Piper Sandler Increases ConnectOne Bancorp (NASDAQ:CNOB) Price Target to $25.00

ConnectOne Bancorp (NASDAQ:CNOB) had its price target raised by Piper Sandler from $22.00 to $25.00 in a research report released on Friday, Benzinga reports. They currently have an overweight rating on the financial services provider’s stock.

Several other equities analysts have also commented on CNOB. StockNews.com upgraded ConnectOne Bancorp from a sell rating to a hold rating in a research report on Friday, May 10th. Keefe, Bruyette & Woods restated a market perform rating and set a $26.00 price target (up previously from $22.00) on shares of ConnectOne Bancorp in a report on Friday. Two equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of Moderate Buy and a consensus target price of $25.00.

ConnectOne Bancorp Price Performance

Shares of NASDAQ:CNOB opened at $24.92 on Friday. ConnectOne Bancorp has a one year low of $14.51 and a one year high of $25.53. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.01 and a quick ratio of 1.01. The firm has a market capitalization of $955.18 million, a price-to-earnings ratio of 13.19 and a beta of 1.27. The company’s fifty day moving average price is $19.48 and its 200-day moving average price is $19.92.

ConnectOne Bancorp (NASDAQ:CNOB) last released its earnings results on Thursday, April 25th. The financial services provider reported $0.41 EPS for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.01). ConnectOne Bancorp had a net margin of 14.56% and a return on equity of 7.16%. The firm had revenue of $64.15 million during the quarter, compared to the consensus estimate of $63.93 million. On average, equities research analysts anticipate that ConnectOne Bancorp will post 1.66 earnings per share for the current fiscal year.

ConnectOne Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Thursday, August 15th will be given a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.89%. The ex-dividend date of this dividend is Thursday, August 15th. ConnectOne Bancorp’s dividend payout ratio is presently 38.10%.

Institutional Investors Weigh In On ConnectOne Bancorp

Hedge funds have recently bought and sold shares of the business. Kennedy Capital Management LLC increased its stake in shares of ConnectOne Bancorp by 698.1% during the first quarter. Kennedy Capital Management LLC now owns 676,791 shares of the financial services provider’s stock valued at $13,197,000 after purchasing an additional 591,995 shares in the last quarter. Knights of Columbus Asset Advisors LLC raised its stake in ConnectOne Bancorp by 118.2% during the fourth quarter. Knights of Columbus Asset Advisors LLC now owns 246,232 shares of the financial services provider’s stock valued at $5,641,000 after buying an additional 133,384 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in ConnectOne Bancorp by 2.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,270,093 shares of the financial services provider’s stock worth $52,009,000 after acquiring an additional 58,277 shares in the last quarter. Vanguard Group Inc. boosted its holdings in ConnectOne Bancorp by 2.6% in the first quarter. Vanguard Group Inc. now owns 2,143,706 shares of the financial services provider’s stock worth $41,802,000 after acquiring an additional 53,563 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of ConnectOne Bancorp by 10.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 438,198 shares of the financial services provider’s stock worth $10,039,000 after acquiring an additional 41,010 shares during the last quarter. 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.