ConnectOne Bancorp (NASDAQ:CNOB) Reaches New 1-Year High – Time to Buy?

ConnectOne Bancorp, Inc. (NASDAQ:CNOB) hit a new 52-week high during trading on Wednesday . The company traded as high as $28.19 and last traded at $27.81, with a volume of 40793 shares traded. The stock had previously closed at $27.71.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on CNOB. Weiss Ratings reiterated a “hold (c)” rating on shares of ConnectOne Bancorp in a research report on Wednesday, October 8th. Piper Sandler began coverage on shares of ConnectOne Bancorp in a research report on Friday, November 7th. They set an “overweight” rating and a $28.00 price objective for the company. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $29.50.

ConnectOne Bancorp Trading Down 2.1%

The company has a debt-to-equity ratio of 0.73, a current ratio of 1.03 and a quick ratio of 1.03. The business’s 50-day simple moving average is $25.08 and its 200-day simple moving average is $24.55. The company has a market cap of $1.39 billion, a price-to-earnings ratio of 22.24 and a beta of 1.15.

ConnectOne Bancorp (NASDAQ:CNOB) last announced its quarterly earnings data on Thursday, October 30th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.68 by $0.02. The business had revenue of $110.78 million for the quarter, compared to the consensus estimate of $111.20 million. ConnectOne Bancorp had a net margin of 9.90% and a return on equity of 8.22%. Research analysts predict that ConnectOne Bancorp, Inc. will post 2.23 earnings per share for the current fiscal year.

ConnectOne Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 1st. Shareholders of record on Friday, November 14th were paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date was Friday, November 14th. ConnectOne Bancorp’s dividend payout ratio is 58.06%.

Hedge Funds Weigh In On ConnectOne Bancorp

Hedge funds have recently bought and sold shares of the company. Webster Bank N. A. acquired a new stake in ConnectOne Bancorp in the second quarter worth about $31,000. Farther Finance Advisors LLC lifted its stake 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 worth $34,000 after acquiring an additional 1,079 shares during the period. Osaic Holdings Inc. boosted its holdings 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 valued at $41,000 after acquiring an additional 1,566 shares in the last quarter. PNC Financial Services Group Inc. increased its stake 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 valued at $43,000 after acquiring an additional 956 shares during the period. Finally, State of Alaska Department of Revenue bought a new stake in ConnectOne Bancorp during the third quarter worth approximately $48,000. 67.70% of the stock is currently owned by institutional investors and hedge funds.

ConnectOne Bancorp Company Profile

ConnectOne Bancorp is a New Jersey‐based bank holding company whose primary subsidiary, ConnectOne Bank, offers a suite of commercial banking services to small and medium‐sized businesses, professionals and individuals. Established in 2005 and headquartered in Englewood Cliffs, New Jersey, the company seeks to deliver customized lending and deposit solutions through a network of branches across northern New Jersey and the New York metropolitan area.

The company’s lending portfolio centers on commercial real estate financing, construction lending, owner‐occupied real estate loans and working capital lines of credit.