Piper Sandler Issues Positive Forecast for ConnectOne Bancorp (NASDAQ:CNOB) Stock Price

ConnectOne Bancorp (NASDAQ:CNOB) had its target price lifted by equities researchers at Piper Sandler from $34.00 to $38.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the financial services provider’s stock. Piper Sandler’s price target would suggest a potential upside of 14.23% from the stock’s current price.

A number of other research firms also recently commented on CNOB. Weiss Ratings raised ConnectOne Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, May 20th. Keefe, Bruyette & Woods upped their price target on ConnectOne Bancorp from $32.00 to $34.00 and gave the company an “outperform” rating in a research report on Friday, April 24th. Hovde Group raised their price objective on ConnectOne Bancorp from $32.00 to $34.00 and gave the stock an “outperform” rating in a research note on Friday, April 24th. Finally, Raymond James Financial reaffirmed a “strong-buy” rating and issued a $34.00 price objective on shares of ConnectOne Bancorp in a report on Monday, April 27th. One analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the company’s stock. According to data from MarketBeat, ConnectOne Bancorp presently has an average rating of “Buy” and a consensus target price of $35.00.

ConnectOne Bancorp Trading Down 0.3%

NASDAQ CNOB opened at $33.27 on Friday. The company has a market capitalization of $1.67 billion, a price-to-earnings ratio of 19.25 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 has a 12 month low of $22.07 and a 12 month high of $33.66. The company’s fifty day moving average price is $30.30 and its two-hundred day moving average price is $28.18.

ConnectOne Bancorp (NASDAQ:CNOB) last issued its earnings results on Thursday, April 23rd. The financial services provider reported $0.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.73 by $0.06. ConnectOne Bancorp had a net margin of 13.21% and a return on equity of 10.17%. The business had revenue of $116.64 million for the quarter, compared to analyst estimates of $119.59 million. As a group, research analysts predict that ConnectOne Bancorp will post 3.3 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ConnectOne Bancorp

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in ConnectOne Bancorp by 2.2% in the fourth quarter. Vanguard Group Inc. now owns 2,914,268 shares of the financial services provider’s stock worth $76,412,000 after purchasing an additional 63,214 shares during the period. Wellington Management Group LLP increased its stake in ConnectOne Bancorp by 76.8% during the 3rd quarter. Wellington Management Group LLP now owns 2,882,584 shares of the financial services provider’s stock valued at $71,517,000 after buying an additional 1,252,614 shares during the period. Dimensional Fund Advisors LP increased its stake in ConnectOne Bancorp by 1.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,853,964 shares of the financial services provider’s stock valued at $76,400,000 after buying an additional 37,657 shares during the period. Bank of America Corp DE raised its position in shares of ConnectOne Bancorp by 1.0% during the 1st quarter. Bank of America Corp DE now owns 922,378 shares of the financial services provider’s stock worth $24,692,000 after buying an additional 9,146 shares in the last quarter. Finally, Kennedy Capital Management LLC raised its position in shares of ConnectOne Bancorp by 13.0% during the 4th quarter. Kennedy Capital Management LLC now owns 863,983 shares of the financial services provider’s stock worth $22,654,000 after buying an additional 99,228 shares in the last quarter. 67.70% of the stock is currently owned by 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.