ConnectOne Bancorp's (CNOB) Hold (C) Rating Reaffirmed at Weiss Ratings

Key Points

• ConnectOne Bancorp has had its "hold (c)" rating reaffirmed by Weiss Ratings, with a current consensus rating of "Moderate Buy" and a target price of $30.25.
• In its latest earnings report, ConnectOne Bancorp reported earnings per share of $0.55, exceeding analyst estimates, and generated revenue of $84.65 million for the quarter.
• Insider trading activity saw significant purchases, with Directors Susan C. O'donnell and Stephen T. Boswell increasing their stock holdings by 46.14% and 2.26%, respectively.

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report)'s stock had its "hold (c)" rating reissued by stock analysts at Weiss Ratings in a research note issued to investors on Friday,Weiss Ratings reports.

Separately, Wall Street Zen upgraded shares of ConnectOne Bancorp from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $30.25.

ConnectOne Bancorp Stock Performance

ConnectOne Bancorp stock traded up $0.54 during mid-day trading on Friday, hitting $24.62. 112,710 shares of the company's stock traded hands, compared to its average volume of 266,015. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.20. ConnectOne Bancorp has a one year low of $20.61 and a one year high of $29.31. The firm has a 50 day moving average price of $25.03 and a 200 day moving average price of $23.88. The company has a market cap of $1.24 billion, a PE ratio of 28.30 and a beta of 1.14.

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) last released its earnings results on Tuesday, July 29th. The financial services provider reported $0.55 earnings per share for the quarter, topping analysts' consensus estimates of $0.52 by $0.03. The firm had revenue of $84.65 million during the quarter, compared to the consensus estimate of $72.80 million. ConnectOne Bancorp had a return on equity of 7.12% and a net margin of 6.85%. On average, equities analysts forecast that ConnectOne Bancorp will post 2.23 EPS for the current year.

Insider Buying and Selling at ConnectOne Bancorp

In related news, Director Susan C. O'donnell purchased 2,691 shares of the business's stock in a transaction dated Friday, August 1st. The shares were bought at an average price of $22.30 per share, with a total value of $60,009.30. Following the purchase, the director directly owned 8,523 shares in the company, valued at $190,062.90. This trade represents a 46.14% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, Director Stephen T. Boswell acquired 6,200 shares of the company's stock in a transaction that occurred on Friday, August 1st. The shares were acquired at an average cost of $22.23 per share, for a total transaction of $137,826.00. Following the purchase, the director directly owned 280,467 shares in the company, valued at $6,234,781.41. This trade represents a 2.26% increase in their position. The disclosure for this purchase can be found here. Insiders have bought a total of 10,391 shares of company stock worth $231,210 over the last ninety days. Corporate insiders own 6.24% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. GAMMA Investing LLC raised its position in shares of ConnectOne Bancorp by 16.8% in the first quarter. GAMMA Investing LLC now owns 4,002 shares of the financial services provider's stock valued at $97,000 after purchasing an additional 575 shares during the period. Victory Capital Management Inc. raised its position in shares of ConnectOne Bancorp by 2.1% in the first quarter. Victory Capital Management Inc. now owns 53,100 shares of the financial services provider's stock valued at $1,291,000 after purchasing an additional 1,100 shares during the period. Envestnet Asset Management Inc. raised its position in shares of ConnectOne Bancorp by 30.3% in the first quarter. Envestnet Asset Management Inc. now owns 205,792 shares of the financial services provider's stock valued at $5,003,000 after purchasing an additional 47,894 shares during the period. HighTower Advisors LLC bought a new position in ConnectOne Bancorp in the 1st quarter valued at about $281,000. Finally, Farther Finance Advisors LLC raised its holdings in ConnectOne Bancorp by 275.3% in the 2nd quarter. Farther Finance Advisors LLC now owns 1,471 shares of the financial services provider's stock valued at $34,000 after acquiring an additional 1,079 shares during the period. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.