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 research report sent to investors on Wednesday morning.

Other analysts have also recently issued reports about the stock. Piper Sandler upped their target price on shares of ConnectOne Bancorp from $22.00 to $25.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $26.00 price objective (up from $22.00) on shares of ConnectOne Bancorp in a research note on Friday, July 26th. Two analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, ConnectOne Bancorp has a consensus rating of “Moderate Buy” and an average price target of $26.33.

ConnectOne Bancorp Price Performance

NASDAQ CNOB opened at $28.60 on Wednesday. The company has a 50-day moving average price of $24.99 and a 200-day moving average price of $21.96. ConnectOne Bancorp has a 52 week low of $17.07 and a 52 week high of $29.00. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.07. The firm has a market capitalization of $1.10 billion, a P/E ratio of 16.44 and a beta of 1.25.

ConnectOne Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 15th will be issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 2.52%. The ex-dividend date of this dividend is Friday, November 15th. ConnectOne Bancorp’s dividend payout ratio is currently 41.38%.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in shares of 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 valued at $41,802,000 after acquiring an additional 53,563 shares in the last quarter. Kennedy Capital Management LLC lifted its holdings in ConnectOne Bancorp by 698.1% in the 1st quarter. Kennedy Capital Management LLC now owns 676,791 shares of the financial services provider’s stock worth $13,197,000 after purchasing an additional 591,995 shares in the last quarter. American Century Companies Inc. lifted its holdings in ConnectOne Bancorp by 15.6% in the 2nd quarter. American Century Companies Inc. now owns 633,599 shares of the financial services provider’s stock worth $11,969,000 after purchasing an additional 85,437 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in ConnectOne Bancorp by 2.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 218,936 shares of the financial services provider’s stock worth $4,136,000 after purchasing an additional 5,186 shares during the period. Finally, Renaissance Technologies LLC grew its holdings in ConnectOne Bancorp by 7.2% during the 2nd quarter. Renaissance Technologies LLC now owns 209,487 shares of the financial services provider’s stock valued at $3,957,000 after buying an additional 14,124 shares in 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.