ConnectOne Bancorp stock hits 52-week high at $29.07

ConnectOne Bancorp Inc . (NASDAQ:CNOB) has reached a new 52-week high, with its stock price soaring to $29.07. This milestone reflects a significant uptrend for the company, which has seen an impressive 1-year change of 51.17%. Investors have shown increased confidence in the bank's performance, driving the stock to this new high. The surge in stock value over the past year underscores ConnectOne's robust financial health and the positive sentiment surrounding its growth prospects in the competitive banking sector.

In other recent news, ConnectOne Bancorp reported a stable third quarter during its earnings call and announced a significant merger with First of Long Island Corporation. This development, expected to close in the first half of 2025, is set to bolster the bank's market presence and credit quality, increasing its assets to over $14 billion. In the short term, however, the bank predicts subdued loan growth, with a resurgence anticipated by mid-2025.

Ahead of the merger, ConnectOne plans to issue $100 million in subordinated debt, forecasting a steady net interest margin in the next quarter. The bank also reported an 8% annual increase in average client deposits and a solid loan-to-deposit ratio. Despite a minor rise in non-accrual loans and criticized loans, the bank maintains strong credit quality.

The merger is anticipated to create significant synergies, particularly in residential mortgage origination and SBA (LON:SBA) lending. Additionally, the bank's management sees opportunities to boost business and SBA lending through the BoeFly platform and expanded branch network, following the merger and in light of lower interest rates. These are the recent developments for ConnectOne Bancorp.

InvestingPro Insights

ConnectOne Bancorp's recent achievement of a new 52-week high is further supported by InvestingPro data, which reveals a strong 1-year price total return of 50.01%. This aligns closely with the 51.17% change mentioned in the article, confirming the stock's impressive performance.

InvestingPro Tips highlight that CNOB is currently trading near its 52-week high and has shown a strong return over the last month, with data indicating a 15.71% price total return in the past month alone. This recent momentum adds context to the stock's climb to new heights.

Additionally, CNOB boasts a high shareholder yield and has maintained dividend payments for 51 consecutive years, according to InvestingPro Tips. This long-standing commitment to shareholder returns may contribute to investor confidence and the stock's upward trajectory.

For investors seeking a deeper understanding of ConnectOne Bancorp's financial position, InvestingPro offers 12 additional tips, providing a more comprehensive analysis of the company's prospects and potential risks.

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