ConnectOne Bancorp (NASDAQ:CNOB) Releases Earnings Results, Beats Estimates By $0.02 EPS

Key Points

• ConnectOne Bancorp reported quarterly EPS of $0.84, beating analysts’ expectations by $0.02. Revenue also came in essentially in line at $121.57 million versus the $121.55 million estimate.
• The company posted a net margin of 13.21% and return on equity of 10.17%. Despite the earnings beat, shares fell 3.8% on Thursday to $31.73.
• Analysts remain generally positive on CNOB, with four Buy ratings and one Hold, giving it a consensus Moderate Buy and a $35.00 price target. Several firms recently raised their targets, including Piper Sandler to $38.00.

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) issued its quarterly earnings results on Thursday. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.82 by $0.02, Zacks reports. ConnectOne Bancorp had a net margin of 13.21% and a return on equity of 10.17%. The firm had revenue of $121.57 million for the quarter, compared to the consensus estimate of $121.55 million.

ConnectOne Bancorp Stock Down 3.8%

Shares of ConnectOne Bancorp stock traded down $1.26 during trading on Thursday, reaching $31.73. 109,722 shares of the company traded hands, compared to its average volume of 364,019. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.97 and a quick ratio of 0.97. ConnectOne Bancorp has a 1-year low of $22.07 and a 1-year high of $34.14. The company has a 50 day moving average price of $31.70 and a 200-day moving average price of $28.95. The firm has a market capitalization of $1.60 billion, a PE ratio of 18.35 and a beta of 1.05.

Analysts Set New Price Targets

CNOB has been the subject of a number of analyst reports. Keefe, Bruyette & Woods lifted their target price on shares of ConnectOne Bancorp from $32.00 to $34.00 and gave the stock an "outperform" rating in a research note on Friday, April 24th. Piper Sandler increased their price target on ConnectOne Bancorp from $34.00 to $38.00 and gave the stock an "overweight" rating in a report on Friday, June 26th. Hovde Group lifted their price objective on ConnectOne Bancorp from $32.00 to $34.00 and gave the stock an "outperform" rating in a research report on Friday, April 24th. Weiss Ratings raised ConnectOne Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday, May 20th. Finally, Raymond James Financial reissued a "market perform" rating on shares of ConnectOne Bancorp in a research note on Wednesday, July 1st. Four research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $35.00.

Institutional Investors Weigh In On ConnectOne Bancorp

A number of large investors have recently bought and sold shares of the stock. Wellington Management Group LLP raised its holdings in shares of ConnectOne Bancorp by 76.8% during the third quarter. Wellington Management Group LLP now owns 2,882,584 shares of the financial services provider's stock valued at $71,517,000 after purchasing an additional 1,252,614 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of ConnectOne Bancorp by 0.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 415,844 shares of the financial services provider's stock valued at $10,903,000 after buying an additional 2,946 shares during the period. Bridgeway Capital Management LLC grew its stake in shares of ConnectOne Bancorp by 4.9% in the 4th quarter. Bridgeway Capital Management LLC now owns 336,710 shares of the financial services provider's stock valued at $8,829,000 after buying an additional 15,771 shares during the period. Alliancebernstein L.P. increased its position in ConnectOne Bancorp by 1.2% in the 3rd quarter. Alliancebernstein L.P. now owns 262,100 shares of the financial services provider's stock valued at $6,503,000 after buying an additional 3,000 shares in the last quarter. Finally, Empowered Funds LLC increased its position in ConnectOne Bancorp by 8.0% in the 4th quarter. Empowered Funds LLC now owns 212,496 shares of the financial services provider's stock valued at $5,572,000 after buying an additional 15,771 shares in the last quarter. 67.70% of the stock is currently owned by institutional investors and hedge funds.

ConnectOne Bancorp Company Profile

ConnectOne Bancorp is a New Jersey‐based bank holding company whose primary subsidiary, ConnectOne Bank, offers a suite of commercial banking services to small and medium‐sized businesses, professionals and individuals. Established in 2005 and headquartered in Englewood Cliffs, New Jersey, the company seeks to deliver customized lending and deposit solutions through a network of branches across northern New Jersey and the New York metropolitan area.

The company's lending portfolio centers on commercial real estate financing, construction lending, owner‐occupied real estate loans and working capital lines of credit.

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