ConnectOne Bancorp (NASDAQ:CNOB) Hits New 52-Week High – Still a Buy?

Shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB) hit a new 52-week high during trading on Wednesday . The company traded as high as $27.99 and last traded at $27.53, with a volume of 12642 shares trading hands. The stock had previously closed at $24.89.

Analyst Ratings Changes

Several research firms have recently weighed in on CNOB. Piper Sandler boosted their price objective on shares of ConnectOne Bancorp from $22.00 to $25.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. StockNews.com raised ConnectOne Bancorp from a “sell” rating to a “hold” rating in a research report on Wednesday. Finally, Keefe, Bruyette & Woods restated a “market perform” rating and issued a $26.00 price objective (up previously from $22.00) on shares of ConnectOne Bancorp in a research note on Friday, July 26th. Two equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, ConnectOne Bancorp presently has an average rating of “Moderate Buy” and a consensus price target of $26.33.

ConnectOne Bancorp Trading Down 5.9 %

The company has a market cap of $1.03 billion, a price-to-earnings ratio of 15.47 and a beta of 1.25. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.07. The business’s 50 day moving average price is $25.04 and its 200-day moving average price is $21.99.

ConnectOne Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Friday, November 15th will be issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.68%. The ex-dividend date is Friday, November 15th. ConnectOne Bancorp’s dividend payout ratio is presently 41.38%.

Hedge Funds Weigh In On ConnectOne Bancorp

Several institutional investors and hedge funds have recently made changes to their positions in the company. Copeland Capital Management LLC bought a new stake in ConnectOne Bancorp in the 3rd quarter valued at $53,000. Bryn Mawr Capital Management LLC bought a new stake in shares of ConnectOne Bancorp in the second quarter valued at about $171,000. Evergreen Capital Management LLC bought a new stake in shares of ConnectOne Bancorp in the second quarter valued at about $196,000. Palouse Capital Management Inc. grew its stake in shares of ConnectOne Bancorp by 25.1% in the third quarter. Palouse Capital Management Inc. now owns 8,022 shares of the financial services provider’s stock valued at $201,000 after acquiring an additional 1,607 shares in the last quarter. Finally, SG Americas Securities LLC bought a new position in ConnectOne Bancorp during the third quarter worth about $246,000. Institutional investors and hedge funds 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.