ConnectOne Bancorp (NASDAQ:CNOB) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of ConnectOne Bancorp (NASDAQ:CNOB) from a sell rating to a hold rating in a report released on Thursday.

A number of other research analysts have also recently commented on the stock. Piper Sandler boosted their target price on shares of ConnectOne Bancorp from $24.00 to $25.00 and gave the stock an overweight rating in a research report on Friday, January 26th. Raymond James boosted their price objective on shares of ConnectOne Bancorp from $26.00 to $28.00 and gave the stock a strong-buy rating in a report on Monday, January 29th. Finally, Keefe, Bruyette & Woods restated an outperform rating and set a $24.00 target price (down from $27.00) on shares of ConnectOne Bancorp in a research note on Friday, April 26th. One analyst has rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of Buy and a consensus price target of $24.50.

ConnectOne Bancorp Stock Performance

Shares of NASDAQ:CNOB opened at $19.49 on Thursday. The company has a market cap of $747.05 million, a P/E ratio of 10.31 and a beta of 1.25. ConnectOne Bancorp has a one year low of $13.11 and a one year high of $24.44. The business’s 50-day simple moving average is $19.00 and its 200 day simple moving average is $20.13. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.14 and a current ratio of 1.14.

ConnectOne Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Wednesday, May 15th will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.69%. The ex-dividend date is Tuesday, May 14th. This is a positive change from ConnectOne Bancorp’s previous quarterly dividend of $0.17. ConnectOne Bancorp’s payout ratio is 35.98%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. lifted its position in shares of ConnectOne Bancorp by 16.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 397,188 shares of the financial services provider’s stock worth $7,082,000 after purchasing an additional 55,682 shares during the last quarter. B. Riley Wealth Advisors Inc. acquired a new position in shares of ConnectOne Bancorp in the 3rd quarter worth approximately $1,086,000. Swiss National Bank grew its position in shares of ConnectOne Bancorp by 1.2% in the 3rd quarter. Swiss National Bank now owns 81,900 shares of the financial services provider’s stock worth $1,460,000 after acquiring an additional 1,000 shares in the last quarter. FMR LLC increased its holdings in shares of ConnectOne Bancorp by 27.0% in the 3rd quarter. FMR LLC now owns 3,500,507 shares of the financial services provider’s stock valued at $62,414,000 after acquiring an additional 743,209 shares during the last quarter. Finally, Knights of Columbus Asset Advisors LLC raised its position in shares of ConnectOne Bancorp by 118.2% during the 4th 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 acquiring an additional 133,384 shares in the last quarter. 67.70% of the stock is owned by institutional investors and hedge funds.

ConnectOne Bancorp Company Profile

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.