ConnectOne Bancorp (NASDAQ:CNOB) Now Covered by Analysts at Piper Sandler

Piper Sandler started coverage on shares of ConnectOne Bancorp (NASDAQ:CNOB) in a research note released on Monday morning, Marketbeat reports. The firm issued an overweight rating and a $31.00 target price on the financial services provider’s stock.

A number of other brokerages also recently weighed in on CNOB. Wall Street Zen downgraded ConnectOne Bancorp from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. Keefe, Bruyette & Woods boosted their price objective on ConnectOne Bancorp from $30.00 to $32.00 and gave the company an “outperform” rating in a research note on Friday, January 30th. Hovde Group cut their target price on ConnectOne Bancorp from $32.50 to $32.00 and set an “outperform” rating on the stock in a research report on Friday, January 30th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of ConnectOne Bancorp in a research note on Wednesday, January 21st. Three equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, ConnectOne Bancorp has an average rating of “Moderate Buy” and an average target price of $31.67.

ConnectOne Bancorp Trading Up 1.8%

NASDAQ:CNOB opened at $25.98 on Monday. ConnectOne Bancorp has a 52 week low of $20.61 and a 52 week high of $29.28. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.04 and a current ratio of 1.04. The firm’s fifty day moving average is $27.07 and its 200-day moving average is $25.97. The firm has a market cap of $1.31 billion, a P/E ratio of 17.32 and a beta of 1.13.

ConnectOne Bancorp (NASDAQ:CNOB) last announced its earnings results on Thursday, January 29th. The financial services provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.09. The business had revenue of $114.63 million during the quarter, compared to the consensus estimate of $114.80 million. ConnectOne Bancorp had a net margin of 11.83% and a return on equity of 9.33%. Equities analysts expect that ConnectOne Bancorp will post 2.23 earnings per share for the current year.

ConnectOne Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 2nd. Shareholders of record on Friday, February 13th were paid a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend was Friday, February 13th. ConnectOne Bancorp’s payout ratio is 48.00%.

Hedge Funds Weigh In On ConnectOne Bancorp

Institutional investors and hedge funds have recently made changes to their positions in the stock. Algebris UK Ltd. bought a new stake in ConnectOne Bancorp in the 3rd quarter valued at about $15,379,000. Stieven Capital Advisors L.P. raised its stake in ConnectOne Bancorp by 29.3% during the 3rd quarter. Stieven Capital Advisors L.P. now owns 700,739 shares of the financial services provider’s stock worth $17,385,000 after buying an additional 158,672 shares during the period. Elizabeth Park Capital Advisors Ltd. bought a new position in ConnectOne Bancorp in the second quarter worth approximately $2,205,000. Arrowstreet Capital Limited Partnership grew its stake in ConnectOne Bancorp by 623.5% in the second quarter. Arrowstreet Capital Limited Partnership now owns 306,362 shares of the financial services provider’s stock valued at $7,095,000 after acquiring an additional 264,016 shares during the period. Finally, Endeavour Capital Advisors Inc. acquired a new stake in ConnectOne Bancorp in the third quarter valued at approximately $1,787,000. Institutional investors own 67.70% of the company’s stock.

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.