ConnectOne Bancorp (NASDAQ:CNOB) Reaches New 1-Year High at $25.75

ConnectOne Bancorp, Inc. (NASDAQ:CNOB)’s share price hit a new 52-week high during trading on Tuesday . The stock traded as high as $25.75 and last traded at $25.74, with a volume of 72846 shares trading hands. The stock had previously closed at $24.79.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Piper Sandler lifted their target price on ConnectOne Bancorp from $22.00 to $25.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $26.00 price objective (up previously from $22.00) on shares of ConnectOne Bancorp in a research note on Friday, July 26th. Two investment analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, ConnectOne Bancorp currently has a consensus rating of “Moderate Buy” and a consensus price target of $25.00.

ConnectOne Bancorp Price Performance

The business has a 50-day moving average price of $23.31 and a two-hundred day moving average price of $20.44. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.07. The company has a market capitalization of $1.01 billion, a price-to-earnings ratio of 13.49 and a beta of 1.25.

ConnectOne Bancorp (NASDAQ:CNOB) last released its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.06. The firm had revenue of $134.41 million for the quarter, compared to the consensus estimate of $64.62 million. ConnectOne Bancorp had a net margin of 14.56% and a return on equity of 7.13%. During the same quarter in the prior year, the company posted $0.51 earnings per share. As a group, research analysts anticipate that ConnectOne Bancorp, Inc. will post 1.76 EPS for the current year.

ConnectOne Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Thursday, August 15th were issued a $0.18 dividend. The ex-dividend date was Thursday, August 15th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.74%. ConnectOne Bancorp’s dividend payout ratio is presently 38.10%.

Institutional Investors Weigh In On ConnectOne Bancorp

Several institutional investors have recently bought and sold shares of the stock. B. Riley Wealth Advisors Inc. grew its position in ConnectOne Bancorp by 196.1% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 60,903 shares of the financial services provider’s stock worth $1,086,000 after purchasing an additional 40,334 shares in the last quarter. Vanguard Group Inc. increased its position in shares of ConnectOne Bancorp by 2.6% during the first quarter. Vanguard Group Inc. now owns 2,143,706 shares of the financial services provider’s stock valued at $41,802,000 after acquiring an additional 53,563 shares during the last quarter. Cornercap Investment Counsel Inc. lifted its holdings in ConnectOne Bancorp by 111.1% during the second quarter. Cornercap Investment Counsel Inc. now owns 55,406 shares of the financial services provider’s stock worth $1,047,000 after acquiring an additional 29,161 shares during the period. BNP Paribas Financial Markets boosted its position in ConnectOne Bancorp by 19.8% in the first quarter. BNP Paribas Financial Markets now owns 48,504 shares of the financial services provider’s stock worth $946,000 after purchasing an additional 8,026 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in ConnectOne Bancorp by 2.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,270,093 shares of the financial services provider’s stock valued at $52,009,000 after purchasing an additional 58,277 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.