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.
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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.
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