ConnectOne Bancorp (NASDAQ:CNOB) Upgraded to Outperform at Raymond James Financial

ConnectOne Bancorp (NASDAQ:CNOB) was upgraded by investment analysts at Raymond James Financial from a “market perform” rating to an “outperform” rating in a report issued on Monday, MarketBeat reports. The firm currently has a $37.00 price target on the financial services provider’s stock. Raymond James Financial‘s target price points to a potential upside of 13.18% from the company’s current price.

Separately, Weiss Ratings reaffirmed a “buy (b)” rating on shares of ConnectOne Bancorp in a report on Monday, August 17th. Five research analysts have rated the stock with a Buy rating. Based on data from MarketBeat.com, ConnectOne Bancorp currently has a consensus rating of “Buy” and an average target price of $35.75.

ConnectOne Bancorp Stock Performance

ConnectOne Bancorp stock opened at $32.69 on Monday. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.61. The stock has a market cap of $1.64 billion, a PE ratio of 11.43 and a beta of 1.08. ConnectOne Bancorp has a 12-month low of $23.20 and a 12-month high of $34.14. The business’s 50-day moving average price is $31.29 and its two-hundred day moving average price is $31.22.

ConnectOne Bancorp (NASDAQ:CNOB) last posted its earnings results on Thursday, October 22nd. The financial services provider reported $0.95 EPS for the quarter, topping analysts’ consensus estimates of $0.85 by $0.10. The firm had revenue of $127.23 million during the quarter, compared to analysts’ expectations of $125.36 million. ConnectOne Bancorp had a net margin of 18.97% and a return on equity of 11.96%. As a group, analysts expect that ConnectOne Bancorp will post 3.35 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ConnectOne Bancorp

A number of hedge funds and other institutional investors have recently bought and sold shares of CNOB. Sterling Capital Management LLC boosted its stake in shares of ConnectOne Bancorp by 45.4% during the third 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. 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 worth $49,000 after purchasing an additional 1,548 shares during the last quarter. Daytona Street Capital LLC increased its stake in shares of ConnectOne Bancorp by 123.6% in the third quarter. Daytona Street Capital LLC now owns 23,700 shares of the financial services provider’s stock valued at $724,000 after buying an additional 13,100 shares during the period. GAMMA Investing LLC increased its stake in shares of ConnectOne Bancorp by 13.8% in the third quarter. GAMMA Investing LLC now owns 4,653 shares of the financial services provider’s stock valued at $140,000 after buying an additional 566 shares during the period. Finally, Integrated Wealth Concepts LLC bought a new position in ConnectOne Bancorp in the 2nd quarter valued at approximately $58,000. Institutional investors own 67.70% of the company’s stock.

ConnectOne Bancorp Company Profile

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.