ConnectOne Bancorp (NASDAQ:CNOB) Share Rating Downgraded by Zacks Investment Research
ConnectOne Bancorp (NASDAQ: CNOB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Monday, Zacks.com reports.
According to Zacks, “ConnectOne Bancorp, Inc. is a community-based, full-service commercial banking holding company. The Bank offers a range of lending, depository, and related financial services to commercial, industrial, and government customers. ConnectOne provides secured and unsecured 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 services collections, wire transfers, night deposit and safe deposit The Bank, through its subsidiary, provides financial services, including brokerage, insurance and annuity services, mutual funds and planning It also offers various money market services ConnectOne Bancorp, Inc., formerly known as Center Bancorp, Inc., is based in En Glenwood Cliffs, New Jersey.”
Separately, Raymond James slashed shares of ConnectOne Bancorp from a ‘strong buy’ rating to an ‘outperform’ rating and lowered his price target for the company from $40.00 to $38.00 in a Monday report. .
Shares of NASDAQ:CNOB traded at $1.72 during Monday’s trading, hitting $32.01. The stock had trading volume of 405,342 shares, compared to an average volume of 209,497. ConnectOne Bancorp has a one-year low of $20.95 and a one-year high of $37.00. The company has a market capitalization of $1.27 billion, a P/E ratio of 10.43 and a beta of 1.32. The company has a debt ratio of 0.41, a current ratio of 1.09 and a quick ratio of 1.09. The stock has a 50-day moving average of $33.69.
ConnectOne Bancorp Inc (NASDAQ:CNOB) last released its quarterly results on Thursday, January 27. The financial services provider reported earnings per share of $0.79 for the quarter, beating analyst consensus estimates of $0.76 by $0.03. ConnectOne Bancorp had a net margin of 39.20% and a return on equity of 12.93%. During the same period a year earlier, the company posted EPS of $0.64. As a group, analysts expect ConnectOne Bancorp to post earnings per share of 3.21 for the current year.
In other ConnectOne Bancorp news, Director Joseph Jr. Parisi sold 25,200 shares of ConnectOne Bancorp in a trade that took place on Wednesday November 10th. The shares were sold at an average price of $34.77, for a total transaction of $876,204.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, accessible via this hyperlink. Additionally, CEO Frank Sorrentino III sold 30,000 shares of ConnectOne Bancorp in a trade that took place on Tuesday, November 2. The shares were sold at an average price of $34.12, for a total transaction of $1,023,600.00. The disclosure of this sale can be found here. Insiders sold a total of 70,200 shares of the company valued at $2,421,054 during the last quarter. 7.05% of the shares are held by insiders of the company.
A number of hedge funds and other institutional investors have recently changed their positions in the company. Dimensional Fund Advisors LP increased its holdings of ConnectOne Bancorp shares by 0.3% during the third quarter. Dimensional Fund Advisors LP now owns 2,352,790 shares of the financial services provider valued at $70,608,000 after buying 6,893 additional shares last quarter. William Blair Investment Management LLC increased its equity stake in ConnectOne Bancorp by 48,030.7% during Q3. William Blair Investment Management LLC now owns 1,908,383 shares of the financial services provider valued at $57,271,000 after buying an additional 1,904,418 shares last quarter. Vanguard Group Inc. increased its equity stake in ConnectOne Bancorp by 5.9% during Q2. Vanguard Group Inc. now owns 1,813,901 shares of the financial services provider valued at $47,470,000 after buying an additional 100,991 shares last quarter. Goldman Sachs Group Inc. increased its equity stake in ConnectOne Bancorp by 8.6% during the second quarter. Goldman Sachs Group Inc. now owns 1,640,117 shares of the financial services provider valued at $42,922,000 after buying an additional 130,051 shares last quarter. Finally, State Street Corp increased its stake in shares of ConnectOne Bancorp by 16.3% during the 2nd quarter. State Street Corp now owns 1,052,378 shares of the financial services provider valued at $27,541,000 after buying an additional 147,536 shares last quarter. Institutional investors and hedge funds hold 66.82% of the company’s shares.
About ConnectOne Bancorp
ConnectOne Bancorp, Inc is a holding company that 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 based in Englewood Cliffs, NJ.
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