ConnectOne Bancorp, Inc. (NASDAQ:CNOB – Get Free Report)’s stock price reached a new 52-week high during trading on Wednesday . The stock traded as high as $33.72 and last traded at $33.5950, with a volume of 116140 shares traded. The stock had previously closed at $33.44.
Analysts Set New Price Targets
A number of brokerages have weighed in on CNOB. Piper Sandler raised their price objective on ConnectOne Bancorp from $34.00 to $38.00 and gave the company an “overweight” rating in a research note on Friday, June 26th. Raymond James Financial reiterated a “market perform” rating on shares of ConnectOne Bancorp in a research note on Wednesday. Weiss Ratings upgraded shares of ConnectOne Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, May 20th. Keefe, Bruyette & Woods upped 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, Hovde Group raised their price objective on shares of ConnectOne Bancorp from $32.00 to $34.00 and gave the stock an “outperform” rating in a report on Friday, April 24th. Four analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $35.00.
Get Our Latest Analysis on ConnectOne Bancorp
ConnectOne Bancorp Trading Up 0.9%
ConnectOne Bancorp (NASDAQ:CNOB – Get Free Report) last issued its quarterly earnings results on Thursday, April 23rd. The financial services provider reported $0.79 earnings per share for the quarter, beating analysts’ consensus estimates of $0.73 by $0.06. The business had revenue of $116.64 million during the quarter, compared to the consensus estimate of $119.59 million. ConnectOne Bancorp had a return on equity of 10.17% and a net margin of 13.21%. Analysts anticipate that ConnectOne Bancorp, Inc. will post 3.3 earnings per share for the current fiscal year.
ConnectOne Bancorp Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 15th were issued a $0.195 dividend. This is a boost from ConnectOne Bancorp’s previous quarterly dividend of $0.18. This represents a $0.78 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date of this dividend was Friday, May 15th. ConnectOne Bancorp’s dividend payout ratio is presently 45.09%.
Institutional Trading of ConnectOne Bancorp
A number of institutional investors and hedge funds have recently modified their holdings of CNOB. Wellington Management Group LLP lifted its position in shares of ConnectOne Bancorp by 76.8% in 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 buying an additional 1,252,614 shares during the last quarter. Kennedy Capital Management LLC acquired a new stake in ConnectOne Bancorp during the third quarter worth about $18,974,000. UBS Group AG lifted its holdings in ConnectOne Bancorp by 579.2% in the fourth 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. SG Americas Securities LLC bought a new position in ConnectOne Bancorp in the fourth quarter worth about $15,712,000. Finally, Algebris UK Ltd. boosted its stake in ConnectOne Bancorp by 36.5% in the fourth quarter. Algebris UK Ltd. now owns 846,865 shares of the financial services provider’s stock valued at $22,215,000 after acquiring 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.
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