ConnectOne Bancorp, Inc. (NASDAQ:CNOB) Stock Has Consensus Target Price of $35.00 According to Analysts

ConnectOne Bancorp, Inc. (NASDAQ:CNOB) has been given an average rating of “Moderate Buy” by the five brokerages that are covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $35.00.

A number of equities research analysts have recently commented on the stock. Raymond James Financial reiterated a “market perform” rating on shares of ConnectOne Bancorp in a research report on Wednesday, July 1st. Piper Sandler boosted 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. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of ConnectOne Bancorp in a research note on Monday, August 17th.

ConnectOne Bancorp Stock Down 1.3%

Shares of CNOB opened at $30.21 on Friday. The stock has a 50 day moving average price of $32.14 and a 200 day moving average price of $30.67. ConnectOne Bancorp has a one year low of $23.20 and a one year high of $34.14. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.04 and a current ratio of 1.04. The stock has a market capitalization of $1.52 billion, a price-to-earnings ratio of 9.90 and a beta of 1.03.

ConnectOne Bancorp (NASDAQ:CNOB) last announced its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.84 earnings per share for the quarter, beating analysts’ consensus estimates of $0.82 by $0.02. ConnectOne Bancorp had a return on equity of 11.24% and a net margin of 20.21%.The company had revenue of $122.77 million for the quarter, compared to analyst estimates of $121.55 million. Equities research analysts forecast that ConnectOne Bancorp will post 3.35 earnings per share for the current fiscal year.

ConnectOne Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th were issued a dividend of $0.1950 per share. This represents a $0.78 annualized dividend and a dividend yield of 2.6%. The ex-dividend date was Friday, August 14th. ConnectOne Bancorp’s payout ratio is currently 25.57%.

Institutional Investors Weigh In On ConnectOne Bancorp

Several hedge funds and other institutional investors have recently made changes to their positions in CNOB. BlackRock Inc. acquired a new position in ConnectOne Bancorp during the second quarter worth $159,462,000. Dimensional Fund Advisors LP increased its stake in shares of ConnectOne Bancorp by 1.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,853,964 shares of the financial services provider’s stock worth $76,400,000 after acquiring an additional 37,657 shares during the last quarter. Bank of America Corp DE acquired a new stake in shares of ConnectOne Bancorp in the 2nd quarter worth $29,505,000. Kennedy Capital Management LLC raised its holdings 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 acquiring an additional 99,228 shares during the period. Finally, The Manufacturers Life Insurance Company purchased a new position in shares of ConnectOne Bancorp during the 2nd quarter worth $9,952,000. Institutional investors and hedge funds own 67.70% of the company’s stock.

About ConnectOne Bancorp

ConnectOne Bancorp, Inc is the parent company of ConnectOne Bank, a full-service commercial bank serving businesses, professionals, nonprofit organizations and individuals. The bank provides deposit accounts, commercial and residential real estate financing, business loans, lines of credit, consumer lending and other banking services.

ConnectOne also offers treasury management, cash-management and digital banking solutions designed to help business and institutional clients manage payments, deposits and liquidity.