ConnectOne Bancorp (NASDAQ:CNOB) Downgraded to “Hold” at Zacks Investment Research

Zacks Investment Research lowered shares of ConnectOne Bancorp (NASDAQ:CNOB) from a strong-buy rating to a hold rating in a report released on Tuesday, February 13th.

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. “

CNOB has been the subject of a number of other reports. BidaskClub lowered shares of ConnectOne Bancorp from a strong-buy rating to a buy rating in a report on Tuesday, December 12th. Piper Jaffray Companies restated a buy rating and issued a $30.50 price objective on shares of ConnectOne Bancorp in a report on Wednesday, November 1st. Finally, Keefe, Bruyette & Woods reiterated a buy rating and set a $32.00 price target on shares of ConnectOne Bancorp in a report on Thursday, October 26th.

ConnectOne Bancorp (NASDAQ:CNOB) opened at $29.35 on Tuesday. The company has a quick ratio of 0.95, a current ratio of 0.98 and a debt-to-equity ratio of 0.10. ConnectOne Bancorp has a 12 month low of $21.04 and a 12 month high of $29.75. The company has a market cap of $930.08, a P/E ratio of 21.74 and a beta of 1.05.

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

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

In other ConnectOne Bancorp news, Chairman Frank Sorrentino III sold 2,174 shares of the business’s stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $28.45, for a total transaction of $61,850.30. Following the transaction, the chairman now directly owns 593,980 shares of the company’s stock, valued at approximately $16,898,731. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO William S. Burns sold 941 shares of the company’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $28.60, for a total transaction of $26,912.60. Following the completion of the sale, the chief financial officer now directly owns 53,204 shares in the company, valued at $1,521,634.40. The disclosure for this sale can be found here. Insiders have sold a total of 14,131 shares of company stock valued at $382,547 over the last quarter. 7.63% of the stock is currently owned by company insiders.

Several large investors have recently added to or reduced their stakes in the company. MetLife Investment Advisors LLC purchased a new stake in shares of ConnectOne Bancorp in the 4th quarter worth about $357,000. Millennium Management LLC grew its position in shares of ConnectOne Bancorp by 22.5% in the 4th quarter. Millennium Management LLC now owns 297,743 shares of the financial services provider’s stock worth $7,667,000 after buying an additional 54,661 shares during the period. TIAA CREF Investment Management LLC grew its position in shares of ConnectOne Bancorp by 74.1% in the 4th quarter. TIAA CREF Investment Management LLC now owns 218,755 shares of the financial services provider’s stock worth $5,633,000 after buying an additional 93,118 shares during the period. Teachers Advisors LLC grew its position in shares of ConnectOne Bancorp by 36.1% in the 4th quarter. Teachers Advisors LLC now owns 83,513 shares of the financial services provider’s stock worth $2,150,000 after buying an additional 22,158 shares during the period. Finally, Goldman Sachs Group Inc. grew its position in shares of ConnectOne Bancorp by 2.3% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,441,355 shares of the financial services provider’s stock worth $37,115,000 after buying an additional 32,185 shares during the period. 67.64% of the stock is currently owned by hedge funds and other institutional investors.

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ConnectOne Bancorp Company Profile

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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