ConnectOne Bancorp (NASDAQ:CNOB) Reaches New 1-Year High on Better-Than-Expected Earnings

ConnectOne Bancorp, Inc. (NASDAQ:CNOB) shares hit a new 52-week high during mid-day trading on Friday after the company announced better than expected quarterly earnings. The stock traded as high as $29.50 and last traded at $29.0890, with a volume of 59108 shares. The stock had previously closed at $28.93.

The financial services provider reported $0.79 earnings per share for the quarter, beating the consensus estimate of $0.73 by $0.06. ConnectOne Bancorp had a return on equity of 9.33% and a net margin of 11.83%.The firm had revenue of $116.64 million for the quarter, compared to analysts’ expectations of $119.59 million.

ConnectOne Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 1st. Shareholders of record on Friday, May 15th will be issued a $0.195 dividend. This represents a $0.78 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend is Friday, May 15th. This is an increase from ConnectOne Bancorp’s previous quarterly dividend of $0.18. ConnectOne Bancorp’s payout ratio is 48.00%.

Key ConnectOne Bancorp News

Here are the key news stories impacting ConnectOne Bancorp this week:

• Positive Sentiment: Hovde Group raised its price target to $34 and maintained an “outperform” rating, signaling analyst conviction and providing upside potential versus the stock’s current level.
• Positive Sentiment: The board raised the quarterly common dividend to $0.195 (an 8.3% increase, ~2.7% yield) with a record/ex‑dividend date of May 15 and payment on June 1 — a shareholder‑friendly action that supports income investors and can boost sentiment. Dividend Article
• Positive Sentiment: Business performance highlights: net interest margin widened ~12 bps, the company reported ~10% annualized loan growth and tangible book value per share rose — operational trends that investors generally view positively. Press Release
• Neutral Sentiment: Reported earnings: company press materials and multiple outlets report Q1 EPS of $0.79, which beats consensus (~$0.73); however, revenue of $116.6M missed the ~$119.6M estimate — mixed top‑ and bottom‑line signals for analysts and quant models. Q1 Results
• Negative Sentiment: Conflicting earnings figures surfaced: an earnings call transcript posted by InsiderMonkey records EPS of $0.72 (slightly below the $0.73 consensus), creating short‑term confusion/volatility as investors reconcile different reported metrics. Earnings Call Transcript
• Negative Sentiment: Quarterly net income to common declined modestly sequentially ($36.3M vs. $38.0M in Q4), which tempers the upbeat operating metrics and could concern shorter‑term traders focused on quarter‑over‑quarter momentum. Press Release

Wall Street Analysts Forecast Growth

Several analysts have weighed in on CNOB shares. Wall Street Zen cut ConnectOne Bancorp from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. Hovde Group increased their price objective on ConnectOne Bancorp from $32.00 to $34.00 and gave the company an “outperform” rating in a research report on Friday. Keefe, Bruyette & Woods increased their price objective on ConnectOne Bancorp from $30.00 to $32.00 and gave the company an “outperform” rating in a research report on Friday, January 30th. Weiss Ratings reiterated a “hold (c)” rating on shares of ConnectOne Bancorp in a research report on Wednesday, January 21st. Finally, Piper Sandler started coverage on ConnectOne Bancorp in a research report on Monday, March 16th. They set an “overweight” rating and a $31.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, ConnectOne Bancorp has an average rating of “Buy” and a consensus price target of $32.33.

Hedge Funds Weigh In On ConnectOne Bancorp

Several institutional investors have recently modified their holdings of CNOB. Wellington Management Group LLP grew its position 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 worth $71,517,000 after acquiring an additional 1,252,614 shares during the last quarter. Kennedy Capital Management LLC bought a new position in ConnectOne Bancorp during the 3rd quarter worth approximately $18,974,000. Algebris UK Ltd. bought a new position in ConnectOne Bancorp during the 3rd quarter worth approximately $15,379,000. UBS Group AG grew its position in ConnectOne Bancorp by 579.2% during the 4th quarter. UBS Group AG now owns 705,119 shares of the financial services provider’s stock worth $18,488,000 after acquiring an additional 601,310 shares during the last quarter. Finally, SG Americas Securities LLC bought a new position in ConnectOne Bancorp during the 4th quarter worth approximately $15,712,000. 67.70% of the stock is currently owned by institutional investors.

ConnectOne Bancorp Trading Up 0.2%

The firm has a 50-day moving average of $27.05 and a 200-day moving average of $26.36. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.04 and a current ratio of 1.04. The firm has a market capitalization of $1.46 billion, a P/E ratio of 19.31 and a beta of 1.08.

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.