ConnectOne Bancorp (NASDAQ:CNOB) Upgraded to Outperform at Raymond James Financial

Key Points

• Raymond James upgraded ConnectOne Bancorp to “outperform” from “market perform” and set a $37 price target, implying 13.18% upside from the reported share price.
• Analyst sentiment is broadly positive: five analysts rate the stock a Buy, with a consensus rating of “Buy” and an average target price of $35.75. The company also exceeded quarterly expectations, reporting $0.95 in earnings per share versus the $0.85 estimate.
• Institutional investors own 67.70% of ConnectOne Bancorp, with BlackRock, Bank of America and other major firms recently establishing or increasing positions.

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) was upgraded by equities research analysts at Raymond James Financial from a "market perform" rating to an "outperform" rating in a report issued on Monday, Marketbeat reports. The brokerage currently has a $37.00 price objective on the financial services provider's stock. Raymond James Financial's price objective indicates a potential upside of 13.18% from the stock's current price.

Separately, Weiss Ratings reaffirmed a "buy (b)" rating on shares of ConnectOne Bancorp in a research report on Monday, August 17th. Five analysts have rated the stock with a Buy rating. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $35.75.

ConnectOne Bancorp Stock Performance

Shares of CNOB stock opened at $32.69 on Monday. ConnectOne Bancorp has a 52 week low of $23.20 and a 52 week high of $34.14. The company has a market capitalization of $1.64 billion, a price-to-earnings ratio of 11.43 and a beta of 1.08. The company has a 50-day simple moving average of $31.29 and a 200 day simple moving average of $31.22. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.04 and a current ratio of 1.04.

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) last released its quarterly earnings results on Thursday, October 22nd. The financial services provider reported $0.95 earnings per share for the quarter, beating the consensus estimate of $0.85 by $0.10. The firm had revenue of $127.23 million for the quarter, compared to analysts' expectations of $125.36 million. ConnectOne Bancorp had a net margin of 18.97% and a return on equity of 11.96%. On average, sell-side analysts predict that ConnectOne Bancorp will post 3.35 earnings per share for the current year.

Institutional Trading of ConnectOne Bancorp

A number of institutional investors and hedge funds have recently made changes to their positions in CNOB. BlackRock Inc. bought a new position in ConnectOne Bancorp in the second quarter valued at approximately $159,462,000. Dimensional Fund Advisors LP raised its position in ConnectOne Bancorp by 1.3% during the first quarter. Dimensional Fund Advisors LP now owns 2,853,964 shares of the financial services provider's stock valued at $76,400,000 after purchasing an additional 37,657 shares in the last quarter. Bank of America Corp DE bought a new stake in ConnectOne Bancorp during the second quarter worth $29,505,000. The Manufacturers Life Insurance Company bought a new stake in ConnectOne Bancorp during the second quarter worth $9,952,000. Finally, Bank of New York Mellon Corp acquired a new stake in shares of ConnectOne Bancorp in the 2nd quarter valued at $9,501,000. Institutional investors own 67.70% of the company's stock.

ConnectOne Bancorp Company Profile

ConnectOne Bancorp, Inc is the parent company of ConnectOne Bank, a full-service commercial bank headquartered in Englewood Cliffs, New Jersey. The bank primarily serves businesses, entrepreneurs, professionals, nonprofit organizations and individuals in the New York metropolitan area and surrounding communities.

ConnectOne Bank provides a range of commercial and personal banking products, including checking and savings accounts, certificates of deposit, commercial and industrial loans, commercial real estate financing, construction loans, residential mortgage loans and consumer lending.

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