ConnectOne Bancorp (NASDAQ:CNOB) Raised to "Outperform" at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods upgraded shares of ConnectOne Bancorp (NASDAQ:CNOB - Free Report) from a market perform rating to an outperform rating in a research note released on Wednesday, MarketBeat Ratings reports. Keefe, Bruyette & Woods currently has $32.00 price target on the financial services provider's stock, up from their prior price target of $31.00.

ConnectOne Bancorp Stock Performance

Shares of CNOB traded down $0.31 during trading hours on Wednesday, reaching $24.20. 268,611 shares of the company traded hands, compared to its average volume of 189,987. The business has a fifty day moving average price of $24.74 and a 200-day moving average price of $25.02. ConnectOne Bancorp has a 12-month low of $17.07 and a 12-month high of $29.31. 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 stock has a market capitalization of $928.65 million, a P/E ratio of 13.67 and a beta of 1.30.

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) last announced its quarterly earnings data on Thursday, January 30th. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.42 by $0.10. ConnectOne Bancorp had a return on equity of 6.77% and a net margin of 13.80%. Equities analysts anticipate that ConnectOne Bancorp will post 2.23 EPS for the current fiscal year.

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ConnectOne Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Tuesday, February 18th were issued a dividend of $0.18 per share. The ex-dividend date was Tuesday, February 18th. This represents a $0.72 annualized dividend and a dividend yield of 2.98%. ConnectOne Bancorp's dividend payout ratio (DPR) is presently 40.68%.

Institutional Investors Weigh In On ConnectOne Bancorp

Several hedge funds have recently added to or reduced their stakes in the business. Wellington Management Group LLP purchased a new stake in shares of ConnectOne Bancorp in the third quarter worth about $14,127,000. Stieven Capital Advisors L.P. grew its stake in shares of ConnectOne Bancorp by 96.2% during the 4th quarter. Stieven Capital Advisors L.P. now owns 508,265 shares of the financial services provider's stock worth $11,644,000 after purchasing an additional 249,265 shares during the period. Bank of America Corp DE increased its holdings in shares of ConnectOne Bancorp by 23.2% during the 4th quarter. Bank of America Corp DE now owns 826,463 shares of the financial services provider's stock valued at $18,934,000 after purchasing an additional 155,573 shares in the last quarter. Earnest Partners LLC increased its holdings in shares of ConnectOne Bancorp by 42.4% during the 4th quarter. Earnest Partners LLC now owns 282,221 shares of the financial services provider's stock valued at $6,466,000 after purchasing an additional 84,028 shares in the last quarter. Finally, Franklin Resources Inc. lifted its stake in shares of ConnectOne Bancorp by 52.8% in the 3rd quarter. Franklin Resources Inc. now owns 242,920 shares of the financial services provider's stock valued at $6,262,000 after purchasing an additional 83,950 shares during the period. 67.70% of the stock is owned by hedge funds and other institutional investors.

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.