Analysts Set ConnectOne Bancorp, Inc. (NASDAQ:CNOB) Target Price at $25.00

Shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB) have been given a consensus rating of “Buy” by the four ratings firms that are covering the company, MarketBeat reports. One investment analyst has rated the stock with a hold recommendation, two have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $25.00.

A number of analysts recently issued reports on the company. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $26.00 target price (up from $22.00) on shares of ConnectOne Bancorp in a research note on Friday, July 26th. Piper Sandler raised their price target on ConnectOne Bancorp from $22.00 to $25.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Finally, StockNews.com raised ConnectOne Bancorp from a “sell” rating to a “hold” rating in a report on Friday, May 10th.

ConnectOne Bancorp Stock Down 2.6 %

Shares of NASDAQ:CNOB opened at $21.31 on Thursday. The company’s fifty day moving average is $19.77 and its 200-day moving average is $19.90. The company has a market capitalization of $816.81 million, a PE ratio of 11.28 and a beta of 1.27. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.01 and a current ratio of 1.01. ConnectOne Bancorp has a 52 week low of $14.51 and a 52 week high of $25.53.

ConnectOne Bancorp (NASDAQ:CNOB) last released its earnings results on Thursday, July 25th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.40 by $0.06. ConnectOne Bancorp had a net margin of 14.56% and a return on equity of 7.16%. The company had revenue of $134.41 million for the quarter, compared to the consensus estimate of $64.62 million. During the same period in the prior year, the company posted $0.51 EPS. Equities research analysts predict that ConnectOne Bancorp will post 1.74 earnings per share for the current fiscal year.

ConnectOne Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Thursday, August 15th will be given a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.38%. The ex-dividend date is Thursday, August 15th. ConnectOne Bancorp’s payout ratio is currently 38.10%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Dimensional Fund Advisors LP increased its position in shares of ConnectOne Bancorp by 2.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,270,093 shares of the financial services provider’s stock worth $52,009,000 after purchasing an additional 58,277 shares during the period. Vanguard Group Inc. increased its position in shares of ConnectOne Bancorp by 2.6% in the first quarter. Vanguard Group Inc. now owns 2,143,706 shares of the financial services provider’s stock worth $41,802,000 after purchasing an additional 53,563 shares during the period. Kennedy Capital Management LLC grew its position in ConnectOne Bancorp by 698.1% in the first quarter. Kennedy Capital Management LLC now owns 676,791 shares of the financial services provider’s stock valued at $13,197,000 after acquiring an additional 591,995 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in ConnectOne Bancorp by 10.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 438,198 shares of the financial services provider’s stock valued at $10,039,000 after acquiring an additional 41,010 shares during the last quarter. Finally, Knights of Columbus Asset Advisors LLC grew its position in ConnectOne Bancorp by 118.2% in the fourth quarter. Knights of Columbus Asset Advisors LLC now owns 246,232 shares of the financial services provider’s stock valued at $5,641,000 after acquiring an additional 133,384 shares during the last quarter. Institutional investors own 67.70% of the company’s stock.

ConnectOne Bancorp Company Profile

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.