ConnectOne Bancorp (NASDAQ:CNOB) Reaches New 52-Week High – Here’s Why

ConnectOne Bancorp, Inc. (NASDAQ:CNOB)’s share price hit a new 52-week high on Wednesday . The company traded as high as $33.72 and last traded at $33.5950, with a volume of 116140 shares. The stock had previously closed at $33.44.

Wall Street Analyst Weigh In

Several analysts recently issued reports on CNOB shares. Weiss Ratings raised ConnectOne Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, May 20th. Hovde Group upped 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. Raymond James Financial reaffirmed a “market perform” rating on shares of ConnectOne Bancorp in a research report on Wednesday. Keefe, Bruyette & Woods boosted their price target on shares of ConnectOne Bancorp from $32.00 to $34.00 and gave the company an “outperform” rating in a report on Friday, April 24th. Finally, Piper Sandler upped their price target on shares of ConnectOne Bancorp from $34.00 to $38.00 and gave the stock an “overweight” rating in a research report on Friday, June 26th. Four research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $35.00.

ConnectOne Bancorp Stock Performance

The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.14. The company has a 50-day moving average price of $30.59 and a 200-day moving average price of $28.32. The firm has a market capitalization of $1.70 billion, a price-to-earnings ratio of 19.55 and a beta of 1.06.

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

ConnectOne Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 15th were given a dividend of $0.195 per share. This is a boost from ConnectOne Bancorp’s previous quarterly dividend of $0.18. The ex-dividend date was Friday, May 15th. This represents a $0.78 dividend on an annualized basis and a yield of 2.3%. ConnectOne Bancorp’s payout ratio is presently 45.09%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of CNOB. Wellington Management Group LLP raised its stake in shares of ConnectOne Bancorp by 76.8% during the third quarter. Wellington Management Group LLP now owns 2,882,584 shares of the financial services provider’s stock valued at $71,517,000 after purchasing an additional 1,252,614 shares in the last quarter. Kennedy Capital Management LLC acquired a new stake in ConnectOne Bancorp in the third quarter worth about $18,974,000. UBS Group AG grew its position in ConnectOne Bancorp by 579.2% in the 4th quarter. UBS Group AG now owns 705,119 shares of the financial services provider’s stock valued at $18,488,000 after buying an additional 601,310 shares in the last quarter. SG Americas Securities LLC bought a new position in ConnectOne Bancorp in the 4th quarter valued at about $15,712,000. Finally, Algebris UK Ltd. increased its stake in ConnectOne Bancorp by 36.5% during the 4th quarter. Algebris UK Ltd. now owns 846,865 shares of the financial services provider’s stock valued at $22,215,000 after buying an additional 226,523 shares during the period. 67.70% of the stock is 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.