ConnectOne Bancorp (NASDAQ:CNOB) Sets New 52-Week High - Should You Buy?

Key Points

• New 52-week high: ConnectOne Bancorp (NASDAQ:CNOB) traded as high as $30.15 (last trade $30.092) on the day with about 270,516 shares changing hands, up from a prior close of $29.45.
• Analyst outlook: The stock carries an average "Buy" rating with a consensus price target of $33.25, though individual ratings range from Hold to Strong Buy (two Strong Buy, two Buy, one Hold).
• Fundamentals and dividend: Q1 EPS beat estimates ($0.79 vs. $0.73) while revenue slightly missed, the quarterly dividend was raised to $0.195 (annualized $0.78, yield ~2.6%), and institutional investors own about 67.7% of the shares.

ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Get Free Report) shares hit a new 52-week high on Tuesday . The company traded as high as $30.15 and last traded at $30.0920, with a volume of 270516 shares traded. The stock had previously closed at $29.45.

Wall Street Analysts Forecast Growth

CNOB has been the subject of a number of recent research reports. Wall Street Zen cut shares of ConnectOne Bancorp from a "buy" rating to a "hold" rating in a research note on Saturday, January 10th. Piper Sandler started coverage on shares of ConnectOne Bancorp in a research report on Monday, March 16th. They set an "overweight" rating and a $31.00 target price on the stock. Weiss Ratings restated a "hold (c)" rating on shares of ConnectOne Bancorp in a research report on Wednesday, January 21st. Raymond James Financial restated a "strong-buy" rating and set a $34.00 target price on shares of ConnectOne Bancorp in a research report on Monday, April 27th. Finally, Hovde Group raised 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. Two analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $33.25.

ConnectOne Bancorp Stock Performance

The stock's 50-day moving average is $27.21 and its 200-day moving average is $26.51. The stock has a market cap of $1.51 billion, a price-to-earnings ratio of 17.39 and a beta of 1.06. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.04 and a quick ratio of 1.04.

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) last announced its earnings results on Thursday, April 23rd. The financial services provider reported $0.79 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.73 by $0.06. ConnectOne Bancorp had a net margin of 13.21% and a return on equity of 10.27%. The firm had revenue of $116.64 million for the quarter, compared to analyst estimates of $119.59 million. Analysts anticipate that ConnectOne Bancorp, Inc. will post 3.26 EPS for the current fiscal year.

ConnectOne Bancorp Increases Dividend

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

Hedge Funds Weigh In On ConnectOne Bancorp

A number of hedge funds have recently made changes to their positions in CNOB. Wellington Management Group LLP boosted its holdings 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 valued at $71,517,000 after purchasing an additional 1,252,614 shares during the last quarter. Kennedy Capital Management LLC acquired a new position in shares of ConnectOne Bancorp in the 3rd quarter valued at $18,974,000. Algebris UK Ltd. acquired a new position in shares of ConnectOne Bancorp in the 3rd quarter valued at $15,379,000. UBS Group AG boosted its holdings in shares of ConnectOne Bancorp by 579.2% in the 4th 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 during the last quarter. Finally, SG Americas Securities LLC acquired a new position in shares of ConnectOne Bancorp in the 4th quarter valued at $15,712,000. Institutional investors and hedge funds own 67.70% of the company's stock.

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.

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