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

Shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB) hit a new 52-week high during trading on Wednesday . The stock traded as high as $28.19 and last traded at $27.81, with a volume of 40793 shares changing hands. The stock had previously closed at $27.71.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on CNOB shares. Piper Sandler started coverage on shares of ConnectOne Bancorp in a research report on Friday, November 7th. They set an “overweight” rating and a $28.00 price target on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of ConnectOne Bancorp in a research note on Wednesday, October 8th. Three investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $29.50.

ConnectOne Bancorp Trading Up 0.8%

The stock’s 50 day simple moving average is $24.97 and its two-hundred day simple moving average is $24.51. The stock has a market capitalization of $1.40 billion, a PE ratio of 22.50 and a beta of 1.15. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.03 and a quick ratio of 1.03.

ConnectOne Bancorp (NASDAQ:CNOB) last issued its quarterly earnings results on Thursday, October 30th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.68 by $0.02. The company had revenue of $110.78 million during the quarter, compared to analyst estimates of $111.20 million. ConnectOne Bancorp had a net margin of 9.90% and a return on equity of 8.22%. On average, sell-side analysts expect that ConnectOne Bancorp, Inc. will post 2.23 EPS for the current year.

ConnectOne Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 1st. Shareholders of record on Friday, November 14th were given a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend was Friday, November 14th. ConnectOne Bancorp’s dividend payout ratio (DPR) is currently 58.06%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Wellington Management Group LLP increased its holdings in ConnectOne Bancorp by 76.8% in the 3rd quarter. Wellington Management Group LLP now owns 2,882,584 shares of the financial services provider’s stock worth $71,517,000 after acquiring an additional 1,252,614 shares during the last quarter. Vanguard Group Inc. raised its stake in ConnectOne Bancorp by 0.9% in the 1st quarter. Vanguard Group Inc. now owns 2,186,965 shares of the financial services provider’s stock valued at $53,165,000 after acquiring an additional 20,408 shares during the period. Geode Capital Management LLC lifted its holdings in ConnectOne Bancorp by 33.1% during the second quarter. Geode Capital Management LLC now owns 1,160,058 shares of the financial services provider’s stock valued at $26,870,000 after purchasing an additional 288,530 shares during the last quarter. American Century Companies Inc. boosted its position in ConnectOne Bancorp by 24.5% during the second quarter. American Century Companies Inc. now owns 983,452 shares of the financial services provider’s stock worth $22,777,000 after purchasing an additional 193,692 shares during the period. Finally, Kennedy Capital Management LLC purchased a new position in shares of ConnectOne Bancorp in the third quarter worth about $18,974,000. Institutional investors own 67.70% of the company’s stock.

About ConnectOne Bancorp

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.