Several other research analysts also recently commented on CNOB. Stephens upgraded ConnectOne Bancorp from an equal rating to an overweight rating and set a $27.00 price objective on the stock in a report on Tuesday, July 9th. Zacks Investment Research upgraded ConnectOne Bancorp from a sell rating to a hold rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the company. ConnectOne Bancorp presently has an average rating of Hold and an average target price of $25.50.
CNOB traded up $0.17 during trading on Thursday, hitting $22.67. 4,923 shares of the stock were exchanged, compared to its average volume of 138,238. The firm has a 50 day simple moving average of $21.01 and a 200 day simple moving average of $21.40. The firm has a market cap of $774.58 million, a price-to-earnings ratio of 10.17 and a beta of 0.94. ConnectOne Bancorp has a 1 year low of $17.07 and a 1 year high of $24.75. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.00 and a current ratio of 1.00.
ConnectOne Bancorp (NASDAQ:CNOB) last released its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.57 EPS for the quarter, missing the consensus estimate of $0.58 by ($0.01). The firm had revenue of $47.47 million for the quarter, compared to analysts’ expectations of $47.88 million. ConnectOne Bancorp had a return on equity of 11.59% and a net margin of 27.54%. As a group, equities analysts anticipate that ConnectOne Bancorp will post 2.25 earnings per share for the current fiscal year.
In other ConnectOne Bancorp news, Director Frank W. Baier bought 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 27th. The shares were purchased at an average cost of $19.99 per share, for a total transaction of $99,950.00. Following the purchase, the director now directly owns 82,233 shares in the company, valued at $1,643,837.67. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Stephen T. Boswell bought 10,500 shares of the company’s stock in a transaction that occurred on Tuesday, August 20th. The shares were acquired at an average price of $20.47 per share, for a total transaction of $214,935.00. The disclosure for this purchase can be found here. Insiders bought a total of 21,519 shares of company stock worth $327,766 over the last quarter. Company insiders own 7.58% of the company’s stock.
A number of hedge funds have recently made changes to their positions in CNOB. Dimensional Fund Advisors LP grew its stake in ConnectOne Bancorp by 6.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,175,725 shares of the financial services provider’s stock worth $40,185,000 after buying an additional 140,515 shares during the last quarter. BNP Paribas Arbitrage SA grew its stake in ConnectOne Bancorp by 57,072.7% during the 1st quarter. BNP Paribas Arbitrage SA now owns 6,289 shares of the financial services provider’s stock worth $124,000 after buying an additional 6,278 shares during the last quarter. SG Americas Securities LLC purchased a new position in ConnectOne Bancorp during the 1st quarter worth $116,000. JPMorgan Chase & Co. grew its stake in ConnectOne Bancorp by 4,664.4% during the 1st quarter. JPMorgan Chase & Co. now owns 367,671 shares of the financial services provider’s stock worth $7,243,000 after buying an additional 359,954 shares during the last quarter. Finally, Seidman Lawrence B grew its stake in ConnectOne Bancorp by 88.7% during the 1st 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 during the last quarter. 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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