ConnectOne Bancorp (CNOB) Upgraded by Zacks Investment Research to “Buy”
ConnectOne Bancorp (NASDAQ:CNOB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The firm currently has a $29.00 target price on the financial services provider’s stock. Zacks Investment Research‘s target price suggests a potential upside of 10.27% from the company’s previous close.
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 research analysts also recently weighed in on the stock. BidaskClub downgraded shares of ConnectOne Bancorp from a “buy” rating to a “hold” rating in a research note on Thursday, December 21st. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $30.50 price target on shares of ConnectOne Bancorp in a research note on Wednesday, November 1st. Finally, Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $32.00 price target on shares of ConnectOne Bancorp in a research note on Thursday, October 26th.
In other ConnectOne Bancorp news, CEO Frank Sorrentino III sold 5,848 shares of ConnectOne Bancorp stock in a transaction on Thursday, December 14th. The shares were sold at an average price of $26.49, for a total value of $154,913.52. Following the completion of the sale, the chief executive officer now directly owns 560,562 shares of the company’s stock, valued at $14,849,287.38. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Laura Criscione sold 4,300 shares of ConnectOne Bancorp stock in a transaction on Thursday, December 14th. The shares were sold at an average price of $26.49, for a total transaction of $113,907.00. Following the completion of the sale, the executive vice president now directly owns 56,536 shares of the company’s stock, valued at $1,497,638.64. The disclosure for this sale can be found here. Insiders own 7.63% of the company’s stock.
Large investors have recently bought and sold shares of the company. SG Americas Securities LLC bought a new stake in shares of ConnectOne Bancorp during the third quarter worth about $112,000. Legal & General Group Plc increased its position in shares of ConnectOne Bancorp by 4.0% during the second quarter. Legal & General Group Plc now owns 7,868 shares of the financial services provider’s stock worth $177,000 after acquiring an additional 300 shares in the last quarter. Benchmark Capital Advisors bought a new stake in shares of ConnectOne Bancorp during the third quarter worth about $202,000. Clear Harbor Asset Management LLC bought a new stake in shares of ConnectOne Bancorp during the third quarter worth about $209,000. Finally, GSA Capital Partners LLP bought a new stake in shares of ConnectOne Bancorp during the second quarter worth about $244,000. 68.57% of the stock is owned by institutional investors.
About ConnectOne Bancorp
ConnectOne Bancorp, Inc is a bank holding company of ConnectOne Bank (the Bank). The Bank is a community-based, full-service New Jersey-chartered commercial bank. The Bank offers a range of deposit and loan products. In addition, to attract the business of consumer and business customers, it also provides an array of other banking services.
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