ConnectOne Bancorp, Inc. (NASDAQ:CNOB) Given Consensus Recommendation of "Buy" by Brokerages

Key Points

• Analysts have a consensus rating of Buy on ConnectOne (five covering firms: two strong buys, two buys, one hold) with an average 12‑month price target of $33.00 and recent price‑target increases to $34 by some brokers.
• ConnectOne reported Q1 EPS of $0.79, beating estimates by $0.06 while revenue of $116.64M slightly missed expectations, and analysts forecast about 3.18 EPS for the year.
• The company raised its quarterly dividend to $0.195 (from $0.18), an annualized $0.78 representing roughly a 2.6% yield and a payout ratio of 41.62%.

Shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Get Free Report) have been assigned an average rating of "Buy" from the five ratings firms that are currently covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a hold recommendation, two have given a buy recommendation and two have given a strong buy recommendation to the company. The average twelve-month target price among brokers that have covered the stock in the last year is $33.00.

CNOB has been the topic of several research reports. Wall Street Zen downgraded ConnectOne Bancorp from a "buy" rating to a "hold" rating in a research report on Saturday, January 10th. Hovde Group increased their price target on ConnectOne Bancorp from $32.00 to $34.00 and gave the stock an "outperform" rating in a research report on Friday. Keefe, Bruyette & Woods increased their price target on ConnectOne Bancorp from $32.00 to $34.00 and gave the stock an "outperform" rating in a research report on Friday. Weiss Ratings reissued a "hold (c)" rating on shares of ConnectOne Bancorp in a research report on Wednesday, January 21st. Finally, Piper Sandler assumed coverage on ConnectOne Bancorp in a research report on Monday, March 16th. They set an "overweight" rating and a $31.00 price target on the stock.

Institutional Investors Weigh In On ConnectOne Bancorp

A number of large investors have recently added to or reduced their stakes in CNOB. Wellington Management Group LLP grew its position in ConnectOne Bancorp by 76.8% during the third quarter. Wellington Management Group LLP now owns 2,882,584 shares of the financial services provider's stock worth $71,517,000 after buying an additional 1,252,614 shares in the last quarter. Kennedy Capital Management LLC bought a new stake in ConnectOne Bancorp during the third quarter worth $18,974,000. Algebris UK Ltd. bought a new stake in ConnectOne Bancorp during the third quarter worth $15,379,000. UBS Group AG lifted its stake in ConnectOne Bancorp by 579.2% during the fourth quarter. UBS Group AG now owns 705,119 shares of the financial services provider's stock worth $18,488,000 after purchasing an additional 601,310 shares during the last quarter. Finally, SG Americas Securities LLC bought a new stake in ConnectOne Bancorp during the fourth quarter worth $15,712,000. Institutional investors and hedge funds own 67.70% of the company's stock.

ConnectOne Bancorp Stock Performance

Shares of ConnectOne Bancorp stock traded up $0.93 on Monday, hitting $29.45. The stock had a trading volume of 36,986 shares, compared to its average volume of 320,842. ConnectOne Bancorp has a twelve month low of $21.79 and a twelve month high of $29.50. The business's 50 day moving average is $27.07 and its two-hundred day moving average is $26.39. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.76. The stock has a market cap of $1.48 billion, a price-to-earnings ratio of 17.04 and a beta of 1.08.

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) last posted its earnings results on Thursday, April 23rd. The financial services provider reported $0.79 EPS for the quarter, beating the consensus estimate of $0.73 by $0.06. ConnectOne Bancorp had a return on equity of 10.27% and a net margin of 13.21%.The company had revenue of $116.64 million for the quarter, compared to the consensus estimate of $119.59 million. Analysts forecast that ConnectOne Bancorp will post 3.18 EPS for the current year.

ConnectOne Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Friday, May 15th will be given a dividend of $0.195 per share. This is an increase from ConnectOne Bancorp's previous quarterly dividend of $0.18. This represents a $0.78 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend is Friday, May 15th. ConnectOne Bancorp's dividend payout ratio (DPR) is currently 41.62%.

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.

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