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

ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Get Free Report) has been assigned a consensus recommendation of "Moderate Buy" from the five brokerages that are presently covering the stock, MarketBeat reports. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $35.00.

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

ConnectOne Bancorp Stock Performance

Shares of CNOB stock opened at $31.73 on Monday. The company's 50-day moving average price is $32.77 and its 200-day moving average price is $29.98. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.61. The stock has a market cap of $1.60 billion, a price-to-earnings ratio of 10.40 and a beta of 1.05. ConnectOne Bancorp has a twelve month low of $23.20 and a twelve month 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 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.82 by $0.02. The firm had revenue of $121.57 million during the quarter, compared to analysts' expectations of $121.55 million. ConnectOne Bancorp had a net margin of 20.21% and a return on equity of 11.24%. As a group, equities analysts predict that ConnectOne Bancorp will post 3.37 earnings per share for the current year.

ConnectOne Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th will be given a $0.195 dividend. The ex-dividend date of this dividend is Friday, August 14th. This represents a $0.78 dividend on an annualized basis and a yield of 2.5%. ConnectOne Bancorp's dividend payout ratio is presently 25.57%.

Institutional Investors Weigh In On ConnectOne Bancorp

A number of institutional investors have recently made changes to their positions in the stock. BlackRock Inc. acquired a new position in shares of ConnectOne Bancorp in the 2nd quarter worth approximately $159,462,000. Vanguard Group Inc. raised its position in ConnectOne Bancorp by 2.2% in the fourth quarter. Vanguard Group Inc. now owns 2,914,268 shares of the financial services provider's stock valued at $76,412,000 after purchasing an additional 63,214 shares during the period. Wellington Management Group LLP lifted its stake 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 purchasing an additional 1,252,614 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of ConnectOne Bancorp by 1.3% during the first quarter. Dimensional Fund Advisors LP now owns 2,853,964 shares of the financial services provider's stock worth $76,400,000 after buying an additional 37,657 shares during the period. Finally, California State Teachers Retirement System boosted its position in shares of ConnectOne Bancorp by 3,913.8% during the second quarter. California State Teachers Retirement System now owns 1,768,976 shares of the financial services provider's stock worth $59,155,000 after buying an additional 1,724,904 shares during the period. 67.70% of the stock is currently owned by institutional investors and hedge funds.

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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