ConnectOne Bancorp (CNOB) Lifted to Buy at BidaskClub

BidaskClub upgraded shares of ConnectOne Bancorp (NASDAQ:CNOB) from a hold rating to a buy rating in a research report sent to investors on Saturday.

CNOB has been the topic of several other research reports. Piper Jaffray Companies reaffirmed a buy rating and issued a $30.50 target price on shares of ConnectOne Bancorp in a research report on Wednesday, November 1st. Zacks Investment Research raised ConnectOne Bancorp from a hold rating to a buy rating and set a $29.00 target price on the stock in a research report on Tuesday, January 2nd. Finally, Keefe, Bruyette & Woods reissued a buy rating and set a $32.00 price target on shares of ConnectOne Bancorp in a research report on Thursday, October 26th.

ConnectOne Bancorp (CNOB) opened at $28.70 on Friday. ConnectOne Bancorp has a 12-month low of $21.04 and a 12-month high of $29.75. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.98 and a quick ratio of 0.95. The company has a market capitalization of $918.86, a P/E ratio of 21.22 and a beta of 1.05.

ConnectOne Bancorp (NASDAQ:CNOB) last posted its earnings results on Thursday, January 25th. The financial services provider reported $0.51 EPS for the quarter, beating the consensus estimate of $0.40 by $0.11. ConnectOne Bancorp had a return on equity of 10.30% and a net margin of 22.80%. The company had revenue of $41.83 million for the quarter, compared to the consensus estimate of $39.55 million. sell-side analysts expect that ConnectOne Bancorp will post 2.21 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Thursday, February 1st. Investors of record on Monday, January 15th were given a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a yield of 1.05%. The ex-dividend date was Thursday, January 11th. ConnectOne Bancorp’s dividend payout ratio is currently 22.22%.

In related news, CEO Frank Sorrentino III sold 5,848 shares of the stock in a transaction that occurred on Thursday, December 14th. The stock was sold at an average price of $26.49, for a total transaction of $154,913.52. Following the sale, the chief executive officer now owns 560,562 shares of the company’s stock, valued at $14,849,287.38. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO William S. Burns sold 941 shares of the stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $28.60, for a total value of $26,912.60. Following the sale, the chief financial officer now directly owns 53,204 shares in the company, valued at approximately $1,521,634.40. The disclosure for this sale can be found here. Insiders have sold 14,131 shares of company stock worth $382,547 in the last three months. 7.63% of the stock is currently owned by company insiders.

Large investors have recently modified their holdings of the stock. SG Americas Securities LLC acquired a new stake in ConnectOne Bancorp during the third quarter worth approximately $112,000. Legal & General Group Plc grew its position in ConnectOne Bancorp by 4.0% during the second quarter. Legal & General Group Plc now owns 7,868 shares of the financial services provider’s stock worth $177,000 after buying an additional 300 shares in the last quarter. Benchmark Capital Advisors acquired a new stake in ConnectOne Bancorp during the third quarter worth approximately $202,000. Clear Harbor Asset Management LLC acquired a new stake in ConnectOne Bancorp during the third quarter worth approximately $209,000. Finally, GSA Capital Partners LLP acquired a new stake in ConnectOne Bancorp during the second quarter worth approximately $244,000. 68.50% of the stock is currently owned by institutional investors and hedge funds.

ILLEGAL ACTIVITY NOTICE: This story was reported by Dispatch Tribunal and is the property of of Dispatch Tribunal. If you are reading this story on another domain, it was illegally copied and republished in violation of US & international copyright laws. The original version of this story can be read at https://www.dispatchtribunal.com/2018/02/13/connectone-bancorp-cnob-lifted-to-buy-at-bidaskclub.html.

About ConnectOne Bancorp

ConnectOne Bancorp, Inc is a bank holding company of ConnectOne Bank (the Bank). The Bank is a community-based, full-service New Jersey-chartered commercial bank. The Bank offers a range of deposit and loan products. In addition, to attract the business of consumer and business customers, it also provides an array of other banking services.

Receive News & Ratings for ConnectOne Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ConnectOne Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply