ConnectOne Bancorp (NASDAQ:CNOB) Stock Rating Upgraded by Zacks Research

ConnectOne Bancorp (NASDAQ:CNOB) was upgraded by equities researchers at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Wednesday, Zacks reports.

CNOB has been the topic of a number of other research reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of ConnectOne Bancorp in a research report on Monday, August 17th. Raymond James Financial upgraded ConnectOne Bancorp from a “market perform” rating to an “outperform” rating and set a $37.00 price target for the company in a research note on Monday, October 26th. One analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the company’s stock. Based on data from MarketBeat, ConnectOne Bancorp currently has an average rating of “Buy” and a consensus target price of $35.75.

ConnectOne Bancorp Trading Down 2.0%

NASDAQ CNOB opened at $32.46 on Wednesday. ConnectOne Bancorp has a 12 month low of $23.20 and a 12 month high of $34.14. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.05 and a quick ratio of 1.04. The company has a market capitalization of $1.63 billion, a price-to-earnings ratio of 11.35 and a beta of 1.04. The company’s fifty day moving average price is $31.36 and its two-hundred day moving average price is $30.15.

ConnectOne Bancorp (NASDAQ:CNOB) last announced its quarterly earnings data on Thursday, October 22nd. The financial services provider reported $0.95 earnings per share for the quarter, topping the consensus estimate of $0.85 by $0.10. The company had revenue of $127.23 million during the quarter, compared to analyst estimates of $125.36 million. ConnectOne Bancorp had a net margin of 18.97% and a return on equity of 11.96%. As a group, research analysts predict that ConnectOne Bancorp will post 3.44 earnings per share for the current fiscal year.

Insider Transactions at ConnectOne Bancorp

In related news, insider Elizabeth Magennis sold 6,900 shares of the firm’s stock in a transaction on Monday, October 26th. The stock was sold at an average price of $32.67, for a total transaction of $225,423.00. Following the transaction, the insider directly owned 137,383 shares in the company, valued at $4,488,302.61. This trade represents a 4.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 5.24% of the stock is owned by company insiders.

Institutional Trading of ConnectOne Bancorp

Institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. acquired a new position in ConnectOne Bancorp in the second quarter valued at approximately $159,462,000. Bank of America Corp DE bought a new position in shares of ConnectOne Bancorp during the second quarter valued at approximately $29,505,000. The Manufacturers Life Insurance Company bought a new position in shares of ConnectOne Bancorp during the second quarter valued at approximately $9,952,000. Bank of New York Mellon Corp bought a new position in shares of ConnectOne Bancorp during the second quarter valued at approximately $9,501,000. Finally, Empowered Funds LLC acquired a new stake in shares of ConnectOne Bancorp during the 2nd quarter worth approximately $6,926,000. 67.70% of the stock is owned by institutional investors and hedge funds.

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.