Zacks Investment Research Lowers ConnectOne Bancorp (CNOB) to Hold

Zacks Investment Research downgraded shares of ConnectOne Bancorp (NASDAQ:CNOB) from a strong-buy rating to a hold rating in a report issued on Tuesday morning.

According to Zacks, “ConnectOne Bancorp, Inc. is a community-based, full-service commercial bank holding company. The Bank offers a range of lending, depository and related financial services to commercial, industrial and governmental customers. ConnectOne provides secured and unsecured loans, mortgage loans, home equity lines of credit, short and medium term loans, lines of credit, letters of credit, working capital loans, and real estate construction loans, as well as collection services, wire transfers, night depository, and lock box services. The Bank, through its subsidiary, provides financial services, including brokerage services, insurance and annuities, mutual funds and financial planning. It also offers various money market services. ConnectOne Bancorp, Inc., formerly known as Center Bancorp, Inc., is based in Englewood Cliffs, New Jersey. “

Other research analysts also recently issued research reports about the stock. BidaskClub raised shares of ConnectOne Bancorp from a hold rating to a buy rating in a research note on Saturday, February 10th. Piper Jaffray Companies reissued a buy rating and issued a $30.50 target price on shares of ConnectOne Bancorp in a research note on Wednesday, November 1st. Finally, Keefe, Bruyette & Woods reissued a buy rating and issued a $32.00 target price on shares of ConnectOne Bancorp in a research note on Thursday, October 26th.

ConnectOne Bancorp (NASDAQ CNOB) opened at $29.55 on Tuesday. The stock has a market capitalization of $939.71, a price-to-earnings ratio of 21.89 and a beta of 1.05. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.95 and a current ratio of 0.98. ConnectOne Bancorp has a one year low of $21.04 and a one year high of $29.75.

ConnectOne Bancorp (NASDAQ:CNOB) last released its quarterly earnings results on Thursday, January 25th. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.40 by $0.11. The business had revenue of $41.83 million during the quarter, compared to the consensus estimate of $39.55 million. ConnectOne Bancorp had a return on equity of 10.30% and a net margin of 22.80%. research analysts forecast that ConnectOne Bancorp will post 2.21 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Thursday, February 1st. Investors of record on Monday, January 15th were paid a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 1.02%. The ex-dividend date of this dividend was Thursday, January 11th. ConnectOne Bancorp’s payout ratio is 22.22%.

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

A number of institutional investors and hedge funds have recently bought and sold shares of CNOB. SG Americas Securities LLC purchased a new stake in ConnectOne Bancorp in the 3rd quarter valued at about $112,000. Benchmark Capital Advisors purchased a new stake in ConnectOne Bancorp in the 3rd quarter valued at about $202,000. Clear Harbor Asset Management LLC purchased a new stake in ConnectOne Bancorp in the 3rd quarter valued at about $209,000. GSA Capital Partners LLP purchased a new stake in ConnectOne Bancorp in the 2nd quarter valued at about $244,000. Finally, Private Advisor Group LLC purchased a new stake in ConnectOne Bancorp in the 4th quarter valued at about $258,000. Institutional investors own 68.50% of the company’s stock.

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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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