ConnectOne Bancorp (NASDAQ:CNOB) Shares Cross Above 50 Day Moving Average - Here's Why

Key Points

• Shares of ConnectOne Bancorp moved above their 50-day moving average (50‑day MA $27.21), trading as high as $29.94 and last at $29.45 on volume of 414,881 shares.
• Several analysts have raised or initiated coverage with price targets in the $31–$34 range, leaving a consensus rating of Buy and a $33.25 consensus price target.
• The company beat quarterly EPS estimates ($0.79 vs. $0.73), reported slightly lower-than-expected revenue, and raised its quarterly dividend to $0.195 (annualized $0.78), a 2.6% yield.

Shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Get Free Report) passed above its 50 day moving average during trading on Monday . The stock has a 50 day moving average of $27.21 and traded as high as $29.94. ConnectOne Bancorp shares last traded at $29.45, with a volume of 414,881 shares changing hands.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Keefe, Bruyette & Woods upped their target price on shares of ConnectOne Bancorp from $32.00 to $34.00 and gave the company an "outperform" rating in a report on Friday, April 24th. Hovde Group upped their price target 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. Piper Sandler assumed coverage on shares of ConnectOne Bancorp in a research note on Monday, March 16th. They issued an "overweight" rating and a $31.00 price target on the stock. Raymond James Financial reiterated a "strong-buy" rating and issued a $34.00 price target on shares of ConnectOne Bancorp in a research note on Monday, April 27th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of ConnectOne Bancorp in a research note on Wednesday, January 21st. Two analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $33.25.

ConnectOne Bancorp Stock Performance

The firm has a market cap of $1.48 billion, a price-to-earnings ratio of 17.02 and a beta of 1.06. The stock's 50 day moving average is $27.21 and its 200 day moving average is $26.51. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.76.

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) last announced its quarterly earnings results on Thursday, April 23rd. The financial services provider reported $0.79 EPS for the quarter, beating 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 business 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 earnings per share for the current year.

ConnectOne Bancorp Increases Dividend

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Clearstead Advisors LLC grew its position in shares of ConnectOne Bancorp by 195.6% during the 4th quarter. Clearstead Advisors LLC now owns 1,330 shares of the financial services provider's stock worth $35,000 after purchasing an additional 880 shares in the last quarter. Osaic Holdings Inc. lifted its holdings in shares of ConnectOne Bancorp by 728.4% during the 2nd quarter. Osaic Holdings Inc. now owns 1,781 shares of the financial services provider's stock worth $41,000 after acquiring an additional 1,566 shares during the period. State of Alaska Department of Revenue bought a new stake in shares of ConnectOne Bancorp during the 3rd quarter worth approximately $48,000. State of Wyoming bought a new stake in shares of ConnectOne Bancorp during the 4th quarter worth approximately $73,000. Finally, Farther Finance Advisors LLC lifted its holdings in shares of ConnectOne Bancorp by 129.1% during the 4th quarter. Farther Finance Advisors LLC now owns 3,475 shares of the financial services provider's stock worth $91,000 after acquiring an additional 1,958 shares during the period. Institutional investors and hedge funds own 67.70% of the company's stock.

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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