Zacks Investment Research Downgrades ConnectOne Bancorp (CNOB) to Hold

ConnectOne Bancorp (NASDAQ:CNOB) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Tuesday.

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. “

Other equities analysts have also issued reports about the company. BidaskClub lowered ConnectOne Bancorp from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, December 12th. Piper Jaffray Companies restated a “buy” rating and set a $30.50 price target on shares of ConnectOne Bancorp in a research note on Wednesday, November 1st. Finally, Keefe, Bruyette & Woods restated a “buy” rating and set a $32.00 price target on shares of ConnectOne Bancorp in a research note on Thursday, October 26th.

ConnectOne Bancorp (CNOB) traded down $0.05 during trading on Tuesday, hitting $28.65. The stock had a trading volume of 64,149 shares, compared to its average volume of 117,032. The company has a quick ratio of 0.95, a current ratio of 0.98 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $918.86, a price-to-earnings ratio of 21.22 and a beta of 1.05. ConnectOne Bancorp has a twelve month low of $21.04 and a twelve month high of $29.75.

ConnectOne Bancorp (NASDAQ:CNOB) last issued its quarterly earnings results on Thursday, January 25th. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.11. ConnectOne Bancorp had a return on equity of 10.30% and a net margin of 22.80%. The firm had revenue of $41.83 million for the quarter, compared to analyst estimates of $39.55 million. analysts predict that ConnectOne Bancorp will post 2.21 earnings per share for the current year.

In related news, EVP Laura Criscione sold 4,300 shares of the business’s stock in a transaction dated Thursday, December 14th. The stock was sold at an average price of $26.49, for a total transaction of $113,907.00. Following the transaction, the executive vice president now directly owns 56,536 shares in the company, valued at $1,497,638.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Frank Sorrentino III sold 5,848 shares of the business’s stock in a transaction dated Thursday, December 14th. The shares were sold at an average price of $26.49, for a total value of $154,913.52. Following the transaction, the chief executive officer now owns 560,562 shares in the company, valued at $14,849,287.38. The disclosure for this sale can be found here. Insiders have sold 14,131 shares of company stock worth $382,547 over the last 90 days. Corporate insiders own 7.63% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CNOB. Schwab Charles Investment Management Inc. boosted its holdings in ConnectOne Bancorp by 25.2% during the second quarter. Schwab Charles Investment Management Inc. now owns 139,592 shares of the financial services provider’s stock valued at $3,148,000 after purchasing an additional 28,064 shares in the last quarter. Wells Fargo & Company MN boosted its holdings in ConnectOne Bancorp by 18.0% during the second quarter. Wells Fargo & Company MN now owns 35,666 shares of the financial services provider’s stock valued at $804,000 after purchasing an additional 5,436 shares in the last quarter. Teachers Advisors LLC boosted its holdings in ConnectOne Bancorp by 15.1% during the second quarter. Teachers Advisors LLC now owns 54,264 shares of the financial services provider’s stock valued at $1,224,000 after purchasing an additional 7,103 shares in the last quarter. TIAA CREF Investment Management LLC boosted its holdings in ConnectOne Bancorp by 9.0% during the second quarter. TIAA CREF Investment Management LLC now owns 140,367 shares of the financial services provider’s stock valued at $3,165,000 after purchasing an additional 11,600 shares in the last quarter. Finally, Nationwide Fund Advisors boosted its holdings in ConnectOne Bancorp by 2.7% during the second quarter. Nationwide Fund Advisors now owns 22,343 shares of the financial services provider’s stock valued at $504,000 after purchasing an additional 582 shares in the last quarter. 68.50% of the stock is currently owned by institutional investors.

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ConnectOne Bancorp Company Profile

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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