ConnectOne Bancorp, Inc. (NASDAQ:CNOB) Given Average Rating of "Moderate Buy" by Analysts

Key Points

• Analysts rate ConnectOne Bancorp “Moderate Buy,” with four buy ratings and one hold rating. The average 12-month price target is $35.00, slightly above the reported $33.42 share price.
• Institutional investors hold 67.7% of the company, with Wellington Management, UBS Group and Algebris UK among investors that increased their positions.
• ConnectOne Bancorp beat quarterly earnings expectations with $0.84 in EPS versus $0.82 forecast, and announced a quarterly dividend of $0.195 per share, representing a 2.3% yield.

Shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Get Free Report) have earned an average rating of "Moderate Buy" from the five brokerages that are presently covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $35.00.

A number of research analysts have weighed in on the stock. Piper Sandler raised their price objective on shares of ConnectOne Bancorp from $34.00 to $38.00 and gave the company an "overweight" rating in a research note on Friday, June 26th. Keefe, Bruyette & Woods boosted their target price on shares of ConnectOne Bancorp from $32.00 to $34.00 and gave the stock an "outperform" rating in a research report on Friday, April 24th. Weiss Ratings upgraded shares of ConnectOne Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday, May 20th. Raymond James Financial reaffirmed a "market perform" rating on shares of ConnectOne Bancorp in a research report on Wednesday, July 1st. Finally, Hovde Group lifted their price target on ConnectOne Bancorp from $32.00 to $34.00 and gave the company an "outperform" rating in a research note on Friday, April 24th.

Institutional Investors Weigh In On ConnectOne Bancorp

Institutional investors and hedge funds have recently bought and sold shares of the stock. Wellington Management Group LLP grew its stake in shares of ConnectOne Bancorp by 76.8% in 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 acquiring an additional 1,252,614 shares in the last quarter. UBS Group AG lifted its position in shares of ConnectOne Bancorp by 579.2% during the fourth quarter. UBS Group AG now owns 705,119 shares of the financial services provider's stock valued at $18,488,000 after purchasing an additional 601,310 shares in the last quarter. Algebris UK Ltd. lifted its position in shares of ConnectOne Bancorp by 36.5% during the fourth quarter. Algebris UK Ltd. now owns 846,865 shares of the financial services provider's stock valued at $22,215,000 after purchasing an additional 226,523 shares in the last quarter. Millennium Management LLC purchased a new position in ConnectOne Bancorp during the third quarter worth about $4,180,000. Finally, BW Gestao de Investimentos Ltda. bought a new stake in ConnectOne Bancorp in the 4th quarter worth about $4,261,000. 67.70% of the stock is owned by hedge funds and other institutional investors.

ConnectOne Bancorp Price Performance

Shares of NASDAQ CNOB opened at $33.42 on Thursday. The firm's 50-day moving average price is $32.36 and its 200-day moving average price is $29.41. The firm has a market capitalization of $1.68 billion, a P/E ratio of 10.96 and a beta of 1.05. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.14. ConnectOne Bancorp has a 1-year low of $22.54 and a 1-year high of $34.14.

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.84 EPS for the quarter, beating the consensus estimate of $0.82 by $0.02. ConnectOne Bancorp had a return on equity of 11.35% and a net margin of 20.21%.The firm had revenue of $121.57 million during the quarter, compared to the consensus estimate of $121.55 million. Equities research analysts anticipate that ConnectOne Bancorp will post 3.37 earnings per share for the current fiscal year.

ConnectOne Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be given a dividend of $0.195 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $0.78 annualized dividend and a dividend yield of 2.3%. ConnectOne Bancorp's payout ratio is presently 25.57%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source