ConnectOne Bancorp (NASDAQ:CNOB) Upgraded by StockNews.com to “Hold” Rating

StockNews.com upgraded shares of ConnectOne Bancorp (NASDAQ:CNOB) from a sell rating to a hold rating in a research report report published on Monday morning.

Several other equities analysts also recently issued reports on the stock. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $26.00 price target (up previously from $22.00) on shares of ConnectOne Bancorp in a research note on Friday, July 26th. Piper Sandler raised their price objective on ConnectOne Bancorp from $22.00 to $25.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th.

ConnectOne Bancorp Stock Performance

NASDAQ:CNOB opened at $27.25 on Monday. The stock’s 50-day moving average is $25.56 and its 200-day moving average is $22.56. The stock has a market cap of $1.05 billion, a P/E ratio of 15.66 and a beta of 1.25. ConnectOne Bancorp has a 1-year low of $17.07 and a 1-year high of $29.02. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.07.

ConnectOne Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 15th will be paid a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 2.64%. The ex-dividend date is Friday, November 15th. ConnectOne Bancorp’s dividend payout ratio (DPR) is presently 41.38%.

Institutional Trading of ConnectOne Bancorp

Hedge funds have recently modified their holdings of the stock. B. Riley Wealth Advisors Inc. increased its holdings in shares of ConnectOne Bancorp by 196.1% during the first quarter. B. Riley Wealth Advisors Inc. now owns 60,903 shares of the financial services provider’s stock valued at $1,086,000 after acquiring an additional 40,334 shares in the last quarter. Vanguard Group Inc. boosted its stake in ConnectOne Bancorp by 2.6% during the 1st quarter. Vanguard Group Inc. now owns 2,143,706 shares of the financial services provider’s stock valued at $41,802,000 after purchasing an additional 53,563 shares during the last quarter. Thrivent Financial for Lutherans acquired a new position in ConnectOne Bancorp during the 2nd quarter valued at about $1,648,000. Cornercap Investment Counsel Inc. raised its stake in shares of ConnectOne Bancorp by 111.1% in the second quarter. Cornercap Investment Counsel Inc. now owns 55,406 shares of the financial services provider’s stock worth $1,047,000 after purchasing an additional 29,161 shares during the last quarter. Finally, SG Americas Securities LLC bought a new position in shares of ConnectOne Bancorp in the third quarter valued at approximately $246,000. Institutional investors own 67.70% of the company’s stock.

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.