ConnectOne Bancorp (NASDAQ:CNOB) Rating Lowered to “Hold” at Wall Street Zen

ConnectOne Bancorp (NASDAQ:CNOB) was downgraded by research analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a report issued on Saturday.

A number of other research analysts also recently weighed in on the stock. Piper Sandler started coverage on shares of ConnectOne Bancorp in a research report on Friday, November 7th. They issued an “overweight” rating and a $28.00 target price for the company. Weiss Ratings restated a “hold (c)” rating on shares of ConnectOne Bancorp in a research note on Wednesday, October 8th. Three investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, ConnectOne Bancorp currently has a consensus rating of “Moderate Buy” and a consensus price target of $29.50.

ConnectOne Bancorp Stock Down 1.4%

CNOB stock opened at $26.27 on Friday. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.03 and a quick ratio of 1.03. The stock has a market capitalization of $1.32 billion, a P/E ratio of 21.19 and a beta of 1.13. ConnectOne Bancorp has a fifty-two week low of $20.61 and a fifty-two week high of $28.47. The business has a 50-day moving average of $25.83 and a 200-day moving average of $25.01.

ConnectOne Bancorp (NASDAQ:CNOB) last released its quarterly earnings results on Thursday, October 30th. The financial services provider reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.68 by $0.02. The firm had revenue of $110.78 million during the quarter, compared to the consensus estimate of $111.20 million. ConnectOne Bancorp had a return on equity of 8.22% and a net margin of 9.90%. On average, sell-side analysts anticipate that ConnectOne Bancorp will post 2.23 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ConnectOne Bancorp

Several hedge funds have recently added to or reduced their stakes in the business. Webster Bank N. A. acquired a new position in shares of ConnectOne Bancorp in the second quarter valued at $31,000. Farther Finance Advisors LLC raised its holdings in ConnectOne Bancorp by 275.3% in the 2nd quarter. Farther Finance Advisors LLC now owns 1,471 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 1,079 shares during the period. Osaic Holdings Inc. lifted its position in ConnectOne Bancorp by 728.4% during the second quarter. Osaic Holdings Inc. now owns 1,781 shares of the financial services provider’s stock worth $41,000 after acquiring an additional 1,566 shares during the last quarter. PNC Financial Services Group Inc. boosted its stake in ConnectOne Bancorp by 107.9% in the 2nd quarter. PNC Financial Services Group Inc. now owns 1,842 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 956 shares during the period. Finally, State of Alaska Department of Revenue acquired a new stake in ConnectOne Bancorp in the 3rd quarter worth about $48,000. 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.