ConnectOne Bancorp (NASDAQ:CNOB) Upgraded to Strong-Buy at Zacks Research

Key Points

• Zacks Research upgraded ConnectOne Bancorp to “strong buy” from “hold.” Analysts’ consensus rating is “Buy,” with an average price target of $35.75.
• ConnectOne reported quarterly EPS of $0.95, beating the $0.85 estimate, and revenue of $127.23 million, above analysts’ $125.36 million forecast.
• The shares opened at $32.46 and were reported down 2.0%; their 12-month trading range is $23.20 to $34.14.

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) was upgraded by investment analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a report released on Wednesday, Zacks reports.

CNOB has been the subject of several other reports. Weiss Ratings reissued a "buy (b)" rating on shares of ConnectOne Bancorp in a research report on Monday, August 17th. Raymond James Financial raised ConnectOne Bancorp from a "market perform" rating to an "outperform" rating and set a $37.00 price objective on the stock in a research note on Monday, October 26th. One analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the company's stock. According to data from MarketBeat, ConnectOne Bancorp has a consensus rating of "Buy" and an average target price of $35.75.

ConnectOne Bancorp Trading Down 2.0%

CNOB opened at $32.46 on Wednesday. ConnectOne Bancorp has a twelve month low of $23.20 and a twelve month high of $34.14. The company has a quick ratio of 1.04, a current ratio of 1.05 and a debt-to-equity ratio of 0.86. The company has a fifty day moving average of $31.36 and a 200-day moving average of $30.15. The stock has a market cap of $1.63 billion, a PE ratio of 9.71 and a beta of 1.04.

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) last released its earnings results on Thursday, October 22nd. The financial services provider reported $0.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.85 by $0.10. The business had revenue of $127.23 million for the quarter, compared to analyst estimates 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 3.44 EPS for the current year.

Insider Buying and Selling

In other ConnectOne Bancorp news, insider Elizabeth Magennis sold 6,900 shares of ConnectOne Bancorp stock in a transaction on Monday, October 26th. The shares were sold at an average price of $32.67, for a total value of $225,423.00. Following the completion of the sale, the insider directly owned 137,383 shares of the company's stock, valued at approximately $4,488,302.61. The trade was a 4.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 5.24% of the company's stock.

Institutional Trading of ConnectOne Bancorp

Several large investors have recently made changes to their positions in CNOB. Sterling Capital Management LLC increased its stake in ConnectOne Bancorp by 45.4% during the 3rd quarter. Sterling Capital Management LLC now owns 1,124 shares of the financial services provider's stock valued at $34,000 after purchasing an additional 351 shares in the last quarter. Nykredit A S bought a new position in shares of ConnectOne Bancorp in the second quarter valued at $39,000. Allworth Financial LP acquired a new position in shares of ConnectOne Bancorp during the second quarter valued at about $52,000. Nisa Investment Advisors LLC grew its holdings in shares of ConnectOne Bancorp by 1,720.0% during the third quarter. Nisa Investment Advisors LLC now owns 1,638 shares of the financial services provider's stock valued at $49,000 after buying an additional 1,548 shares during the last quarter. Finally, Integrated Wealth Concepts LLC bought a new stake in shares of ConnectOne Bancorp during the second quarter worth about $58,000. 67.70% of the stock is currently owned by institutional investors and hedge funds.

About ConnectOne Bancorp

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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