ConnectOne Bancorp, Inc. (NASDAQ:CNOB) Receives $35.00 Average Target Price from Analysts

Shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB) have been assigned an average recommendation of “Moderate Buy” from the five research firms that are presently covering the company, Marketbeat reports. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating on the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $35.00.

CNOB has been the subject of several research reports. Hovde Group increased their target price on shares of ConnectOne Bancorp from $32.00 to $34.00 and gave the company an “outperform” rating in a research note on Friday, April 24th. Raymond James Financial restated a “market perform” rating on shares of ConnectOne Bancorp in a research note on Wednesday, July 1st. Weiss Ratings raised ConnectOne Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, May 20th. Piper Sandler lifted their price objective on ConnectOne Bancorp from $34.00 to $38.00 and gave the stock an “overweight” rating in a report on Friday, June 26th. Finally, Keefe, Bruyette & Woods lifted their price target on shares of ConnectOne Bancorp from $32.00 to $34.00 and gave the stock an “outperform” rating in a research note on Friday, April 24th.

Hedge Funds Weigh In On ConnectOne Bancorp

Several institutional investors have recently added to or reduced their stakes in CNOB. Clearstead Advisors LLC raised its stake in shares of ConnectOne Bancorp by 195.6% in the fourth quarter. Clearstead Advisors LLC now owns 1,330 shares of the financial services provider’s stock valued at $35,000 after acquiring an additional 880 shares during the last quarter. Osaic Holdings Inc. boosted its stake in ConnectOne Bancorp by 728.4% in the second quarter. Osaic Holdings Inc. now owns 1,781 shares of the financial services provider’s stock worth $41,000 after purchasing an additional 1,566 shares in the last quarter. State of Wyoming bought a new stake in shares of ConnectOne Bancorp during the fourth quarter worth $73,000. Farther Finance Advisors LLC increased its stake in shares of ConnectOne Bancorp by 129.1% in the fourth quarter. Farther Finance Advisors LLC now owns 3,475 shares of the financial services provider’s stock valued at $91,000 after buying an additional 1,958 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its holdings in shares of ConnectOne Bancorp by 791.0% in the third quarter. Russell Investments Group Ltd. now owns 4,553 shares of the financial services provider’s stock valued at $113,000 after buying an additional 4,042 shares during the last quarter. 67.70% of the stock is owned by institutional investors.

ConnectOne Bancorp Price Performance

Shares of NASDAQ:CNOB opened at $32.41 on Friday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.14. The business has a 50 day moving average price of $31.26 and a 200 day moving average price of $28.66. The company has a market cap of $1.63 billion, a price-to-earnings ratio of 18.73 and a beta of 1.05. ConnectOne Bancorp has a twelve month low of $22.07 and a twelve month high of $33.97.

ConnectOne Bancorp (NASDAQ:CNOB) last issued its quarterly earnings results on Thursday, April 23rd. The financial services provider reported $0.79 EPS for the quarter, topping 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 company had revenue of $116.64 million during the quarter, compared to analyst estimates of $119.59 million. Research analysts predict that ConnectOne Bancorp will post 3.28 earnings per share for the current year.

ConnectOne Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 15th were given a dividend of $0.195 per share. This is a boost from ConnectOne Bancorp’s previous quarterly dividend of $0.18. The ex-dividend date was Friday, May 15th. This represents a $0.78 annualized dividend and a dividend yield of 2.4%. ConnectOne Bancorp’s dividend payout ratio is 45.09%.

About ConnectOne Bancorp

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.