ConnectOne Bancorp (NASDAQ:CNOB) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Tuesday. The firm presently has a $36.00 target price on the financial services provider’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 17.07% from the company’s current price.
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. “
Several other brokerages have also commented on CNOB. BidaskClub raised shares of ConnectOne Bancorp from a “hold” rating to a “buy” rating in a research report on Wednesday, March 7th. ValuEngine raised shares of ConnectOne Bancorp from a “hold” rating to a “buy” rating in a research report on Thursday, March 1st. Finally, Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $36.00 price objective on shares of ConnectOne Bancorp in a research report on Tuesday, February 27th. Four equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $34.17.
Shares of ConnectOne Bancorp (NASDAQ:CNOB) opened at $30.75 on Tuesday. The company has a market cap of $999.04, a PE ratio of 17.70 and a beta of 1.03. The company has a debt-to-equity ratio of 1.28, a current ratio of 1.13 and a quick ratio of 1.13. ConnectOne Bancorp has a 12-month low of $21.04 and a 12-month high of $31.40.
ConnectOne Bancorp (NASDAQ:CNOB) last announced its quarterly earnings data on Thursday, January 25th. The financial services provider reported $0.51 EPS for the quarter, topping the consensus estimate of $0.40 by $0.11. The business had revenue of $41.83 million for the quarter, compared to analyst estimates of $39.55 million. ConnectOne Bancorp had a net margin of 22.80% and a return on equity of 10.22%. equities analysts forecast that ConnectOne Bancorp will post 2.21 EPS for the current year.
In other news, CFO William S. Burns sold 941 shares of the business’s stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $28.60, for a total value of $26,912.60. Following the sale, the chief financial officer now owns 53,204 shares of the company’s stock, valued at $1,521,634.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Chairman Frank Sorrentino III sold 2,174 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the chairman now directly owns 593,980 shares in the company, valued at approximately $16,898,731. The disclosure for this sale can be found here. In the last three months, insiders sold 3,983 shares of company stock worth $113,727. Insiders own 7.63% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. State Street Corp grew its stake in ConnectOne Bancorp by 8.9% during the second quarter. State Street Corp now owns 570,520 shares of the financial services provider’s stock valued at $12,868,000 after acquiring an additional 46,590 shares in the last quarter. Aperio Group LLC grew its stake in ConnectOne Bancorp by 26.9% during the third quarter. Aperio Group LLC now owns 14,649 shares of the financial services provider’s stock valued at $360,000 after acquiring an additional 3,107 shares in the last quarter. SG Americas Securities LLC purchased a new position in ConnectOne Bancorp during the third quarter valued at approximately $112,000. Cortina Asset Management LLC grew its stake in ConnectOne Bancorp by 1.1% during the third quarter. Cortina Asset Management LLC now owns 283,475 shares of the financial services provider’s stock valued at $6,973,000 after acquiring an additional 3,082 shares in the last quarter. Finally, Alpine Woods Capital Investors LLC grew its stake in ConnectOne Bancorp by 47.1% during the third quarter. Alpine Woods Capital Investors LLC now owns 25,000 shares of the financial services provider’s stock valued at $615,000 after acquiring an additional 8,000 shares in the last quarter. 66.54% of the stock is currently owned by 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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