ConnectOne Bancorp, Inc. (NASDAQ:CNOB) Given Average Recommendation of “Buy” by Brokerages

Shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB) have earned an average recommendation of “Buy” from the four brokerages that are presently covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold recommendation, two have given a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $25.00.

CNOB has been the topic of a number of recent analyst reports. Piper Sandler lifted their price target on shares of ConnectOne Bancorp from $22.00 to $25.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $26.00 target price (up previously from $22.00) on shares of ConnectOne Bancorp in a report on Friday, July 26th.

ConnectOne Bancorp Stock Down 0.1 %

ConnectOne Bancorp stock opened at $24.31 on Friday. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.07. ConnectOne Bancorp has a 1-year low of $14.51 and a 1-year high of $26.53. The firm’s fifty day simple moving average is $23.77 and its 200-day simple moving average is $20.66. The company has a market capitalization of $931.88 million, a P/E ratio of 12.86 and a beta of 1.25.

ConnectOne Bancorp (NASDAQ:CNOB) last released its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.40 by $0.06. ConnectOne Bancorp had a return on equity of 7.13% and a net margin of 14.56%. The company had revenue of $134.41 million during the quarter, compared to the consensus estimate of $64.62 million. During the same quarter in the prior year, the company posted $0.51 EPS. Sell-side analysts forecast that ConnectOne Bancorp will post 1.76 earnings per share for the current fiscal year.

ConnectOne Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Thursday, August 15th were paid a $0.18 dividend. The ex-dividend date was Thursday, August 15th. This represents a $0.72 annualized dividend and a dividend yield of 2.96%. ConnectOne Bancorp’s payout ratio is 38.10%.

Institutional Trading of ConnectOne Bancorp

A number of hedge funds have recently bought and sold shares of CNOB. Dimensional Fund Advisors LP raised its position in shares of ConnectOne Bancorp by 2.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,270,093 shares of the financial services provider’s stock valued at $52,009,000 after buying an additional 58,277 shares during the last quarter. Vanguard Group Inc. raised its holdings in ConnectOne Bancorp by 2.6% in the 1st quarter. Vanguard Group Inc. now owns 2,143,706 shares of the financial services provider’s stock valued at $41,802,000 after acquiring an additional 53,563 shares in the last quarter. Kennedy Capital Management LLC lifted its position in shares of ConnectOne Bancorp by 698.1% in the 1st quarter. Kennedy Capital Management LLC now owns 676,791 shares of the financial services provider’s stock worth $13,197,000 after acquiring an additional 591,995 shares during the period. American Century Companies Inc. grew its holdings in shares of ConnectOne Bancorp by 15.6% during the 2nd quarter. American Century Companies Inc. now owns 633,599 shares of the financial services provider’s stock worth $11,969,000 after purchasing an additional 85,437 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of ConnectOne Bancorp by 10.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 438,198 shares of the financial services provider’s stock valued at $10,039,000 after purchasing an additional 41,010 shares during the period. 67.70% of the stock is owned by institutional investors.

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.