ConnectOne Bancorp (NASDAQ:CNOB) Given “Market Perform” Rating at Raymond James Financial

ConnectOne Bancorp (NASDAQ:CNOB)‘s stock had its “market perform” rating restated by stock analysts at Raymond James Financial in a report released on Wednesday,Benzinga reports.

A number of other research firms have also recently issued reports on CNOB. Weiss Ratings upgraded ConnectOne Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, May 20th. Hovde Group increased their price objective on shares of ConnectOne Bancorp from $32.00 to $34.00 and gave the stock an “outperform” rating in a report on Friday, April 24th. Keefe, Bruyette & Woods lifted their price objective on shares of ConnectOne Bancorp from $32.00 to $34.00 and gave the company an “outperform” rating in a research report on Friday, April 24th. Finally, Piper Sandler lifted their price objective on shares of ConnectOne Bancorp from $34.00 to $38.00 and gave the company an “overweight” rating in a research report on Friday, June 26th. Four research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $35.00.

ConnectOne Bancorp Stock Up 0.8%

NASDAQ:CNOB opened at $33.44 on Wednesday. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.14. The stock has a 50 day moving average of $30.59 and a 200-day moving average of $28.32. The firm has a market capitalization of $1.68 billion, a PE ratio of 19.33 and a beta of 1.06. ConnectOne Bancorp has a 52 week low of $22.07 and a 52 week high of $33.66.

ConnectOne Bancorp (NASDAQ:CNOB) last announced its quarterly earnings results on Thursday, April 23rd. The financial services provider reported $0.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.73 by $0.06. The business had revenue of $116.64 million for the quarter, compared to the consensus estimate of $119.59 million. ConnectOne Bancorp had a return on equity of 10.17% and a net margin of 13.21%. Analysts predict that ConnectOne Bancorp will post 3.3 EPS for the current year.

Hedge Funds Weigh In On ConnectOne Bancorp

Several large investors have recently bought and sold shares of the stock. AQR Capital Management LLC increased its stake in shares of ConnectOne Bancorp by 7.6% during the first quarter. AQR Capital Management LLC now owns 74,053 shares of the financial services provider’s stock valued at $1,800,000 after acquiring an additional 5,205 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in ConnectOne Bancorp by 4.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,537 shares of the financial services provider’s stock worth $524,000 after purchasing an additional 914 shares in the last quarter. Jane Street Group LLC lifted its position in ConnectOne Bancorp by 374.7% in the first quarter. Jane Street Group LLC now owns 64,537 shares of the financial services provider’s stock worth $1,569,000 after purchasing an additional 50,942 shares during the period. New York State Common Retirement Fund lifted its position in ConnectOne Bancorp by 32.7% in the second quarter. New York State Common Retirement Fund now owns 13,709 shares of the financial services provider’s stock worth $318,000 after purchasing an additional 3,379 shares during the period. Finally, Invesco Ltd. boosted its stake in ConnectOne Bancorp by 14.1% during the 2nd quarter. Invesco Ltd. now owns 111,195 shares of the financial services provider’s stock valued at $2,575,000 after purchasing an additional 13,729 shares in the last quarter. Institutional investors and hedge funds own 67.70% of the company’s stock.

ConnectOne Bancorp Company Profile

ConnectOne Bancorp is a New Jersey‐based bank holding company whose primary subsidiary, ConnectOne Bank, offers a suite of commercial banking services to small and medium‐sized businesses, professionals and individuals. Established in 2005 and headquartered in Englewood Cliffs, New Jersey, the company seeks to deliver customized lending and deposit solutions through a network of branches across northern New Jersey and the New York metropolitan area.

The company’s lending portfolio centers on commercial real estate financing, construction lending, owner‐occupied real estate loans and working capital lines of credit.