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ConnectOne Bancorp Inc . (NASDAQ:CNOB) stock has reached a new 52-week high, trading at $26.54. This milestone reflects a significant uptrend for the regional bank holding company, which has seen its stock value surge over the past year. Investors have been bullish on ConnectOne Bancorp, propelling the stock to this new high, which marks a substantial increase from its previous levels. Over the past year, the company has experienced a remarkable 49.43% change in its stock price, indicating strong investor confidence and a robust financial performance that has resonated well within the banking sector.
In other recent news, ConnectOne Bancorp and The First of Long Island Corporation have announced a definitive agreement for a merger, with the combined entity expected to hold $14 billion in assets, $11 billion in deposits, and $11 billion in loans. The deal, valued at approximately $284 million, is projected to enhance ConnectOne's presence in New York City and accelerate growth on Long Island. The merger is subject to approval by shareholders of both banks, regulatory approvals, and other customary closing conditions, with an anticipated completion in mid-2025.
ConnectOne Bancorp has also displayed robust performance in its recent second-quarter earnings, exceeding both Piper Sandler's estimate and the consensus. The earnings per share (EPS) of $0.46 surpassed expectations due to factors such as a reduction in loan loss provisions and stronger net interest income and fees. Piper Sandler subsequently raised its price target for ConnectOne Bancorp shares to $25, maintaining an Overweight rating on the stock.
Furthermore, ConnectOne Bancorp reported significant growth in deposits and strong origination levels, with an increase in net interest margin anticipated to continue. Non-interest income saw improvements, significantly contributed by the SBA lending platform. In addition, ConnectOne Bancorp declared a quarterly cash dividend of $0.18 per share, reflecting a solid capital position and commitment to shareholder returns. These recent developments reflect the company's strong performance and the favorable conditions anticipated to support its financial growth in the coming months.
InvestingPro Insights
ConnectOne Bancorp's recent achievement of a new 52-week high is further supported by data from InvestingPro. The stock's strong performance is reflected in its impressive 54.48% total return over the past year, significantly outpacing the broader market. This aligns with the InvestingPro Tip that CNOB has shown a "High return over the last year" and is currently "Trading near 52-week high."
Despite the challenging economic environment, ConnectOne Bancorp has maintained a solid financial position. The company's P/E ratio of 14.04 suggests that it may still be reasonably valued compared to its peers in the banking sector. Additionally, with a dividend yield of 2.79%, CNOB offers an attractive income opportunity for investors. An InvestingPro Tip highlights that the company "Has raised its dividend for 5 consecutive years," demonstrating a commitment to shareholder returns.
For investors seeking more comprehensive analysis, InvestingPro offers 10 additional tips for ConnectOne Bancorp, providing deeper insights into the company's financial health and market position.
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