ConnectOne Bancorp (NASDAQ: CNOB) has been downgraded from Zacks investment research from a âbuyâ note to a âkeepâ note in a research note published on Tuesday, Zacks.com reports.
According to Zacks, âConnectOne Bancorp, Inc. is a full-service, community-based commercial bank holding company. The Bank offers a range of loan, deposit and related financial services to commercial, industrial and government clients. ConnectOne provides secure and insecure services. loans, mortgages, 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, deposit night and financial services safe. The Bank, through its subsidiary, provides financial services, including brokerage, insurance and annuity, mutual fund and financial planning services. It also offers various money market services. ConnectOne Bancorp, Inc., formerly known as Center Bancorp, Inc., is based in Englewood Cliffs, New Jersey. “
Separately, Raymond James raised his price target on ConnectOne Bancorp shares from $ 35 to $ 40.00 and gave the company a “strong buy” rating in a research report released on Friday, July 30. One analyst rated the stock with a conservation rating, two issued a buy rating, and one gave the company a strong buy rating. According to MarketBeat data, ConnectOne Bancorp has a consensus rating of âBuyâ and an average price target of $ 30.00.
Actions of CNOB shares traded down $ 0.20 during trading hours on Tuesday, reaching $ 29.90. 374,459 shares of the company were traded for an average volume of 142,907. ConnectOne Bancorp has a 12-month low of $ 13.95 and a 12-month high of $ 30.45. The stock has a market cap of $ 1.19 billion, a price-to-earnings ratio of 10.35 and a beta of 1.40. The stock’s fifty-day simple moving average is $ 28.04 and its two-hundred-day simple moving average is $ 27.10. The company has a quick ratio of 1.08, a current ratio of 1.09, and a debt ratio of 0.52.
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ConnectOne Bancorp (NASDAQ: CNOB) last reported its quarterly results on Wednesday July 28. The financial services provider reported earnings per share of $ 0.81 for the quarter, beating analysts’ consensus estimates of $ 0.71 by $ 0.10. ConnectOne Bancorp had a net margin of 36.91% and a return on equity of 12.48%. The company posted revenue of $ 67.48 million in the quarter, compared to $ 64.79 million according to analysts’ estimates. On average, stock analysts expect ConnectOne Bancorp to post 3.13 earnings per share for the current fiscal year.
In related news, the director Stephen T. Boswell bought 5,200 shares of the company in a trade on Thursday, September 16. The shares were acquired at an average cost of $ 28.76 per share, for a total transaction of $ 149,552.00. The purchase was disclosed in a document filed with the SEC, which is available through this link. 7.05% of the shares are held by insiders.
Several institutional investors have recently changed their holdings in CNOB. Royal Bank of Canada increased its position in ConnectOne Bancorp by 209.0% in the first quarter. Royal Bank of Canada now owns 2,500 shares of the financial services provider valued at $ 63,000 after purchasing an additional 1,691 shares during the period. William Blair Investment Management LLC acquired a new position in ConnectOne Bancorp during the second quarter valued at approximately $ 104,000. Amundi acquired a new position in ConnectOne Bancorp during the second quarter for an amount of approximately $ 152,000. Federated Hermes Inc. acquired a new position in ConnectOne Bancorp during the first quarter valued at approximately $ 163,000. Finally, CM Bidwell & Associates Ltd. acquired a new position in ConnectOne Bancorp during the first quarter valued at approximately $ 202,000. 65.34% of the shares are held by hedge funds and other institutional investors.
ConnectOne Bancorp Company Profile
ConnectOne Bancorp, Inc is a holding company, which owns and operates ConnectOne Bank. It offers personal and commercial business loans on a secured and unsecured basis, revolving lines of credit, commercial mortgages and residential mortgages. The company was founded on November 12, 1982 and is headquartered in Englewood Cliffs, NJ.
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