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. “
Several other equities analysts also recently commented on the stock. BidaskClub upgraded shares of ConnectOne Bancorp from a sell rating to a hold rating in a research note on Thursday, September 12th. Stephens upgraded shares of ConnectOne Bancorp from an equal rating to an overweight rating and set a $27.00 price target on the stock in a research note on Tuesday, July 9th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the company. ConnectOne Bancorp has a consensus rating of Hold and a consensus price target of $25.50.
ConnectOne Bancorp (NASDAQ:CNOB) last released its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.57 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.58 by ($0.01). ConnectOne Bancorp had a net margin of 27.54% and a return on equity of 11.59%. The business had revenue of $47.47 million during the quarter, compared to analyst estimates of $47.88 million. On average, analysts forecast that ConnectOne Bancorp will post 2.25 EPS for the current year.
In other news, Director Stephen T. Boswell acquired 10,500 shares of ConnectOne Bancorp stock in a transaction on Tuesday, August 20th. The shares were purchased at an average cost of $20.47 per share, for a total transaction of $214,935.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Frank W. Baier acquired 5,000 shares of ConnectOne Bancorp stock in a transaction on Tuesday, August 27th. The shares were purchased at an average price of $19.99 per share, for a total transaction of $99,950.00. Following the completion of the purchase, the director now directly owns 82,233 shares of the company’s stock, valued at $1,643,837.67. The disclosure for this purchase can be found here. Insiders have acquired 21,519 shares of company stock worth $327,766 over the last quarter. Corporate insiders own 7.58% of the company’s stock.
Institutional investors have recently made changes to their positions in the business. Banc Funds Co. LLC grew its stake in ConnectOne Bancorp by 10.1% during the first quarter. Banc Funds Co. LLC now owns 636,193 shares of the financial services provider’s stock worth $12,533,000 after buying an additional 58,340 shares in the last quarter. Prudential Financial Inc. grew its stake in ConnectOne Bancorp by 21.0% during the second quarter. Prudential Financial Inc. now owns 226,338 shares of the financial services provider’s stock worth $5,129,000 after buying an additional 39,219 shares in the last quarter. Investment Counselors of Maryland LLC grew its stake in ConnectOne Bancorp by 1.1% during the second quarter. Investment Counselors of Maryland LLC now owns 1,043,867 shares of the financial services provider’s stock worth $23,654,000 after buying an additional 11,396 shares in the last quarter. Seidman Lawrence B grew its stake in ConnectOne Bancorp by 88.7% during the first quarter. Seidman Lawrence B now owns 390,781 shares of the financial services provider’s stock worth $7,698,000 after buying an additional 183,718 shares in the last quarter. Finally, Municipal Employees Retirement System of Michigan acquired a new stake in ConnectOne Bancorp during the second quarter worth about $424,000. Hedge funds and other institutional investors own 61.25% of the company’s stock.
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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