StockNews.com lowered shares of ConnectOne Bancorp (NASDAQ:CNOB – Free Report) from a hold rating to a sell rating in a research note issued to investors on Wednesday morning.
Other research analysts have also recently issued research reports about the stock. Keefe, Bruyette & Woods upped their price target on shares of ConnectOne Bancorp from $25.00 to $27.00 and gave the stock an outperform rating in a report on Friday, January 26th. Raymond James upped 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. Finally, Piper Sandler upped 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 analyst has rated the stock with a sell rating, three have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, ConnectOne Bancorp has a consensus rating of Moderate Buy and an average price target of $24.50.
Get Our Latest Stock Report on ConnectOne Bancorp
ConnectOne Bancorp Trading Down 0.9 %
ConnectOne Bancorp (NASDAQ:CNOB – Get Free Report) last released its quarterly earnings results on Thursday, January 25th. The financial services provider reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.03. The firm had revenue of $66.03 million for the quarter, compared to analysts’ expectations of $65.50 million. ConnectOne Bancorp had a net margin of 17.26% and a return on equity of 8.14%. As a group, analysts anticipate that ConnectOne Bancorp will post 1.76 earnings per share for the current year.
ConnectOne Bancorp Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, May 24th. 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 yield of 3.93%. The ex-dividend date is Tuesday, May 14th. This is a boost from ConnectOne Bancorp’s previous quarterly dividend of $0.17. ConnectOne Bancorp’s dividend payout ratio is currently 32.85%.
Institutional Inflows and Outflows
Institutional investors have recently added to or reduced their stakes in the company. Parallel Advisors LLC increased its stake in ConnectOne Bancorp by 206.8% in the fourth quarter. Parallel Advisors LLC now owns 1,123 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 757 shares during the last quarter. Sound Income Strategies LLC purchased a new stake in ConnectOne Bancorp during the fourth quarter valued at about $53,000. GAMMA Investing LLC purchased a new stake in ConnectOne Bancorp during the fourth quarter valued at about $80,000. Quest Partners LLC purchased a new stake in ConnectOne Bancorp during the fourth quarter valued at about $165,000. Finally, Bryn Mawr Capital Management LLC purchased a new stake in ConnectOne Bancorp during the fourth quarter valued at about $207,000. 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.
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