Zacks Investment Research downgraded shares of ConnectOne Bancorp (NASDAQ:CNOB) from a hold rating to a sell rating in a research note released on Thursday.
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 topic of several other reports. TheStreet raised shares of ConnectOne Bancorp from a c+ rating to a b- rating in a research note on Monday, February 25th. BidaskClub raised shares of ConnectOne Bancorp from a strong sell rating to a sell rating in a research note on Wednesday, January 2nd. Finally, ValuEngine raised shares of ConnectOne Bancorp from a strong sell rating to a sell rating in a research note on Wednesday, January 2nd. Three equities research analysts have rated the stock with a sell rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus target price of $34.00.
NASDAQ CNOB opened at $18.99 on Thursday. The firm has a market capitalization of $672.72 million, a price-to-earnings ratio of 8.52 and a beta of 0.88. ConnectOne Bancorp has a 1 year low of $17.07 and a 1 year high of $29.95. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.21.
ConnectOne Bancorp (NASDAQ:CNOB) last posted its quarterly earnings results on Thursday, January 24th. The financial services provider reported $0.59 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.55 by $0.04. The company had revenue of $41.68 million for the quarter, compared to analysts’ expectations of $43.01 million. ConnectOne Bancorp had a return on equity of 12.31% and a net margin of 27.20%. As a group, analysts anticipate that ConnectOne Bancorp will post 2.22 EPS for the current year.
In other ConnectOne Bancorp news, Director William Thompson sold 2,700 shares of the business’s stock in a transaction on Wednesday, January 30th. The shares were sold at an average price of $20.11, for a total transaction of $54,297.00. Following the sale, the director now directly owns 74,787 shares of the company’s stock, valued at approximately $1,503,966.57. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 7.67% of the stock is owned by insiders.
Large investors have recently made changes to their positions in the business. Hennessy Advisors Inc. raised its stake in ConnectOne Bancorp by 9.6% during the 4th quarter. Hennessy Advisors Inc. now owns 285,000 shares of the financial services provider’s stock valued at $5,264,000 after purchasing an additional 25,000 shares during the period. Renaissance Technologies LLC raised its stake in ConnectOne Bancorp by 0.8% during the 3rd quarter. Renaissance Technologies LLC now owns 1,055,831 shares of the financial services provider’s stock valued at $25,076,000 after purchasing an additional 8,255 shares during the period. BlackRock Inc. raised its stake in ConnectOne Bancorp by 1.0% during the 3rd quarter. BlackRock Inc. now owns 1,898,479 shares of the financial services provider’s stock valued at $45,089,000 after purchasing an additional 19,617 shares during the period. Bank of New York Mellon Corp raised its stake in ConnectOne Bancorp by 1.7% during the 3rd quarter. Bank of New York Mellon Corp now owns 164,598 shares of the financial services provider’s stock valued at $3,909,000 after purchasing an additional 2,770 shares during the period. Finally, Citadel Advisors LLC raised its stake in ConnectOne Bancorp by 3.5% during the 3rd quarter. Citadel Advisors LLC now owns 70,689 shares of the financial services provider’s stock valued at $1,679,000 after purchasing an additional 2,385 shares during the period. 60.34% of the stock is currently owned by institutional investors.
ConnectOne Bancorp Company Profile
ConnectOne Bancorp, Inc operates as the bank holding company for ConnectOne Bank, a state chartered bank that provides various commercial banking products and services. The company offers a range of deposit products, including personal and business checking accounts, retirement accounts, money market accounts, and time and savings accounts.
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