Zacks Investment Research Downgrades ConnectOne Bancorp (CNOB) to Hold

Zacks Investment Research lowered shares of ConnectOne Bancorp (NASDAQ:CNOB) from a strong-buy rating to a hold rating in a research report sent to investors on Tuesday, February 13th.

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 research analysts have also recently issued reports about the company. BidaskClub cut ConnectOne Bancorp from a strong-buy rating to a buy rating in a report on Tuesday, December 12th. Piper Jaffray Companies reaffirmed a buy rating and issued a $30.50 price objective 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 objective on shares of ConnectOne Bancorp in a research note on Thursday, October 26th.

Shares of ConnectOne Bancorp (CNOB) traded down $0.30 during trading hours on Tuesday, reaching $29.25. The company’s stock had a trading volume of 84,556 shares, compared to its average volume of 112,413. ConnectOne Bancorp has a fifty-two week low of $21.04 and a fifty-two week high of $29.75. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.98 and a quick ratio of 0.95. The stock has a market capitalization of $947.72, a PE ratio of 21.89 and a beta of 1.05.

ConnectOne Bancorp (NASDAQ:CNOB) last posted its quarterly earnings data on Thursday, January 25th. The financial services provider reported $0.51 earnings per share for the quarter, beating the Zacks’ 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 analysts’ expectations of $39.55 million. equities analysts forecast that ConnectOne Bancorp will post 2.21 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Thursday, February 1st. Stockholders of record on Monday, January 15th were given a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 1.03%. The ex-dividend date of this dividend was Thursday, January 11th. ConnectOne Bancorp’s dividend payout ratio is currently 22.22%.

In other news, CFO William S. Burns sold 941 shares of the business’s stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $28.60, for a total transaction of $26,912.60. Following the transaction, the chief financial officer now owns 53,204 shares of the company’s stock, valued at approximately $1,521,634.40. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Chairman Frank Sorrentino III sold 2,174 shares of the business’s stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $28.45, for a total value of $61,850.30. Following the transaction, the chairman now owns 593,980 shares of the company’s stock, valued at approximately $16,898,731. The disclosure for this sale can be found here. In the last three months, insiders have sold 14,131 shares of company stock worth $382,547. Corporate insiders own 7.63% of the company’s stock.

Hedge funds have recently modified their holdings of the business. SG Americas Securities LLC purchased a new stake in shares of ConnectOne Bancorp in the 3rd quarter worth $112,000. Benchmark Capital Advisors purchased a new stake in shares of ConnectOne Bancorp in the 3rd quarter worth $202,000. Clear Harbor Asset Management LLC purchased a new stake in shares of ConnectOne Bancorp in the 3rd quarter worth $209,000. GSA Capital Partners LLP purchased a new stake in shares of ConnectOne Bancorp in the 2nd quarter worth $244,000. Finally, Private Advisor Group LLC purchased a new stake in shares of ConnectOne Bancorp in the 4th quarter worth $258,000. Institutional investors and hedge funds own 67.64% of the company’s stock.

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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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