Zacks Investment Research enhanced actions of ConnectOne Bancorp (NASDAQ: CNOB – Get a rating) from a hold rating to a buy rating in a report released Tuesday morning, Zacks.com reports. The company currently has a price target of $31.00 on shares of the financial services provider.
According to Zacks, “ConnectOne Bancorp, Inc. is a community-based, full-service commercial banking holding company. The Bank provides a range of lending, depository, and related financial services to commercial, industrial, and government customers. ConnectOne offers 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, as well as collection services, electronic transfers, overnight loans, deposit and safe deposit services.The Bank, through its subsidiary, offers financial services, including brokerage services, insurance and annuity services, mutual funds, and financial planning, and also offers a variety of money market services ConnectOne Bancorp, Inc., formerly known as s e name of Center Bancorp, Inc. is based in Englewood Cliffs, New Jersey. “
A number of other research companies have also weighed in on CNOB recently. Raymond James downgraded shares of ConnectOne Bancorp from a Strong Buy rating to an Outperform rating and cut his price target for the company from $40.00 to $38.00 in a Monday 31 research note. january. StockNews.com launched coverage on ConnectOne Bancorp shares in a Thursday, March 31 report. They set a holding rating for the company.
Shares of CNOB opened at $28.08 on Tuesday. The company has a market capitalization of $1.11 billion, a PE ratio of 8.91 and a beta of 1.26. The company has a debt ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.11. The stock’s fifty-day simple moving average is $31.52. ConnectOne Bancorp has a 12-month low of $24.17 and a 12-month high of $37.00.
ConnectOne Bancorp (NASDAQ: CNOB – Get a rating) last released its quarterly earnings data on Thursday, April 28. The financial services provider reported earnings per share of $0.75 for the quarter, matching Thomson Reuters consensus estimate of $0.75. ConnectOne Bancorp had a net margin of 39.81% and a return on equity of 13.02%. During the same period last year, the company achieved EPS of $0.82. On average, equity research analysts expect ConnectOne Bancorp to post an EPS of 3.14 for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 1. Investors of record on Monday, May 16 will receive a dividend of $0.155. This is a boost from ConnectOne Bancorp’s previous quarterly dividend of $0.13. This represents a dividend of $0.62 on an annualized basis and a yield of 2.21%. The ex-dividend date is Friday, May 13. ConnectOne Bancorp’s payout ratio is currently 16.51%.
In related news, the director William Thompson sold 2,805 shares of the company in a transaction that took place on Friday, February 18. The shares were sold at an average price of $32.68, for a total value of $91,667.40. The transaction was disclosed in a legal filing with the SEC, which is available via the SEC website. Company insiders hold 6.58% of the company’s shares.
Several large investors have recently increased or reduced their stake in the company. River Oaks Capital LLC purchased a new stake in ConnectOne Bancorp in the fourth quarter valued at $4,514,000. William Blair Investment Management LLC increased its position in shares of ConnectOne Bancorp by 48,030.7% during the third quarter. 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 in the last quarter. Millennium Management LLC increased its position in ConnectOne Bancorp by 737.4% in the fourth quarter. Millennium Management LLC now owns 289,025 shares of the financial services provider worth $9,454,000 after purchasing an additional 254,511 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in ConnectOne Bancorp by 1,026.3% in the third quarter. The Manufacturers Life Insurance Company now owns 234,918 shares of the financial services provider worth $7,050,000 after purchasing an additional 214,060 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its position in ConnectOne Bancorp by 27.8% in the fourth quarter. JPMorgan Chase & Co. now owns 611,258 shares of the financial services provider worth $19,995,000 after buying an additional 132,799 shares in the last quarter. 67.82% of the shares are held by hedge funds and other institutional investors.
About ConnectOne Bancorp (Get a rating)
ConnectOne Bancorp, Inc operates as the bank holding company for ConnectOne Bank which provides commercial banking products and services to small and medium-sized businesses, local professionals and individuals in northern New Jersey and the New York metropolitan area, as well as than the South Florida market. The company offers personal and business checking accounts, retirement accounts, money market, and time and savings accounts.
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