ConnectOne Bancorp (NASDAQ:CNOB) Raised to "Hold" at Wall Street Zen

Key Points

• ConnectOne Bancorp's rating has been upgraded from a "sell" to a "hold" by Wall Street Zen, indicating a more favorable outlook for the stock.
• Analysts have varying price targets for ConnectOne Bancorp, with Hovde Group increasing it to $29.50 and Keefe, Bruyette & Woods lowering it to $31.00.
• Institutional investors hold 67.70% of ConnectOne Bancorp's shares, reflecting strong institutional interest in the company's stock.

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) was upgraded by stock analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a research report issued on Saturday.

Other equities research analysts have also issued reports about the stock. Hovde Group lifted their price target on shares of ConnectOne Bancorp from $29.00 to $29.50 and gave the company an "outperform" rating in a research note on Thursday, April 24th. Keefe, Bruyette & Woods lowered their price target on shares of ConnectOne Bancorp from $32.00 to $31.00 and set an "outperform" rating on the stock in a research note on Friday, April 25th.

ConnectOne Bancorp Trading Up 0.4%

Shares of NASDAQ CNOB traded up $0.08 during midday trading on Friday, reaching $22.88. 51,285 shares of the stock were exchanged, compared to its average volume of 240,667. The business has a 50-day simple moving average of $23.58 and a two-hundred day simple moving average of $23.75. The company has a market capitalization of $880.19 million, a price-to-earnings ratio of 26.30 and a beta of 1.17. ConnectOne Bancorp has a 12 month low of $20.61 and a 12 month high of $29.31. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.01 and a quick ratio of 1.01.

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) last posted its quarterly earnings data on Tuesday, July 29th. The financial services provider reported $0.55 EPS for the quarter, beating the consensus estimate of $0.52 by $0.03. The business had revenue of $84.65 million for the quarter, compared to analysts' expectations of $72.80 million. ConnectOne Bancorp had a net margin of 6.85% and a return on equity of 7.51%. As a group, equities research analysts expect that ConnectOne Bancorp will post 2.23 EPS for the current year.

Insider Transactions at ConnectOne Bancorp

In other ConnectOne Bancorp news, Director Susan C. O'donnell acquired 2,691 shares of the business's stock in a transaction on Friday, August 1st. The stock was purchased at an average price of $22.30 per share, with a total value of $60,009.30. Following the acquisition, the director directly owned 8,523 shares of the company's stock, valued at approximately $190,062.90. This trade represents a 46.14% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Stephen T. Boswell acquired 6,200 shares of the business's stock in a transaction on Friday, August 1st. The stock was acquired at an average cost of $22.23 per share, with a total value of $137,826.00. Following the acquisition, the director directly owned 280,467 shares in the company, valued at approximately $6,234,781.41. This trade represents a 2.26% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired a total of 10,391 shares of company stock valued at $231,210 in the last three months. Insiders own 6.35% of the company's stock.

Institutional Trading of ConnectOne Bancorp

A number of institutional investors have recently bought and sold shares of the business. Sterling Capital Management LLC lifted its holdings in shares of ConnectOne Bancorp by 792.3% during the 4th quarter. Sterling Capital Management LLC now owns 1,160 shares of the financial services provider's stock worth $27,000 after acquiring an additional 1,030 shares during the period. Webster Bank N. A. bought a new stake in shares of ConnectOne Bancorp during the 2nd quarter worth approximately $31,000. Farther Finance Advisors LLC lifted its holdings in shares of ConnectOne Bancorp by 275.3% during the 2nd quarter. Farther Finance Advisors LLC now owns 1,471 shares of the financial services provider's stock worth $34,000 after acquiring an additional 1,079 shares during the period. Aquatic Capital Management LLC bought a new stake in shares of ConnectOne Bancorp during the 4th quarter worth approximately $62,000. Finally, Quarry LP bought a new stake in shares of ConnectOne Bancorp during the 1st quarter worth approximately $88,000. Institutional investors own 67.70% of the company's stock.

About ConnectOne Bancorp

ConnectOne Bancorp, Inc operates as the bank holding company for ConnectOne Bank that provides commercial banking products and services for small and mid-sized businesses, local professionals, and individuals in the New York Metropolitan area and South Florida market. The company offers personal and business checking, money market, and time and savings accounts; credit cards, wire transfers, safe deposit boxes, automated teller services and telephone, and internet and mobile banking.