ConnectOne Bancorp (NASDAQ:CNOB) Raised to Hold at StockNews.com

StockNews.com upgraded shares of ConnectOne Bancorp (NASDAQ:CNOB) from a sell rating to a hold rating in a research note issued to investors on Thursday.

CNOB has been the topic of several other reports. Raymond James lifted their price target 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. Keefe, Bruyette & Woods reaffirmed an outperform rating and issued a $24.00 price target (down from $27.00) on shares of ConnectOne Bancorp in a report on Friday, April 26th. Finally, Piper Sandler lifted their price target on shares of ConnectOne Bancorp from $24.00 to $25.00 and gave the stock an overweight rating in a report on Friday, January 26th. One research analyst has rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of Buy and a consensus price target of $24.50.

ConnectOne Bancorp Stock Up 2.4 %

NASDAQ CNOB traded up $0.45 on Thursday, hitting $19.49. The stock had a trading volume of 115,706 shares, compared to its average volume of 135,984. The business’s fifty day moving average price is $19.00 and its 200 day moving average price is $20.11. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.14 and a quick ratio of 1.14. ConnectOne Bancorp has a 52-week low of $13.11 and a 52-week high of $24.44. The stock has a market cap of $747.05 million, a price-to-earnings ratio of 10.31 and a beta of 1.25.

ConnectOne Bancorp Increases Dividend

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. GSA Capital Partners LLP acquired a new position in ConnectOne Bancorp during the first quarter valued at $461,000. BNP Paribas Financial Markets increased its holdings in ConnectOne Bancorp by 19.8% in the first quarter. BNP Paribas Financial Markets now owns 48,504 shares of the financial services provider’s stock valued at $946,000 after buying an additional 8,026 shares in the last quarter. Principal Financial Group Inc. purchased a new position in ConnectOne Bancorp in the first quarter valued at $381,000. Salzhauer Michael increased its holdings in ConnectOne Bancorp by 3.9% in the first quarter. Salzhauer Michael now owns 65,656 shares of the financial services provider’s stock valued at $1,280,000 after buying an additional 2,480 shares in the last quarter. Finally, Pacific Ridge Capital Partners LLC increased its holdings in ConnectOne Bancorp by 13.0% in the fourth quarter. Pacific Ridge Capital Partners LLC now owns 80,296 shares of the financial services provider’s stock valued at $1,840,000 after buying an additional 9,243 shares in the last quarter. 67.70% of the stock is currently 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.