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

Piper Sandler assumed coverage on shares of ConnectOne Bancorp (NASDAQ:CNOB) in a research note issued on Monday. The brokerage set an “overweight” rating and a $31.00 price target on the financial services provider’s stock. Piper Sandler’s target price suggests a potential upside of 19.85% from the company’s current price.

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

ConnectOne Bancorp Stock Up 1.3%

NASDAQ CNOB traded up $0.34 during midday trading on Monday, hitting $25.87. 26,031 shares of the company traded hands, compared to its average volume of 281,004. ConnectOne Bancorp has a 52 week low of $20.61 and a 52 week high of $29.28. The company’s 50-day simple moving average is $27.08 and its 200-day simple moving average is $25.97. The company has a market cap of $1.30 billion, a PE ratio of 17.24 and a beta of 1.13. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.04 and a quick ratio of 1.04.

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

Hedge Funds Weigh In On ConnectOne Bancorp

Several hedge funds have recently made changes to their positions in the company. Clearstead Advisors LLC raised its stake 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 worth $35,000 after acquiring an additional 880 shares during the last quarter. Osaic Holdings Inc. grew its stake in ConnectOne Bancorp by 728.4% during the 2nd quarter. Osaic Holdings Inc. now owns 1,781 shares of the financial services provider’s stock valued at $41,000 after purchasing an additional 1,566 shares during the last quarter. PNC Financial Services Group Inc. increased its holdings in shares of ConnectOne Bancorp by 107.9% in the second quarter. PNC Financial Services Group Inc. now owns 1,842 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 956 shares during the period. State of Alaska Department of Revenue purchased a new position in shares of ConnectOne Bancorp in the third quarter worth about $48,000. Finally, State of Wyoming acquired a new stake in shares of ConnectOne Bancorp during the fourth quarter worth about $73,000. 67.70% of the stock is owned by institutional investors and hedge funds.

About ConnectOne Bancorp

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.