ConnectOne Bancorp, Inc. (NASDAQ:CNOB) Stock Rated "Moderate Buy" by Wall Street Brokerages

Key Points

• ConnectOne Bancorp has a “Moderate Buy” consensus rating from five analysts, with four buys and one hold; the average 12-month price target is $35.00.
• The company exceeded quarterly expectations, reporting $0.84 EPS versus the $0.82 consensus and revenue of $122.77 million versus $121.55 million expected.
• Institutional investors and hedge funds own 67.7% of the stock, while ConnectOne maintains a quarterly dividend of $0.195 per share, equivalent to a 2.5% annual yield.

Shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Get Free Report) have been assigned an average recommendation of "Moderate Buy" from the five research firms that are presently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $35.00.

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

Hedge Funds Weigh In On ConnectOne Bancorp

Several large investors have recently made changes to their positions in CNOB. Integrated Wealth Concepts LLC acquired a new stake in ConnectOne Bancorp during the second quarter valued at $58,000. Squarepoint Ops LLC increased its holdings in ConnectOne Bancorp by 36.4% in the second quarter. Squarepoint Ops LLC now owns 259,988 shares of the financial services provider's stock valued at $8,694,000 after buying an additional 69,386 shares in the last quarter. Allworth Financial LP raised its position in shares of ConnectOne Bancorp by 32.4% in the second quarter. Allworth Financial LP now owns 1,557 shares of the financial services provider's stock worth $52,000 after acquiring an additional 381 shares during the period. Nykredit A S purchased a new stake in shares of ConnectOne Bancorp during the 2nd quarter worth about $39,000. Finally, Susquehanna Fundamental Investments LLC boosted its stake in shares of ConnectOne Bancorp by 19.7% during the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 62,099 shares of the financial services provider's stock worth $2,077,000 after acquiring an additional 10,212 shares in the last quarter. 67.70% of the stock is currently owned by institutional investors and hedge funds.

ConnectOne Bancorp Trading Up 1.3%

Shares of ConnectOne Bancorp stock opened at $30.89 on Friday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.04 and a quick ratio of 1.04. The firm has a fifty day moving average price of $32.31 and a 200 day moving average price of $30.57. ConnectOne Bancorp has a 1 year low of $23.20 and a 1 year high of $34.14. The stock has a market cap of $1.55 billion, a PE ratio of 10.13 and a beta of 1.03.

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) last posted its earnings results on Thursday, July 23rd. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.82 by $0.02. The company had revenue of $122.77 million during the quarter, compared to the consensus estimate of $121.55 million. ConnectOne Bancorp had a net margin of 20.21% and a return on equity of 11.24%. Equities research analysts predict that ConnectOne Bancorp will post 3.37 earnings per share for the current year.

ConnectOne Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th were paid a dividend of $0.1950 per share. The ex-dividend date of this dividend was Friday, August 14th. This represents a $0.78 dividend on an annualized basis and a dividend yield of 2.5%. ConnectOne Bancorp's dividend payout ratio (DPR) is presently 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 deposit accounts, commercial and residential real estate financing, business loans, lines of credit, consumer lending and other banking services.

ConnectOne also offers treasury management, cash-management and digital banking solutions designed to help business and institutional clients manage payments, deposits and liquidity.

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