ConnectOne Bancorp (NASDAQ:CNOB) Research Coverage Started at Piper Sandler

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

Several other research firms have also weighed in on CNOB. Wall Street Zen raised ConnectOne Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, August 2nd. Weiss Ratings restated a “hold (c)” rating on shares of ConnectOne Bancorp in a report on Wednesday, October 8th. Three 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, ConnectOne Bancorp currently has an average rating of “Moderate Buy” and a consensus target price of $29.50.

ConnectOne Bancorp Trading Down 0.9%

Shares of NASDAQ CNOB opened at $24.34 on Friday. ConnectOne Bancorp has a fifty-two week low of $20.61 and a fifty-two week high of $29.31. The firm has a market capitalization of $1.22 billion, a P/E ratio of 27.98 and a beta of 1.18. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.97 and a quick ratio of 0.97. The company’s 50 day simple moving average is $24.89 and its 200 day simple moving average is $24.11.

ConnectOne Bancorp (NASDAQ:CNOB) last issued its earnings results on Thursday, October 30th. The financial services provider reported $0.70 EPS for the quarter, beating the consensus estimate of $0.68 by $0.02. The company had revenue of $110.78 million during the quarter, compared to analysts’ expectations of $111.20 million. ConnectOne Bancorp had a net margin of 6.85% and a return on equity of 7.12%. On average, analysts predict that ConnectOne Bancorp will post 2.23 EPS for the current year.

ConnectOne Bancorp Announces Dividend

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

Insider Transactions at ConnectOne Bancorp

In other ConnectOne Bancorp news, EVP Joseph T. Javitz sold 1,700 shares of the firm’s stock in a transaction that occurred on Wednesday, September 3rd. The shares were sold at an average price of $25.46, for a total transaction of $43,282.00. Following the sale, the executive vice president directly owned 21,146 shares in the company, valued at approximately $538,377.16. This trade represents a 7.44% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 6.24% of the company’s stock.

Institutional Investors Weigh In On ConnectOne Bancorp

Several large investors have recently made changes to their positions in CNOB. Endeavour Capital Advisors Inc. acquired a new stake in shares of ConnectOne Bancorp during the third quarter worth $1,787,000. CenterBook Partners LP raised its stake in shares of ConnectOne Bancorp by 84.0% in the 3rd quarter. CenterBook Partners LP now owns 54,349 shares of the financial services provider’s stock valued at $1,348,000 after purchasing an additional 24,813 shares during the period. State of New Jersey Common Pension Fund D raised its stake in shares of ConnectOne Bancorp by 6.0% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 88,223 shares of the financial services provider’s stock valued at $2,189,000 after purchasing an additional 5,032 shares during the period. Ground Swell Capital LLC bought a new stake in shares of ConnectOne Bancorp in the third quarter valued at about $224,000. Finally, Arizona State Retirement System boosted its position in shares of ConnectOne Bancorp by 29.9% during the third quarter. Arizona State Retirement System now owns 14,103 shares of the financial services provider’s stock worth $350,000 after buying an additional 3,248 shares during the period. Institutional investors 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.