ConnectOne Bancorp (NASDAQ:CNOB) Hits New 12-Month High – What’s Next?

Shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB) hit a new 52-week high on Wednesday . The stock traded as high as $29.02 and last traded at $28.83, with a volume of 25587 shares. The stock had previously closed at $28.26.

Wall Street Analyst Weigh In

CNOB has been the topic of several research reports. StockNews.com raised ConnectOne Bancorp from a “sell” rating to a “hold” rating in a research report on Wednesday, November 6th. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $26.00 price target (up previously from $22.00) on shares of ConnectOne Bancorp in a research note on Friday, July 26th. Finally, Piper Sandler upped their price target on ConnectOne Bancorp from $22.00 to $25.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th.

ConnectOne Bancorp Stock Performance

The firm has a 50 day moving average of $25.30 and a two-hundred day moving average of $22.26. The stock has a market cap of $1.06 billion, a P/E ratio of 15.85 and a beta of 1.25. 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 Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 15th will be issued a $0.18 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $0.72 annualized dividend and a yield of 2.61%. ConnectOne Bancorp’s dividend payout ratio (DPR) is 41.38%.

Hedge Funds Weigh In On ConnectOne Bancorp

Several large investors have recently added to or reduced their stakes in CNOB. Copeland Capital Management LLC acquired a new position in shares of ConnectOne Bancorp in the 3rd quarter worth approximately $53,000. Bryn Mawr Capital Management LLC acquired a new position in shares of ConnectOne Bancorp in the 2nd quarter worth approximately $171,000. Evergreen Capital Management LLC acquired a new position in shares of ConnectOne Bancorp in the 2nd quarter worth approximately $196,000. Palouse Capital Management Inc. raised its holdings in shares of ConnectOne Bancorp by 25.1% in the 3rd quarter. Palouse Capital Management Inc. now owns 8,022 shares of the financial services provider’s stock worth $201,000 after buying an additional 1,607 shares in the last quarter. Finally, SG Americas Securities LLC acquired a new position in shares of ConnectOne Bancorp in the 3rd quarter worth approximately $246,000. 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.