Shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB) have been assigned an average rating of “Buy” from the six analysts that are presently covering the stock, Marketbeat reports. Four research analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $24.70.
Several equities research analysts have commented on CNOB shares. Piper Sandler started coverage on shares of ConnectOne Bancorp in a research note on Thursday, December 17th. They issued an “overweight” rating and a $25.00 target price for the company. Seaport Global Securities started coverage on shares of ConnectOne Bancorp in a research note on Thursday, February 18th. They issued a “buy” rating and a $27.00 target price for the company. Raymond James upped their target price on shares of ConnectOne Bancorp from $21.00 to $28.00 and gave the company a “strong-buy” rating in a research note on Friday, January 29th. Finally, Zacks Investment Research raised shares of ConnectOne Bancorp from a “hold” rating to a “buy” rating and set a $24.00 target price for the company in a research note on Tuesday, February 2nd.
Shares of NASDAQ CNOB opened at $23.82 on Thursday. The company’s 50 day simple moving average is $21.92 and its 200 day simple moving average is $17.94. ConnectOne Bancorp has a fifty-two week low of $8.85 and a fifty-two week high of $23.93. The firm has a market capitalization of $947.18 million, a P/E ratio of 13.77 and a beta of 1.41. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.03 and a quick ratio of 1.03.
The business also recently announced a quarterly dividend, which will be paid on Monday, March 1st. Stockholders of record on Monday, February 15th will be paid a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.51%. The ex-dividend date of this dividend is Thursday, February 11th. ConnectOne Bancorp’s dividend payout ratio is presently 16.00%.
In other news, Director Michael W. Kempner sold 22,000 shares of the firm’s stock in a transaction dated Thursday, February 11th. The shares were sold at an average price of $22.50, for a total transaction of $495,000.00. Following the completion of the sale, the director now owns 355,491 shares in the company, valued at approximately $7,998,547.50. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 7.52% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in CNOB. Nisa Investment Advisors LLC bought a new position in ConnectOne Bancorp in the 3rd quarter valued at about $32,000. Clear Harbor Asset Management LLC acquired a new stake in ConnectOne Bancorp during the 3rd quarter worth approximately $120,000. BNP Paribas Arbitrage SA boosted its position in ConnectOne Bancorp by 136.6% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 8,703 shares of the financial services provider’s stock worth $122,000 after buying an additional 5,024 shares during the period. Transcend Wealth Collective LLC acquired a new stake in ConnectOne Bancorp during the 3rd quarter worth approximately $141,000. Finally, SG Americas Securities LLC acquired a new stake in ConnectOne Bancorp during the 4th quarter worth approximately $191,000. 60.12% of the stock is currently owned by hedge funds and other institutional investors.
About ConnectOne Bancorp
ConnectOne Bancorp, Inc operates as the bank holding company for ConnectOne Bank, a state chartered bank that provides various commercial banking products and services. The company's deposit products include personal and business checking accounts, retirement accounts, money market accounts, and time and savings accounts.
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