ConnectOne Bancorp (NASDAQ:CNOB) Sets New 1-Year High – What’s Next?

ConnectOne Bancorp, Inc. (NASDAQ:CNOB) reached a new 52-week high on Tuesday . The stock traded as high as $33.14 and last traded at $33.08, with a volume of 371997 shares trading hands. The stock had previously closed at $32.70.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on CNOB shares. Weiss Ratings upgraded ConnectOne Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, May 20th. Hovde Group increased their target price on ConnectOne Bancorp from $32.00 to $34.00 and gave the company an “outperform” rating in a report on Friday, April 24th. Raymond James Financial reissued a “strong-buy” rating and issued a $34.00 target price on shares of ConnectOne Bancorp in a research report on Monday, April 27th. Keefe, Bruyette & Woods boosted their price target on ConnectOne Bancorp from $32.00 to $34.00 and gave the company an “outperform” rating in a research note on Friday, April 24th. Finally, Piper Sandler assumed coverage on ConnectOne Bancorp in a research note on Monday, March 16th. They set an “overweight” rating and a $31.00 price target for the company. Two investment analysts have rated the stock with a Strong Buy rating and three have given a Buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $33.25.

ConnectOne Bancorp Stock Up 1.2%

The company’s 50-day simple moving average is $30.00 and its two-hundred day simple moving average is $28.03. The firm has a market capitalization of $1.66 billion, a P/E ratio of 19.12 and a beta of 1.06. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.97 and a quick ratio of 0.97.

ConnectOne Bancorp (NASDAQ:CNOB) last posted its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $0.79 EPS for the quarter, topping the consensus estimate of $0.73 by $0.06. ConnectOne Bancorp had a return on equity of 10.17% and a net margin of 13.21%.The firm had revenue of $116.64 million during the quarter, compared to analyst estimates of $119.59 million. As a group, research analysts expect that ConnectOne Bancorp, Inc. will post 3.3 earnings per share for the current year.

ConnectOne Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 15th were given a $0.195 dividend. The ex-dividend date was Friday, May 15th. This is a positive change from ConnectOne Bancorp’s previous quarterly dividend of $0.18. This represents a $0.78 dividend on an annualized basis and a yield of 2.4%. ConnectOne Bancorp’s dividend payout ratio (DPR) is currently 45.09%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Clearstead Advisors LLC increased its holdings in ConnectOne Bancorp by 195.6% in the 4th quarter. Clearstead Advisors LLC now owns 1,330 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 880 shares in the last quarter. Osaic Holdings Inc. raised its stake in ConnectOne Bancorp by 728.4% during the 2nd 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. State of Wyoming purchased a new position in ConnectOne Bancorp during the fourth quarter valued at approximately $73,000. Farther Finance Advisors LLC lifted its holdings in ConnectOne Bancorp by 129.1% during the fourth quarter. Farther Finance Advisors LLC now owns 3,475 shares of the financial services provider’s stock valued at $91,000 after purchasing an additional 1,958 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its position in shares of ConnectOne Bancorp by 791.0% in the third quarter. Russell Investments Group Ltd. now owns 4,553 shares of the financial services provider’s stock worth $113,000 after purchasing an additional 4,042 shares during the period. 67.70% of the stock is owned by hedge funds and other institutional investors.

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.