ConnectOne Bancorp (NASDAQ:CNOB) Upgraded at Zacks Research

ConnectOne Bancorp (NASDAQ:CNOB) was upgraded by equities researchers at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Wednesday, Zacks reports.

Other analysts have also issued research reports about the stock. Raymond James Financial upgraded shares of ConnectOne Bancorp from a “market perform” rating to an “outperform” rating and set a $37.00 target price for the company in a research note on Monday, October 26th. Weiss Ratings reissued a “buy (b)” rating on shares of ConnectOne Bancorp in a research report on Monday, August 17th. One equities research analyst has rated the stock with a Strong Buy rating and five have issued a Buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $35.75.

ConnectOne Bancorp Stock Down 2.0%

Shares of NASDAQ:CNOB opened at $32.46 on Wednesday. The stock has a market cap of $1.63 billion, a price-to-earnings ratio of 9.71 and a beta of 1.04. The company has a quick ratio of 1.04, a current ratio of 1.05 and a debt-to-equity ratio of 0.86. ConnectOne Bancorp has a 12-month low of $23.20 and a 12-month high of $34.14. The business’s 50 day moving average is $31.36 and its 200 day moving average is $30.15.

ConnectOne Bancorp (NASDAQ:CNOB) last released its quarterly earnings results on Thursday, October 22nd. The financial services provider reported $0.95 EPS for the quarter, beating analysts’ consensus estimates of $0.85 by $0.10. The business had revenue of $127.23 million during the quarter, compared to analyst estimates of $125.36 million. ConnectOne Bancorp had a return on equity of 11.96% and a net margin of 18.97%. On average, sell-side analysts forecast that ConnectOne Bancorp will post 3.44 earnings per share for the current fiscal year.

Insider Buying and Selling at ConnectOne Bancorp

In related news, insider Elizabeth Magennis sold 6,900 shares of the business’s stock in a transaction dated Monday, October 26th. The shares were sold at an average price of $32.67, for a total value of $225,423.00. Following the transaction, the insider directly owned 137,383 shares of the company’s stock, valued at approximately $4,488,302.61. The trade was a 4.78% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 5.24% of the company’s stock.

Institutional Trading of ConnectOne Bancorp

Several hedge funds have recently added to or reduced their stakes in CNOB. R Squared Ltd boosted its stake in ConnectOne Bancorp by 25.9% in the third quarter. R Squared Ltd now owns 10,042 shares of the financial services provider’s stock valued at $302,000 after acquiring an additional 2,066 shares during the last quarter. Alps Advisors Inc. bought a new position in shares of ConnectOne Bancorp during the 3rd quarter valued at approximately $547,000. CenterBook Partners LP purchased a new stake in shares of ConnectOne Bancorp during the 3rd quarter worth approximately $619,000. Kestra Advisory Services LLC increased its stake in shares of ConnectOne Bancorp by 0.5% during the 3rd quarter. Kestra Advisory Services LLC now owns 98,624 shares of the financial services provider’s stock worth $2,964,000 after purchasing an additional 480 shares during the last quarter. Finally, Sterling Capital Management LLC increased its stake in shares of ConnectOne Bancorp by 45.4% during the 3rd quarter. Sterling Capital Management LLC now owns 1,124 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 351 shares during the last quarter. Institutional investors own 67.70% of the company’s stock.

ConnectOne Bancorp Company Profile

ConnectOne Bancorp, Inc is the parent company of ConnectOne Bank, a full-service commercial bank headquartered in Englewood Cliffs, New Jersey. The bank primarily serves businesses, entrepreneurs, professionals, nonprofit organizations and individuals in the New York metropolitan area and surrounding communities.

ConnectOne Bank provides a range of commercial and personal banking products, including checking and savings accounts, certificates of deposit, commercial and industrial loans, commercial real estate financing, construction loans, residential mortgage loans and consumer lending.