ConnectOne Bancorp (NASDAQ:CNOB) Hits New 1-Year High on Earnings Beat

ConnectOne Bancorp, Inc. (NASDAQ:CNOB)’s stock price reached a new 52-week high on Friday after the company announced better than expected quarterly earnings. The company traded as high as $29.50 and last traded at $29.0890, with a volume of 59108 shares trading hands. The stock had previously closed at $28.93.

The financial services provider reported $0.79 earnings per share for the quarter, topping the consensus estimate of $0.73 by $0.06. The company had revenue of $116.64 million for the quarter, compared to analysts’ expectations of $119.59 million. ConnectOne Bancorp had a net margin of 13.21% and a return on equity of 10.27%.

ConnectOne Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 1st. Stockholders of record on Friday, May 15th will be given a dividend of $0.195 per share. The ex-dividend date is Friday, May 15th. This represents a $0.78 annualized dividend and a dividend yield of 2.7%. This is a positive change from ConnectOne Bancorp’s previous quarterly dividend of $0.18. ConnectOne Bancorp’s dividend payout ratio is currently 48.00%.

ConnectOne Bancorp News Roundup

Here are the key news stories impacting ConnectOne Bancorp this week:

• Positive Sentiment: Dividend increased — ConnectOne declared a quarterly common dividend of $0.195 (an 8.3% increase vs prior quarter), giving an attractive yield (~2.7%) and signaling management confidence in capital and earnings stability. GlobeNewswire: Q1 Results
• Positive Sentiment: Analyst upgrades/price-target increases — Keefe, Bruyette & Woods and Hovde Group raised their price targets to $34 and kept “outperform” ratings, implying ~19% upside from current levels; that provides broker-supportive catalyst for buyers. Benzinga: KBW note
• Positive Sentiment: Underpinning fundamentals — Company reported wider net interest margin, ~10% annualized loan growth, accelerating operating performance and rising tangible book value per share in the Q1 release, supporting longer-term earnings prospects. GlobeNewswire: Key metrics
• Neutral Sentiment: Mixed earnings messaging — reported EPS figures are inconsistent across sources: the company/MarketBeat and some outlets reported $0.79 EPS (beating consensus ~$0.73), while an earnings-call transcript shows $0.72 (a slight miss). The mixed reporting creates short-term uncertainty until reconciled. MarketBeat: Q1 release InsiderMonkey: Call transcript
• Neutral Sentiment: Short-interest data appears unreliable — April short-interest entry reports 0 shares (likely a data/reporting error), so short-squeeze/cover dynamics are not a clear factor for today’s move.
• Negative Sentiment: Revenue miss — Q1 revenue came in at $116.6M versus analyst estimates near $119.6M, which could temper enthusiasm and is a likely driver of the intraday weakness despite solid EPS on one read. MarketBeat: Revenue details

Wall Street Analysts Forecast Growth

CNOB has been the subject of several recent research reports. Keefe, Bruyette & Woods boosted their price objective on ConnectOne Bancorp from $32.00 to $34.00 and gave the stock an “outperform” rating in a research note on Friday. Weiss Ratings reaffirmed a “hold (c)” rating on shares of ConnectOne Bancorp in a research note on Wednesday, January 21st. Hovde Group lifted their target price on ConnectOne Bancorp from $32.00 to $34.00 and gave the stock an “outperform” rating in a report on Friday. Wall Street Zen downgraded ConnectOne Bancorp from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. Finally, Piper Sandler initiated coverage on ConnectOne Bancorp in a report on Monday, March 16th. They set an “overweight” rating and a $31.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, two have assigned 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 “Buy” and a consensus price target of $33.00.

Hedge Funds Weigh In On ConnectOne Bancorp

Hedge funds have recently added to or reduced their stakes in the company. EP Wealth Advisors LLC bought a new stake in ConnectOne Bancorp in the fourth quarter worth about $236,000. Empowered Funds LLC boosted its position in shares of ConnectOne Bancorp by 8.0% during the fourth quarter. Empowered Funds LLC now owns 212,496 shares of the financial services provider’s stock valued at $5,572,000 after buying an additional 15,771 shares during the period. VARCOV Co. bought a new position in shares of ConnectOne Bancorp during the fourth quarter valued at approximately $422,000. Balyasny Asset Management L.P. purchased a new stake in shares of ConnectOne Bancorp in the fourth quarter worth approximately $534,000. Finally, Bridgeway Capital Management LLC raised its holdings in shares of ConnectOne Bancorp by 4.9% in the fourth quarter. Bridgeway Capital Management LLC now owns 336,710 shares of the financial services provider’s stock worth $8,829,000 after buying an additional 15,771 shares during the period. 67.70% of the stock is currently owned by institutional investors.

ConnectOne Bancorp Price Performance

The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.76. The stock has a market capitalization of $1.43 billion, a P/E ratio of 16.49 and a beta of 1.08. The stock has a 50 day moving average of $27.07 and a 200-day moving average of $26.37.

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.