ConnectOne Bancorp, Inc. (CNOB) - What Are Brokerages Saying About This Stock?

Key Points

• Analysts are moderately bullish on ConnectOne Bancorp, with four buy ratings and one hold among five firms. The average 12-month price target is $35, compared with a recent share price of $30.18.
• Institutional investors and hedge funds own 67.7% of the stock, with BlackRock, Bank of America and other major institutions recently establishing or increasing positions.
• ConnectOne Bancorp exceeded quarterly expectations, reporting $0.84 earnings per share versus the $0.82 consensus and $122.77 million in revenue. It also pays a quarterly dividend of $0.195 per share, representing a 2.6% annualized yield.

ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Get Free Report) has been assigned an average recommendation of "Moderate Buy" from the five research firms that are presently covering the company, MarketBeat.com reports. One 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 objective among brokers that have updated their coverage on the stock in the last year is $35.00.

Several equities research analysts have commented on the stock. Raymond James Financial reissued a "market perform" rating on shares of ConnectOne Bancorp in a research report on Wednesday, July 1st. Piper Sandler increased their price objective on shares of ConnectOne Bancorp from $34.00 to $38.00 and gave the stock an "overweight" rating in a research note on Friday, June 26th. Finally, Weiss Ratings restated a "buy (b)" rating on shares of ConnectOne Bancorp in a report on Monday, August 17th.

Hedge Funds Weigh In On ConnectOne Bancorp

A number of institutional investors have recently added to or reduced their stakes in CNOB. BlackRock Inc. bought a new stake in ConnectOne Bancorp during the second quarter worth $159,462,000. Dimensional Fund Advisors LP lifted its stake in ConnectOne Bancorp by 1.3% in the first quarter. Dimensional Fund Advisors LP now owns 2,853,964 shares of the financial services provider's stock valued at $76,400,000 after acquiring an additional 37,657 shares during the last quarter. Bank of America Corp DE bought a new position in shares of ConnectOne Bancorp in the 2nd quarter valued at about $29,505,000. The Manufacturers Life Insurance Company bought a new position in shares of ConnectOne Bancorp in the 2nd quarter valued at about $9,952,000. Finally, Bank of New York Mellon Corp bought a new position in shares of ConnectOne Bancorp in the 2nd quarter valued at about $9,501,000. 67.70% of the stock is currently owned by institutional investors and hedge funds.

ConnectOne Bancorp Stock Down 0.9%

Shares of ConnectOne Bancorp stock opened at $30.18 on Tuesday. The business's 50 day simple moving average is $31.40 and its 200 day simple moving average is $31.08. ConnectOne Bancorp has a 52-week low of $23.20 and a 52-week high of $34.14. The firm has a market cap of $1.52 billion, a PE ratio of 9.90 and a beta of 1.08. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.04 and a current ratio of 1.04.

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.82 by $0.02. ConnectOne Bancorp had a net margin of 20.21% and a return on equity of 11.24%. The company had revenue of $122.77 million during the quarter, compared to analysts' expectations of $121.55 million. On average, analysts predict that ConnectOne Bancorp will post 3.35 earnings per share for the current fiscal year.

ConnectOne Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Friday, August 14th were given a dividend of $0.1950 per share. The ex-dividend date of this dividend was Friday, August 14th. This represents a $0.78 annualized dividend and a yield of 2.6%. ConnectOne Bancorp's dividend payout ratio is 25.57%.

About ConnectOne Bancorp

ConnectOne Bancorp, Inc is the parent company of ConnectOne Bank, a full-service commercial bank serving businesses, professionals, nonprofit organizations and individuals. The bank provides lending, deposit and cash-management services, with a focus on relationship-based banking and customized financial solutions.

ConnectOne Bank offers commercial and residential real estate loans, commercial and industrial financing, construction lending, mortgages, personal loans, checking and savings accounts, treasury-management services, online and mobile banking, and wealth-management solutions.

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