ConnectOne Bancorp (NASDAQ:CNOB) was upgraded by Zacks Investment Research from a "strong sell" rating to a "hold" rating in a note issued to investors on Tuesday, Zacks.com reports.
According to Zacks, "ConnectOne Bancorp, Inc. is a community-based, full-service commercial bank holding company. The Bank offers a range of lending, depository and related financial services to commercial, industrial and governmental customers. ConnectOne provides secured and unsecured loans, mortgage loans, home equity lines of credit, short and medium term loans, lines of credit, letters of credit, working capital loans, and real estate construction loans, as well as collection services, wire transfers, night depository, and lock box services. The Bank, through its subsidiary, provides financial services, including brokerage services, insurance and annuities, mutual funds and financial planning. It also offers various money market services. ConnectOne Bancorp, Inc., formerly known as Center Bancorp, Inc., is based in Englewood Cliffs, New Jersey. "
A number of other equities research analysts also recently weighed in on the company. TheStreet downgraded ConnectOne Bancorp from a "b" rating to a "c+" rating in a research report on Wednesday, March 11th. Raymond James lowered their price target on ConnectOne Bancorp from $24.00 to $21.00 and set a "strong-buy" rating on the stock in a research report on Friday, May 1st. Finally, BidaskClub raised ConnectOne Bancorp from a "sell" rating to a "hold" rating in a research note on Tuesday, June 9th. One research analyst has rated the stock with a sell rating, two have given a hold rating, one has given a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of "Hold" and a consensus price target of $25.83.
NASDAQ CNOB traded up $1.07 during trading hours on Tuesday, reaching $15.59. 217,300 shares of the stock traded hands, compared to its average volume of 180,028. The stock has a 50 day simple moving average of $14.44 and a two-hundred day simple moving average of $18.67. ConnectOne Bancorp has a 1 year low of $8.85 and a 1 year high of $26.50. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.01 and a quick ratio of 1.00. The company has a market cap of $629.80 million, a price-to-earnings ratio of 8.25 and a beta of 1.32.
ConnectOne Bancorp (NASDAQ:CNOB) last released its quarterly earnings results on Thursday, April 30th. The financial services provider reported $0.15 earnings per share for the quarter, missing the Zacks' consensus estimate of $0.39 by ($0.24). ConnectOne Bancorp had a net margin of 23.20% and a return on equity of 10.15%. The firm had revenue of $58.14 million for the quarter, compared to analysts' expectations of $56.62 million. On average, sell-side analysts forecast that ConnectOne Bancorp will post 1.72 EPS for the current fiscal year.
In other news, Director Frank Huttle III sold 80,000 shares of the firm's stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $15.55, for a total transaction of $1,244,000.00. 7.52% of the stock is currently owned by company insiders.
Several large investors have recently made changes to their positions in the company. Seidman Lawrence B bought a new position in shares of ConnectOne Bancorp during the first quarter valued at about $1,738,000. Engineers Gate Manager LP grew its stake in shares of ConnectOne Bancorp by 57.0% in the first quarter. Engineers Gate Manager LP now owns 17,173 shares of the financial services provider's stock worth $231,000 after purchasing an additional 6,234 shares during the last quarter. Invesco Ltd. grew its stake in shares of ConnectOne Bancorp by 11.7% in the first quarter. Invesco Ltd. now owns 130,427 shares of the financial services provider's stock worth $1,753,000 after purchasing an additional 13,617 shares during the last quarter. Two Sigma Investments LP grew its stake in shares of ConnectOne Bancorp by 23.1% in the first quarter. Two Sigma Investments LP now owns 34,254 shares of the financial services provider's stock worth $460,000 after purchasing an additional 6,427 shares during the last quarter. Finally, Two Sigma Advisers LP grew its stake in shares of ConnectOne Bancorp by 14.0% in the first quarter. Two Sigma Advisers LP now owns 67,378 shares of the financial services provider's stock worth $906,000 after purchasing an additional 8,300 shares during the last quarter. 60.25% of the stock is currently owned by hedge funds and other institutional investors.
ConnectOne Bancorp Company Profile
ConnectOne Bancorp, Inc operates as the bank holding company for ConnectOne Bank, a state chartered bank that provides various commercial banking products and services. The company offers a range of deposit products, including personal and business checking accounts, retirement accounts, money market accounts, and time and savings accounts.
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