ConnectOne Bancorp (NASDAQ: CNOB) Reduced To Hold At Zacks Investment Research
ConnectOne Bancorp (NASDAQ: CNOB) was downgraded by Zacks Investment Research from a “buy” rating to a “keep” rating in a research note issued to investors Thursday, Zacks.com reports.
According to Zacks, “ConnectOne Bancorp, Inc. is a full-service, community-based commercial banking holding company. The Bank offers a range of loan, deposit and related financial services to commercial, industrial and government clients. ConnectOne provides secure and insecure services. loans, mortgages, 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, deposit night and financial services safe. The Bank, through its subsidiary, provides financial services, including brokerage, insurance and annuity, mutual fund and financial planning services. It also offers various money market services. ConnectOne Bancorp, Inc., formerly known as Center Bancorp, Inc., is based in Englewood Cliffs, New Jersey. “
Separately, Raymond James raised his price target for ConnectOne Bancorp shares from $ 35 to $ 40.00 and gave the company a “strong buy” rating in a research note on Friday, July 30. One research analyst rated the stock with a conservation rating, two gave the stock a buy rating, and one gave the stock a high buy rating. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $ 32.50.
Shares of CNOB traded down $ 0.23 during trading hours on Thursday, reaching $ 34.09. The company’s stock had a trading volume of 92,509 shares, compared to its average volume of 139,195. The stock has a fifty-day moving average of $ 31.24. The company has a market cap of $ 1.35 billion, a PE ratio of 11.10 and a beta of 1.37. ConnectOne Bancorp has a twelve month low of $ 16.96 and a twelve month high of $ 35.48. The company has a current ratio of 1.09, a quick ratio of 1.09, and a debt to equity ratio of 0.41.
ConnectOne Bancorp (NASDAQ: CNOB) last announced its quarterly earnings data on Wednesday, October 27. The financial services provider reported earnings per share (EPS) of $ 0.80 for the quarter, beating the consensus estimate of $ 0.72 by $ 0.08. ConnectOne Bancorp had a net margin of 39.20% and a return on equity of 12.93%. In the same quarter of the previous year, the company made EPS of $ 0.62. On average, analysts expect ConnectOne Bancorp to post 3.2 earnings per share for the current fiscal year.
In other ConnectOne Bancorp news, CEO Frank Sorrentino III sold 30,000 shares in a trade that took place on Tuesday, November 2. The shares were sold at an average price of $ 34.12, for a total trade of $ 1,023,600.00. The transaction was disclosed in a file with the SEC, which is available at this link. In addition, director Joseph Jr. Parisi sold 15,000 shares in a transaction that took place on Monday, November 8. The stock was sold for an average price of $ 34.75, for a total trade of $ 521,250.00. Disclosure of this sale can be found here. Insiders have sold 70,200 shares of the company valued at $ 2,421,054 in the past three months. Insiders own 7.05% of the shares of the company.
Several institutional investors have recently increased or reduced their stakes in the company. Bank of New York Mellon Corp increased its position in ConnectOne Bancorp shares by 8.1% in the third quarter. Bank of New York Mellon Corp now owns 219,782 shares of the financial services provider valued at $ 6,596,000 after acquiring an additional 16,400 shares in the last quarter. BNP Paribas Arbitrage SA increased its position in ConnectOne Bancorp shares by 106.1% in the third quarter. BNP Paribas Arbitrage SA now owns 10,371 shares of the financial services provider valued at $ 311,000 after acquiring 5,340 additional shares during the last quarter. Two Sigma Investments LP increased its position in ConnectOne Bancorp shares by 35.7% in the third quarter. Two Sigma Investments LP now owns 96,054 shares of the financial services provider valued at $ 2,883,000 after acquiring an additional 25,245 shares in the last quarter. Verition Fund Management LLC increased its position in ConnectOne Bancorp shares by 8.4% in the third quarter. Verition Fund Management LLC now owns 137,914 shares of the financial services provider valued at $ 4,139,000 after acquiring an additional 10,729 shares in the last quarter. Finally, Maltese Capital Management LLC acquired a new stake in ConnectOne Bancorp shares in the third quarter valued at $ 450,000. 65.35% of the capital is held by institutional investors.
About ConnectOne Bancorp
ConnectOne Bancorp, Inc is a holding company, which owns and operates ConnectOne Bank. It offers personal and commercial business loans on a secured and unsecured basis, revolving lines of credit, commercial mortgages and residential mortgages. The company was founded on November 12, 1982 and is headquartered in Englewood Cliffs, NJ.
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