ValuEngine downgraded shares of Center Bancorp (NASDAQ:CNOB) from a buy rating to a hold rating in a research note published on Wednesday.
CNOB has been the subject of several other reports. Zacks Investment Research raised Center Bancorp from a hold rating to a strong-buy rating and set a $36.00 price objective for the company in a research note on Tuesday, March 13th. BidaskClub downgraded Center Bancorp from a strong-buy rating to a buy rating in a research note on Tuesday, December 12th. Keefe, Bruyette & Woods reissued a buy rating and set a $36.00 target price on shares of Center Bancorp in a research note on Tuesday, February 27th. Finally, Raymond James Financial increased their target price on Center Bancorp from $33.00 to $34.00 and gave the stock a strong-buy rating in a research note on Tuesday. Two research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. Center Bancorp has a consensus rating of Buy and an average price target of $34.13.
CNOB opened at $28.60 on Wednesday. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 1.28. The company has a market cap of $936.50, a price-to-earnings ratio of 16.34 and a beta of 1.04. Center Bancorp has a 52 week low of $21.04 and a 52 week high of $31.40.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, May 1st. Stockholders of record on Monday, April 16th will be paid a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.05%. The ex-dividend date is Friday, April 13th. Center Bancorp’s dividend payout ratio (DPR) is 17.14%.
In other news, Chairman Frank Sorrentino III sold 2,174 shares of the stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $28.45, for a total transaction of $61,850.30. Following the completion of the transaction, the chairman now directly owns 593,980 shares of the company’s stock, valued at approximately $16,898,731. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO William S. Burns sold 941 shares of the stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $28.60, for a total value of $26,912.60. Following the transaction, the chief financial officer now directly owns 53,204 shares of the company’s stock, valued at $1,521,634.40. The disclosure for this sale can be found here. Over the last three months, insiders have sold 12,377 shares of company stock valued at $359,186. Company insiders own 7.63% of the company’s stock.
Several hedge funds have recently modified their holdings of the company. MetLife Investment Advisors LLC purchased a new position in shares of Center Bancorp during the 4th quarter worth approximately $357,000. Millennium Management LLC increased its stake in Center Bancorp by 22.5% in the 4th quarter. Millennium Management LLC now owns 297,743 shares of the financial services provider’s stock valued at $7,667,000 after purchasing an additional 54,661 shares in the last quarter. TIAA CREF Investment Management LLC increased its stake in Center Bancorp by 74.1% in the 4th quarter. TIAA CREF Investment Management LLC now owns 218,755 shares of the financial services provider’s stock valued at $5,633,000 after purchasing an additional 93,118 shares in the last quarter. Teachers Advisors LLC increased its stake in Center Bancorp by 36.1% in the 4th quarter. Teachers Advisors LLC now owns 83,513 shares of the financial services provider’s stock valued at $2,150,000 after purchasing an additional 22,158 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in Center Bancorp by 2.3% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,441,355 shares of the financial services provider’s stock valued at $37,115,000 after purchasing an additional 32,185 shares in the last quarter. 66.50% of the stock is owned by institutional investors and hedge funds.
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About Center Bancorp
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, time and savings accounts, and NOW accounts.
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