ConnectOne Bancorp (NASDAQ:CNOB) Receives “Market Perform” Rating from Keefe, Bruyette & Woods

Keefe, Bruyette & Woods restated their market perform rating on shares of ConnectOne Bancorp (NASDAQ:CNOB) in a report published on Friday, MarketBeat Ratings reports. They currently have a $22.00 price target on the financial services provider’s stock, down from their previous price target of $24.00.

Separately, StockNews.com upgraded shares of ConnectOne Bancorp from a sell rating to a hold rating in a report on Friday, May 10th. Two investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and an average target price of $24.00.

ConnectOne Bancorp Price Performance

Shares of NASDAQ:CNOB opened at $18.24 on Friday. The firm has a market cap of $699.14 million, a PE ratio of 9.65 and a beta of 1.27. The firm’s fifty day moving average is $19.18 and its 200-day moving average is $20.49. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.01 and a current ratio of 1.01. ConnectOne Bancorp has a 52 week low of $14.21 and a 52 week high of $24.44.

ConnectOne Bancorp (NASDAQ:CNOB) last issued its quarterly earnings results on Thursday, April 25th. The financial services provider reported $0.41 EPS for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.01). The business had revenue of $64.15 million for the quarter, compared to analyst estimates of $63.93 million. ConnectOne Bancorp had a return on equity of 7.39% and a net margin of 15.29%. Sell-side analysts predict that ConnectOne Bancorp will post 1.67 earnings per share for the current year.

ConnectOne Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 3rd. Investors of record on Wednesday, May 15th were issued a $0.18 dividend. This is a positive change from ConnectOne Bancorp’s previous quarterly dividend of $0.17. The ex-dividend date of this dividend was Tuesday, May 14th. This represents a $0.72 annualized dividend and a yield of 3.95%. ConnectOne Bancorp’s payout ratio is presently 38.10%.

Hedge Funds Weigh In On ConnectOne Bancorp

Institutional investors have recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. raised its holdings in shares of ConnectOne Bancorp by 16.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 397,188 shares of the financial services provider’s stock valued at $7,082,000 after purchasing an additional 55,682 shares during the period. B. Riley Wealth Advisors Inc. acquired a new position in shares of ConnectOne Bancorp during the third quarter valued at about $1,086,000. Swiss National Bank raised its holdings in shares of ConnectOne Bancorp by 1.2% during the third quarter. Swiss National Bank now owns 81,900 shares of the financial services provider’s stock valued at $1,460,000 after purchasing an additional 1,000 shares during the period. FMR LLC raised its holdings in shares of ConnectOne Bancorp by 27.0% during the third quarter. FMR LLC now owns 3,500,507 shares of the financial services provider’s stock valued at $62,414,000 after purchasing an additional 743,209 shares during the period. Finally, Knights of Columbus Asset Advisors LLC raised its holdings in shares of ConnectOne Bancorp by 118.2% during the fourth quarter. Knights of Columbus Asset Advisors LLC now owns 246,232 shares of the financial services provider’s stock valued at $5,641,000 after purchasing an additional 133,384 shares during the period. Institutional investors and hedge funds own 67.70% of the company’s stock.

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.