ConnectOne Bancorp (NASDAQ:CNOB) Coverage Initiated by Analysts at Piper Sandler

Piper Sandler started coverage on shares of ConnectOne Bancorp (NASDAQ:CNOB) in a research note issued to investors on Friday, MarketBeat.com reports. The firm issued an overweight rating and a $28.00 price objective on the financial services provider’s stock.

Several other analysts have also commented on the company. Wall Street Zen upgraded ConnectOne Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, August 2nd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of ConnectOne Bancorp in a research report on Wednesday, October 8th. Three equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $29.50.

ConnectOne Bancorp Stock Down 0.9%

Shares of NASDAQ:CNOB traded down $0.21 during trading on Friday, reaching $24.34. The stock had a trading volume of 280,017 shares, compared to its average volume of 253,015. The firm’s 50-day simple moving average is $24.89 and its 200 day simple moving average is $24.08. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.20. ConnectOne Bancorp has a one year low of $20.61 and a one year high of $29.31. The company has a market capitalization of $1.22 billion, a P/E ratio of 27.98 and a beta of 1.18.

ConnectOne Bancorp (NASDAQ:CNOB) last posted its quarterly earnings data on Thursday, October 30th. The financial services provider reported $0.70 EPS for the quarter, topping the consensus estimate of $0.68 by $0.02. The firm had revenue of $110.78 million during the quarter, compared to analyst estimates of $111.20 million. ConnectOne Bancorp had a net margin of 6.85% and a return on equity of 7.12%. As a group, research analysts expect that ConnectOne Bancorp will post 2.23 EPS for the current fiscal year.

ConnectOne Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Investors of record on Friday, November 14th will be paid a $0.18 dividend. The ex-dividend date is Friday, November 14th. This represents a $0.72 dividend on an annualized basis and a yield of 3.0%. ConnectOne Bancorp’s dividend payout ratio (DPR) is 58.06%.

Insider Buying and Selling

In other ConnectOne Bancorp news, EVP Joseph T. Javitz sold 1,700 shares of the business’s stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $25.46, for a total transaction of $43,282.00. Following the sale, the executive vice president owned 21,146 shares in the company, valued at approximately $538,377.16. The trade was a 7.44% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 6.24% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CNOB. Webster Bank N. A. purchased a new stake in ConnectOne Bancorp in the second quarter valued at approximately $31,000. Farther Finance Advisors LLC boosted its holdings in shares of ConnectOne Bancorp by 275.3% in the 2nd quarter. Farther Finance Advisors LLC now owns 1,471 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 1,079 shares during the last quarter. Osaic Holdings Inc. increased its stake in shares of ConnectOne Bancorp by 728.4% in the second quarter. Osaic Holdings Inc. now owns 1,781 shares of the financial services provider’s stock worth $41,000 after acquiring an additional 1,566 shares during the period. PNC Financial Services Group Inc. raised its holdings in shares of ConnectOne Bancorp by 107.9% during the second quarter. PNC Financial Services Group Inc. now owns 1,842 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 956 shares during the last quarter. Finally, State of Alaska Department of Revenue purchased a new position in shares of ConnectOne Bancorp during the third quarter worth $48,000. 67.70% of the stock is currently owned by hedge funds and other institutional investors.

ConnectOne Bancorp Company Profile

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.