Hovde Group Raises ConnectOne Bancorp (NASDAQ:CNOB) Price Target to $34.00

ConnectOne Bancorp (NASDAQ:CNOB) had its target price raised by Hovde Group from $32.00 to $34.00 in a research note issued to investors on Friday, Marketbeat reports. The brokerage presently has an “outperform” rating on the financial services provider’s stock. Hovde Group’s target price would indicate a potential upside of 19.21% from the company’s current price.

A number of other equities research analysts have also recently issued reports on CNOB. Weiss Ratings reiterated a “hold (c)” rating on shares of ConnectOne Bancorp in a research report on Wednesday, January 21st. Piper Sandler initiated coverage on shares of ConnectOne Bancorp in a research report on Monday, March 16th. They set an “overweight” rating and a $31.00 target price for the company. Keefe, Bruyette & Woods increased their target price on shares of ConnectOne Bancorp from $30.00 to $32.00 and gave the stock an “outperform” rating in a research report on Friday, January 30th. Finally, Wall Street Zen cut shares of ConnectOne Bancorp from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $33.00.

ConnectOne Bancorp Trading Down 1.4%

Shares of ConnectOne Bancorp stock opened at $28.52 on Friday. The stock has a market capitalization of $1.43 billion, a P/E ratio of 16.49 and a beta of 1.08. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.76. The company has a 50-day simple moving average of $27.07 and a 200 day simple moving average of $26.38. ConnectOne Bancorp has a 12-month low of $21.79 and a 12-month high of $29.50.

ConnectOne Bancorp (NASDAQ:CNOB) last announced its earnings results on Thursday, April 23rd. The financial services provider reported $0.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.73 by $0.06. The business had revenue of $116.64 million during 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%. Research analysts expect that ConnectOne Bancorp will post 3.18 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ConnectOne Bancorp

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Clearstead Advisors LLC increased its position in ConnectOne Bancorp by 195.6% in the 4th quarter. Clearstead Advisors LLC now owns 1,330 shares of the financial services provider’s stock valued at $35,000 after acquiring an additional 880 shares in the last quarter. Osaic Holdings Inc. increased its position in ConnectOne Bancorp by 728.4% in the 2nd quarter. Osaic Holdings Inc. now owns 1,781 shares of the financial services provider’s stock valued at $41,000 after acquiring an additional 1,566 shares in the last quarter. State of Alaska Department of Revenue acquired a new stake in ConnectOne Bancorp in the 3rd quarter valued at about $48,000. State of Wyoming acquired a new stake in ConnectOne Bancorp in the 4th quarter valued at about $73,000. Finally, Farther Finance Advisors LLC increased its position in ConnectOne Bancorp by 129.1% in the 4th quarter. Farther Finance Advisors LLC now owns 3,475 shares of the financial services provider’s stock valued at $91,000 after acquiring an additional 1,958 shares in the last quarter. Institutional investors and hedge funds own 67.70% of the company’s stock.

ConnectOne Bancorp News Summary

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

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.