ConnectOne Bancorp (NASDAQ:CNOB) Reaches New 1-Year High – Here’s What Happened

ConnectOne Bancorp, Inc. (NASDAQ:CNOB)’s share price hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $30.80 and last traded at $30.71, with a volume of 66916 shares changing hands. The stock had previously closed at $30.60.

Analysts Set New Price Targets

CNOB has been the subject of several research reports. Hovde Group lifted their price target on ConnectOne Bancorp from $32.00 to $34.00 and gave the company an “outperform” rating in a report on Friday, April 24th. Raymond James Financial reiterated a “strong-buy” rating and set a $34.00 price target on shares of ConnectOne Bancorp in a report on Monday, April 27th. Weiss Ratings upgraded ConnectOne Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, May 20th. Piper Sandler initiated coverage on ConnectOne Bancorp in a report on Monday, March 16th. They set an “overweight” rating and a $31.00 price target for the company. Finally, Keefe, Bruyette & Woods lifted their price target on ConnectOne Bancorp from $32.00 to $34.00 and gave the company an “outperform” rating in a report on Friday, April 24th. Two analysts have rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company. According to MarketBeat.com, ConnectOne Bancorp currently has an average rating of “Buy” and a consensus target price of $33.25.

ConnectOne Bancorp Price Performance

The stock has a 50 day moving average of $28.87 and a two-hundred day moving average of $27.42. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.97 and a current ratio of 0.97. The firm has a market capitalization of $1.54 billion, a P/E ratio of 17.72 and a beta of 1.06.

ConnectOne Bancorp (NASDAQ:CNOB) last issued its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $0.79 earnings per share for the quarter, beating analysts’ consensus estimates of $0.73 by $0.06. ConnectOne Bancorp had a return on equity of 10.17% and a net margin of 13.21%.The business had revenue of $116.64 million for the quarter, compared to the consensus estimate of $119.59 million. Sell-side analysts predict that ConnectOne Bancorp, Inc. will post 3.3 earnings per share for the current fiscal year.

ConnectOne Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 15th were paid a $0.195 dividend. This represents a $0.78 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend was Friday, May 15th. This is a positive change from ConnectOne Bancorp’s previous quarterly dividend of $0.18. ConnectOne Bancorp’s dividend payout ratio (DPR) is 45.09%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Stieven Capital Advisors L.P. increased its position in ConnectOne Bancorp by 29.3% in the 3rd quarter. Stieven Capital Advisors L.P. now owns 700,739 shares of the financial services provider’s stock worth $17,385,000 after buying an additional 158,672 shares during the period. Endeavour Capital Advisors Inc. bought a new position in ConnectOne Bancorp in the 3rd quarter worth approximately $1,787,000. Kennedy Capital Management LLC bought a new position in ConnectOne Bancorp in the 3rd quarter worth approximately $18,974,000. SG Americas Securities LLC bought a new position in ConnectOne Bancorp in the 4th quarter worth approximately $15,712,000. Finally, UBS Group AG increased its position in ConnectOne Bancorp by 579.2% in the 4th quarter. UBS Group AG now owns 705,119 shares of the financial services provider’s stock worth $18,488,000 after buying an additional 601,310 shares during the period. 67.70% of the stock is owned by institutional investors.

ConnectOne Bancorp Company Profile

ConnectOne Bancorp is a New Jersey‐based bank holding company whose primary subsidiary, ConnectOne Bank, offers a suite of commercial banking services to small and medium‐sized businesses, professionals and individuals. Established in 2005 and headquartered in Englewood Cliffs, New Jersey, the company seeks to deliver customized lending and deposit solutions through a network of branches across northern New Jersey and the New York metropolitan area.

The company’s lending portfolio centers on commercial real estate financing, construction lending, owner‐occupied real estate loans and working capital lines of credit.