ConnectOne Bancorp, Inc. (NASDAQ:CNOB) Receives $25.25 Consensus Target Price from Brokerages

ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Get Free Report) has been given a consensus rating of "Buy" by the four brokerages that are covering the company, MarketBeat.com reports. Three analysts have rated the stock with a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $25.25.

A number of analysts have recently weighed in on CNOB shares. Raymond James upped their price target on shares of ConnectOne Bancorp from $26.00 to $28.00 and gave the stock a "strong-buy" rating in a report on Monday, January 29th. Piper Sandler upped their price objective on shares of ConnectOne Bancorp from $24.00 to $25.00 and gave the stock an "overweight" rating in a research report on Friday, January 26th. Finally, Keefe, Bruyette & Woods upped their price objective on shares of ConnectOne Bancorp from $25.00 to $27.00 and gave the stock an "outperform" rating in a research report on Friday, January 26th.

Hedge Funds Weigh In On ConnectOne Bancorp

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. increased its position in ConnectOne Bancorp by 16.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 397,188 shares of the financial services provider's stock valued at $7,082,000 after acquiring an additional 55,682 shares during the period. B. Riley Wealth Advisors Inc. bought a new position in shares of ConnectOne Bancorp in the third quarter valued at $1,086,000. Swiss National Bank lifted its stake in shares of ConnectOne Bancorp by 1.2% in the third quarter. Swiss National Bank now owns 81,900 shares of the financial services provider's stock valued at $1,460,000 after buying an additional 1,000 shares in the last quarter. FMR LLC lifted its stake in shares of ConnectOne Bancorp by 27.0% in the third quarter. FMR LLC now owns 3,500,507 shares of the financial services provider's stock valued at $62,414,000 after buying an additional 743,209 shares in the last quarter. Finally, Vanguard Group Inc. lifted its stake in shares of ConnectOne Bancorp by 0.7% in the third quarter. Vanguard Group Inc. now owns 2,045,578 shares of the financial services provider's stock valued at $36,473,000 after buying an additional 14,564 shares in the last quarter. 67.70% of the stock is currently owned by institutional investors and hedge funds.

ConnectOne Bancorp Stock Performance

NASDAQ CNOB traded up $0.53 during trading on Tuesday, reaching $19.41. The company's stock had a trading volume of 98,379 shares, compared to its average volume of 174,078. The firm has a 50 day moving average price of $19.25 and a 200 day moving average price of $20.07. ConnectOne Bancorp has a 12 month low of $13.11 and a 12 month high of $24.44. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 0.92. The firm has a market capitalization of $743.99 million, a price-to-earnings ratio of 9.38 and a beta of 1.25.

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) last issued its quarterly earnings results on Thursday, January 25th. The financial services provider reported $0.50 earnings per share for the quarter, topping analysts' consensus estimates of $0.47 by $0.03. ConnectOne Bancorp had a net margin of 17.26% and a return on equity of 8.14%. The company had revenue of $66.03 million during the quarter, compared to the consensus estimate of $65.50 million. As a group, equities analysts anticipate that ConnectOne Bancorp will post 1.76 EPS for the current fiscal year.

ConnectOne Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 1st. Shareholders of record on Thursday, February 15th were given a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 3.50%. The ex-dividend date was Wednesday, February 14th. ConnectOne Bancorp's dividend payout ratio (DPR) is currently 32.85%.

About ConnectOne Bancorp

ConnectOne Bancorp, Inc operates as the bank holding company for ConnectOne Bank that provides commercial banking products and services for small and mid-sized businesses, local professionals, and individuals in the New York Metropolitan area and South Florida market. The company offers personal and business checking, money market, and time and savings accounts; credit cards, wire transfers, safe deposit boxes, automated teller services and telephone, and internet and mobile banking.