple moving average of $32.31 and a 200-day simple moving average of $30.57. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.04 and a quick ratio of 1.04.

ConnectOne Bancorp (NASDAQ:CNOB) last announced its earnings results on Thursday, July 23rd. The financial services provider reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.82 by $0.02. ConnectOne Bancorp had a return on equity of 11.24% and a net margin of 20.21%.The business had revenue of $122.77 million during the quarter, compared to the consensus estimate of $121.55 million. On average, analysts anticipate that ConnectOne Bancorp will post 3.37 EPS for the current fiscal year.

ConnectOne Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Friday, August 14th were issued a $0.1950 dividend. This represents a $0.78 annualized dividend and a yield of 2.5%. The ex-dividend date was Friday, August 14th. ConnectOne Bancorp’s payout ratio is presently 25.57%.

Institutional Investors Weigh In On ConnectOne Bancorp

Several large investors have recently bought and sold shares of the company. Integrated Wealth Concepts LLC acquired a new position in shares of ConnectOne Bancorp during the second quarter valued at approximately $58,000. Squarepoint Ops LLC boosted its stake in shares of ConnectOne Bancorp by 36.4% in the second quarter. Squarepoint Ops LLC now owns 259,988 shares of the financial services provider’s stock worth $8,694,000 after acquiring an additional 69,386 shares during the last quarter. Allworth Financial LP increased its position in shares of ConnectOne Bancorp by 32.4% during the second quarter. Allworth Financial LP now owns 1,557 shares of the financial services provider’s stock worth $52,000 after purchasing an additional 381 shares in the last quarter. Nykredit A S purchased a new stake in shares of ConnectOne Bancorp during the second quarter worth approximately $39,000. Finally, Susquehanna Fundamental Investments LLC raised its stake in ConnectOne Bancorp by 19.7% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 62,099 shares of the financial services provider’s stock valued at $2,077,000 after purchasing an additional 10,212 shares during the last quarter. 67.70% of the stock is currently owned by hedge funds and other institutional investors.

ConnectOne Bancorp Company Profile

ConnectOne Bancorp, Inc is the parent company of ConnectOne Bank, a full-service commercial bank serving businesses, professionals, nonprofit organizations and individuals. The bank provides deposit accounts, commercial and residential real estate financing, business loans, lines of credit, consumer lending and other banking services.

ConnectOne also offers treasury management, cash-management and digital banking solutions designed to help business and institutional clients manage payments, deposits and liquidity.