ConnectOne Bancorp, Inc. (NASDAQ:CNOB) Receives Consensus Recommendation of “Buy” from Analysts

ConnectOne Bancorp, Inc. (NASDAQ:CNOB) has earned a consensus recommendation of “Buy” from the four analysts that are currently covering the company, Marketbeat.com reports. Three research analysts have rated the stock with a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month target price among analysts that have covered the stock in the last year is $25.25.

Several brokerages recently commented on CNOB. Keefe, Bruyette & Woods upped their price target on shares of ConnectOne Bancorp from $25.00 to $27.00 and gave the company an “outperform” rating in a report on Friday, January 26th. Raymond James upped their target price on ConnectOne Bancorp from $26.00 to $28.00 and gave the company a “strong-buy” rating in a research note on Monday, January 29th. Finally, Piper Sandler increased their price target on ConnectOne Bancorp from $24.00 to $25.00 and gave the stock an “overweight” rating in a report on Friday, January 26th.

Institutional Investors Weigh In On ConnectOne Bancorp

A number of institutional investors and hedge funds have recently bought and sold shares of CNOB. Parallel Advisors LLC grew its position in shares of ConnectOne Bancorp by 206.8% during the 4th quarter. Parallel Advisors LLC now owns 1,123 shares of the financial services provider’s stock worth $26,000 after buying an additional 757 shares in the last quarter. Sound Income Strategies LLC purchased a new stake in ConnectOne Bancorp in the fourth quarter worth about $53,000. GAMMA Investing LLC bought a new position in ConnectOne Bancorp during the 4th quarter worth about $80,000. Quest Partners LLC purchased a new position in ConnectOne Bancorp during the 4th quarter valued at about $165,000. Finally, Bryn Mawr Capital Management LLC purchased a new position in ConnectOne Bancorp during the 4th quarter valued at about $207,000. 67.70% of the stock is owned by institutional investors.

ConnectOne Bancorp Price Performance

Shares of ConnectOne Bancorp stock opened at $18.88 on Tuesday. The stock has a 50 day moving average price of $19.26 and a 200-day moving average price of $20.06. ConnectOne Bancorp has a one year low of $13.11 and a one year high of $24.44. The stock has a market cap of $723.67 million, a price-to-earnings ratio of 9.12 and a beta of 1.25. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.14 and a current ratio of 1.14.

ConnectOne Bancorp (NASDAQ:CNOB) last posted its quarterly earnings data on Thursday, January 25th. The financial services provider reported $0.50 EPS for the quarter, topping the consensus estimate of $0.47 by $0.03. ConnectOne Bancorp had a net margin of 17.26% and a return on equity of 8.14%. The company had revenue of $66.03 million during the quarter, compared to analyst estimates of $65.50 million. Equities analysts expect that ConnectOne Bancorp will post 1.76 EPS for the current year.

ConnectOne Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Thursday, February 15th were paid a $0.17 dividend. The ex-dividend date of this dividend was Wednesday, February 14th. This represents a $0.68 annualized dividend and a yield of 3.60%. ConnectOne Bancorp’s dividend payout ratio (DPR) is currently 32.85%.

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.