ConnectOne Bancorp (CNOB) Upgraded to “Hold” at Zacks Investment Research

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ConnectOne Bancorp (NASDAQ:CNOB) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Wednesday, 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. “

CNOB has been the subject of several other research reports. ValuEngine cut ConnectOne Bancorp from a “sell” rating to a “strong sell” rating in a report on Tuesday, March 5th. BidaskClub cut ConnectOne Bancorp from a “sell” rating to a “strong sell” rating in a report on Friday, March 22nd. Finally, TheStreet upgraded ConnectOne Bancorp from a “c+” rating to a “b-” rating in a report on Monday, February 25th. One investment analyst has rated the stock with a sell rating and two have issued a hold rating to the company. The stock currently has a consensus rating of “Hold”.

Shares of NASDAQ CNOB traded down $0.19 during mid-day trading on Wednesday, hitting $20.71. The company had a trading volume of 81,367 shares, compared to its average volume of 107,148. The stock has a market capitalization of $743.47 million, a price-to-earnings ratio of 9.29 and a beta of 0.87. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.00 and a quick ratio of 1.00. ConnectOne Bancorp has a one year low of $17.07 and a one year high of $29.60.

ConnectOne Bancorp (NASDAQ:CNOB) last announced its quarterly earnings data on Thursday, January 24th. The financial services provider reported $0.59 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.55 by $0.04. The company had revenue of $41.68 million during the quarter, compared to analysts’ expectations of $43.01 million. ConnectOne Bancorp had a return on equity of 12.31% and a net margin of 27.20%. On average, sell-side analysts expect that ConnectOne Bancorp will post 2.18 EPS for the current year.

In related news, Director William Thompson sold 2,700 shares of the firm’s stock in a transaction dated Wednesday, January 30th. The shares were sold at an average price of $20.11, for a total value of $54,297.00. Following the completion of the sale, the director now directly owns 74,787 shares in the company, valued at approximately $1,503,966.57. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 7.67% of the company’s stock.

Large investors have recently modified their holdings of the stock. Hennessy Advisors Inc. lifted its stake in ConnectOne Bancorp by 9.6% in the 4th quarter. Hennessy Advisors Inc. now owns 285,000 shares of the financial services provider’s stock valued at $5,264,000 after purchasing an additional 25,000 shares during the last quarter. Renaissance Technologies LLC lifted its stake in ConnectOne Bancorp by 0.8% in the 3rd quarter. Renaissance Technologies LLC now owns 1,055,831 shares of the financial services provider’s stock valued at $25,076,000 after purchasing an additional 8,255 shares during the last quarter. BlackRock Inc. lifted its stake in ConnectOne Bancorp by 1.0% in the 3rd quarter. BlackRock Inc. now owns 1,898,479 shares of the financial services provider’s stock valued at $45,089,000 after purchasing an additional 19,617 shares during the last quarter. California Public Employees Retirement System lifted its stake in ConnectOne Bancorp by 22.0% in the 4th quarter. California Public Employees Retirement System now owns 59,628 shares of the financial services provider’s stock valued at $1,101,000 after purchasing an additional 10,733 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in ConnectOne Bancorp by 1.7% in the 3rd quarter. Bank of New York Mellon Corp now owns 164,598 shares of the financial services provider’s stock valued at $3,909,000 after purchasing an additional 2,770 shares during the last quarter. Institutional investors and hedge funds own 60.39% of the company’s stock.

About ConnectOne 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, and time and savings accounts.

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