ConnectOne Bancorp Inc. (CNOB)
NASDAQ:CNOB
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ConnectOne Bancorp
(NASDAQ:CNOB)
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Rating:79Outperform
Price Target:
$33.00
▲(15.02% Upside)
Action:Reiterated
Date:05/21/26
The score is driven primarily by solid financial performance (strong cash conversion and improved balance-sheet leverage) and an attractive valuation (low P/E with a meaningful dividend). Technicals are supportive but not strongly overextended, while earnings-call commentary adds confidence via NIM expansion and capital return plans, tempered by concentrated rent-stabilized credit and deposit-cost/funding mix risks.
Positive Factors
Cash generation quality
ConnectOne's free cash flow closely tracks net income, with TTM FCF near $103M and strong FCF growth recently. Durable cash conversion supports organic loan growth, recurring dividends, buybacks, and provisioning capacity, improving financial flexibility across economic cycles.
Negative Factors
Concentration in rent-stabilized multifamily
A single legacy borrower tied to 19 rent-stabilized properties drove higher delinquencies, highlighting material single-relationship concentration. That concentration can produce outsized credit volatility, higher reserve needs, or episodic losses that impair earnings and require active remediation over multiple quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation quality
ConnectOne's free cash flow closely tracks net income, with TTM FCF near $103M and strong FCF growth recently. Durable cash conversion supports organic loan growth, recurring dividends, buybacks, and provisioning capacity, improving financial flexibility across economic cycles.
Read all positive factors
ConnectOne Bancorp (CNOB) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.51B
Dividend Yield2.68%
Average Volume (3M)322.17K
Price to Earnings (P/E)15.5
Beta (1Y)0.88
Revenue Growth39.87%
EPS Growth-5.34%
CountryUS
Employees489
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)2.01
Shares Outstanding50,288,494
10 Day Avg. Volume257,289
30 Day Avg. Volume322,169
Financial Highlights & Ratios
PEG Ratio-1.00
Price to Book (P/B)0.84
Price to Sales (P/S)2.18
P/FCF Ratio13.09
Enterprise Value/Market Cap1.00
Enterprise Value/Revenue2.05
Enterprise Value/Gross Profit3.99
Enterprise Value/Ebitda10.33
Forecast
1Y Price Target
$33.00Price Target Upside15.02% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)3.23
Revenue Forecast (FY)$486.14M
ConnectOne Bancorp Business Overview & Revenue Model
Company Description
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 Northern New Jersey and New Yo...
How the Company Makes Money
ConnectOne Bancorp makes money primarily through its banking subsidiary by (1) earning net interest income and (2) generating noninterest income. Net interest income is the largest driver for most banks and comes from the spread between interest e...
ConnectOne Bancorp Earnings Call Summary
Earnings Call Date:Apr 23, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 23, 2026
Earnings Call Sentiment Positive
The call presented a majority of positive operational and financial developments: accelerated loan growth, sequential NIM expansion, improved operating profitability, strong credit metrics overall, disciplined expense management, and strengthened capital with shareholder-friendly actions (dividend increase and repurchases). Headwinds were concentrated and described as isolated—centered on an uptick in delinquencies tied to one rent-stabilized multifamily relationship, higher reserves and a modest provision, and the need to fund rapid loan growth through reduced securities/cash and some wholesale deposits amid a competitive deposit environment. Management emphasized active remediation, elevated reserves/purchase-accounting marks that provide a cushion, and confidence in continued margin and capital improvement.Positive Updates
Scale and Franchise Expansion
Scaled balance sheet from under $10 billion to nearly $15 billion in assets post-merger; market capitalization increased to over $1.4 billion; expanded geographic footprint across the New York City Metro Region and into South Florida.
Negative Updates
Isolated Delinquency Increase in Rent-Stabilized Relationship
30–59 day delinquencies rose to 0.81% driven by an isolated client relationship collateralized by 19 multifamily NYC rent-stabilized properties; management is actively working the relationship and noted it stems from the legacy ConnectOne portfolio.
Read all updates
Q1-2026 Updates
Positive
Negative
Scale and Franchise Expansion
Scaled balance sheet from under $10 billion to nearly $15 billion in assets post-merger; market capitalization increased to over $1.4 billion; expanded geographic footprint across the New York City Metro Region and into South Florida.
Read all positive updates
Company Guidance
Management reiterated a year‑end spot net interest margin target of 3.50% (roughly 3.45% as a conservative Q4 exit), expecting continued margin expansion driven by loan repricings even without further rate cuts and assuming roughly flat deposit costs for the year; loan growth guidance is mid‑single digits net of payoffs (this quarter grew $300M—annualized ~10%—with a pipeline yield ~6.35% and recent originations ~6.20%; about $100M of fixed‑rate loans reprice monthly). They flagged a $5.2M Q1 provision, an allowance-to-loans ratio of 1.3%, >$80M (≈12%) of value‑absorbing cushion against rent‑stabilized exposure (including $66M and $15M marks), NPAs 0.29% of assets, criticized/classified loans 2.26% of loans, 30–59 day delinquencies 0.81%, and annualized net charge-offs of 0.08%; purchase‑accounting accretion was $9.3M in the quarter (~$9M/quarter in 2026, ~$8M/quarter in 2027). Capital deployment plans include ~100k share repurchases per quarter (90k repurchased this quarter at $26.21, >500k remaining), an 8.3% dividend increase, SBA gains already ahead of 2026 targets ($0.4M in Q1 + $1.1M in April), and controlled noninterest expense ($55.7M ex‑merger this quarter with a targeted 1.5% sequential growth rate).ConnectOne Bancorp Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
78
Positive
Cash Flow
81
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 734.09M | 606.47M | 534.62M | 504.07M | 386.99M | 316.75M |
| Gross Profit | 377.21M | 267.86M | 250.26M | 260.91M | 297.61M | 283.39M |
| EBITDA | 145.49M | 112.74M | 104.12M | 122.90M | 176.77M | 180.79M |
| Net Income | 98.02M | 80.44M | 73.79M | 87.00M | 125.21M | 130.35M |
Balance Sheet | ||||||
| Total Assets | 14.21B | 14.00B | 9.88B | 9.86B | 9.64B | 8.13B |
| Cash, Cash Equivalents and Short-Term Investments | 1.24B | 1.34B | 360.70M | 859.88M | 903.20M | 800.04M |
| Total Debt | 30.56M | 1.17B | 783.51M | 1.03B | 1.02B | 633.56M |
| Total Liabilities | 12.62B | 12.43B | 8.64B | 8.64B | 8.47B | 7.01B |
| Stockholders Equity | 1.59B | 1.57B | 1.24B | 1.22B | 1.18B | 1.12B |
Cash Flow | ||||||
| Free Cash Flow | 101.42M | 101.01M | 56.91M | 85.46M | 173.48M | 199.49M |
| Operating Cash Flow | 106.83M | 106.40M | 60.70M | 92.89M | 176.78M | 202.27M |
| Investing Cash Flow | -478.42M | -186.16M | 55.15M | -248.04M | -1.54B | -689.86M |
| Financing Cash Flow | 423.46M | 104.17M | -2.08M | 129.55M | 1.37B | 449.37M |
ConnectOne Bancorp Technical Analysis
Positive
28.69
Price Trends
28.38
Positive
27.55
Positive
26.18
Positive
Market Momentum
0.41
Positive
61.05
Neutral
79.69
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CNOB, the sentiment is Positive. The current price of 28.69 is below the 20-day moving average (MA) of 29.58, above the 50-day MA of 28.38, and above the 200-day MA of 26.18, indicating a bullish trend. The MACD of 0.41 indicates Positive momentum. The RSI at 61.05 is Neutral, neither overbought nor oversold. The STOCH value of 79.69 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CNOB.
ConnectOne Bancorp Risk Analysis
ConnectOne Bancorp disclosed 24 risk factors in its most recent earnings report. ConnectOne Bancorp reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
ConnectOne Bancorp Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $1.51B | 15.47 | 6.32% | 2.68% | 39.87% | -5.34% | |
77 Outperform | $1.40B | 12.66 | 11.56% | 2.57% | -2.48% | 7.25% | |
77 Outperform | $1.30B | 11.99 | 12.26% | 3.70% | -11.52% | -10.26% | |
76 Outperform | $1.50B | 10.64 | 11.20% | 1.34% | 3.02% | 13.80% | |
74 Outperform | $1.51B | 11.38 | 12.33% | 0.28% | 3.37% | 19.68% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | $1.68B | 53.47 | 3.40% | ― | 6.29% | 220.03% |
* Financial Sector Average
CNOB
ConnectOne Bancorp
30.07
8.28
38.00%
QCRH
QCR Holdings
92.15
25.87
39.04%
RBCAA
Republic Bancorp
80.95
14.07
21.03%
WABC
Westamerica Bancorporation
55.49
9.68
21.14%
TFIN
Triumph Financial
71.25
13.96
24.37%
BY
Byline Bancorp
33.09
7.77
30.71%
ConnectOne Bancorp Corporate Events
Executive/Board ChangesShareholder Meetings
ConnectOne Bancorp Shareholders Approve 2026 Equity Incentive Plan
Positive
May 20, 2026
At its annual reorganizational meeting, ConnectOne Bancorp appointed Elizabeth Magennis as President of the holding company, formalizing her leadership role alongside her existing positions as President of ConnectOne Bank and director on both boar...
Financial Disclosures
ConnectOne Bancorp Schedules First-Quarter 2026 Earnings Release
Neutral
Apr 9, 2026
On April 9, 2026, ConnectOne Bancorp, Inc., parent of ConnectOne Bank and fintech subsidiary BoeFly, announced it will release financial results for the first quarter ended March 31, 2026, before U.S. markets open on Thursday, April 23, 2026. The ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.