ConnectOne Bancorp (NASDAQ:CNOB) Upgraded by StockNews.com to Hold

StockNews.com upgraded shares of ConnectOne Bancorp (NASDAQ:CNOB) from a sell rating to a hold rating in a research note released on Thursday.

A number of other analysts also recently issued reports on the company. Piper Sandler lifted their price target on ConnectOne Bancorp from $24.00 to $25.00 and gave the stock an overweight rating in a report on Friday, January 26th. Raymond James raised their target price on ConnectOne Bancorp from $26.00 to $28.00 and gave the stock a strong-buy rating in a research report on Monday, January 29th. Finally, Keefe, Bruyette & Woods reaffirmed an outperform rating and issued a $24.00 price target (down from $27.00) on shares of ConnectOne Bancorp in a report on Friday, April 26th. One research analyst has rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of Buy and an average price target of $24.50.

ConnectOne Bancorp Stock Up 2.4 %

Shares of CNOB traded up $0.45 during midday trading on Thursday, reaching $19.49. The stock had a trading volume of 115,706 shares, compared to its average volume of 135,984. The company has a market cap of $747.05 million, a price-to-earnings ratio of 10.31 and a beta of 1.25. The company’s fifty day simple moving average is $19.00 and its two-hundred day simple moving average is $20.09. ConnectOne Bancorp has a 1-year low of $13.11 and a 1-year high of $24.44. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.14 and a quick ratio of 1.14.

ConnectOne Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Wednesday, May 15th will be issued a $0.18 dividend. This is an increase from ConnectOne Bancorp’s previous quarterly dividend of $0.17. This represents a $0.72 annualized dividend and a dividend yield of 3.69%. The ex-dividend date is Tuesday, May 14th. ConnectOne Bancorp’s payout ratio is presently 35.98%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in CNOB. Parallel Advisors LLC boosted its holdings in shares of ConnectOne Bancorp by 206.8% in the fourth quarter. Parallel Advisors LLC now owns 1,123 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 757 shares during the period. Sound Income Strategies LLC purchased a new position in ConnectOne Bancorp during the 4th quarter worth $53,000. GAMMA Investing LLC purchased a new position in ConnectOne Bancorp during the 4th quarter worth $80,000. Quest Partners LLC acquired a new position in ConnectOne Bancorp in the fourth quarter valued at $165,000. Finally, Bryn Mawr Capital Management LLC purchased a new stake in shares of ConnectOne Bancorp in the fourth quarter valued at about $207,000. Hedge funds and other 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.