ConnectOne Bancorp (NASDAQ:CNOB) Sets New 1-Year High – Should You Buy?

Shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB) hit a new 52-week high during trading on Tuesday . The company traded as high as $26.59 and last traded at $26.45, with a volume of 27640 shares trading hands. The stock had previously closed at $25.78.

Analysts Set New Price Targets

Several research analysts recently weighed in on CNOB shares. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $26.00 price objective (up previously from $22.00) on shares of ConnectOne Bancorp in a research note on Friday, July 26th. Piper Sandler raised their target price on shares of ConnectOne Bancorp from $22.00 to $25.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Two equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $26.33.

ConnectOne Bancorp Trading Up 2.7 %

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 $1.02 billion, a P/E ratio of 13.64 and a beta of 1.25. The business has a fifty day moving average price of $24.13 and a 200 day moving average price of $21.16.

ConnectOne Bancorp (NASDAQ:CNOB) last released its earnings results on Thursday, July 25th. The financial services provider reported $0.46 EPS for the quarter, beating the consensus estimate of $0.40 by $0.06. The firm had revenue of $134.41 million for the quarter, compared to analysts’ expectations of $64.62 million. ConnectOne Bancorp had a return on equity of 7.13% and a net margin of 14.56%. During the same quarter in the previous year, the business posted $0.51 EPS. On average, analysts expect that ConnectOne Bancorp, Inc. will post 1.78 earnings per share for the current fiscal year.

ConnectOne Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Thursday, August 15th were paid a $0.18 dividend. The ex-dividend date was Thursday, August 15th. This represents a $0.72 annualized dividend and a yield of 2.72%. ConnectOne Bancorp’s payout ratio is currently 38.10%.

Hedge Funds Weigh In On ConnectOne Bancorp

Large investors have recently modified their holdings of the business. Bryn Mawr Capital Management LLC acquired a new stake in shares of ConnectOne Bancorp in the second quarter valued at about $171,000. Evergreen Capital Management LLC bought a new position in ConnectOne Bancorp in the second quarter valued at approximately $196,000. SG Americas Securities LLC acquired a new position in shares of ConnectOne Bancorp during the 3rd quarter worth approximately $246,000. Hsbc Holdings PLC raised its stake in shares of ConnectOne Bancorp by 6.7% during the 2nd quarter. Hsbc Holdings PLC now owns 17,938 shares of the financial services provider’s stock worth $332,000 after purchasing an additional 1,131 shares in the last quarter. Finally, Principal Financial Group Inc. acquired a new stake in shares of ConnectOne Bancorp in the 1st quarter valued at approximately $381,000. 67.70% of the stock is currently owned by institutional investors and hedge funds.

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.