ConnectOne Bancorp, Inc. (CNOB) Raised to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB) from a sell rating to a hold rating in a research report report published on Monday morning. The brokerage currently has $30.00 price objective on the financial services provider’s stock.

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. “

Several other equities analysts also recently issued reports on CNOB. BidaskClub upgraded ConnectOne Bancorp from a sell rating to a hold rating in a research report on Thursday, August 3rd. Keefe, Bruyette & Woods reiterated a buy rating and set a $32.00 price objective on shares of ConnectOne Bancorp in a research report on Thursday, October 26th. Finally, Piper Jaffray Companies reiterated a buy rating and set a $29.00 price objective on shares of ConnectOne Bancorp in a research report on Thursday, October 12th. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. ConnectOne Bancorp currently has a consensus rating of Buy and an average target price of $29.50.

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The company also recently announced a quarterly dividend, which was paid on Wednesday, November 1st. Investors of record on Monday, October 16th were issued a dividend of $0.075 per share. The ex-dividend date was Friday, October 13th. This represents a $0.30 annualized dividend and a yield of 1.12%. ConnectOne Bancorp’s payout ratio is 31.58%.

A number of large investors have recently made changes to their positions in CNOB. Jacobs Asset Management LLC bought a new stake in ConnectOne Bancorp during the second quarter worth approximately $4,182,000. Renaissance Technologies LLC raised its holdings in ConnectOne Bancorp by 21.4% during the first quarter. Renaissance Technologies LLC now owns 1,031,676 shares of the financial services provider’s stock worth $25,018,000 after purchasing an additional 181,600 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in ConnectOne Bancorp by 12.7% during the second quarter. Dimensional Fund Advisors LP now owns 1,356,084 shares of the financial services provider’s stock worth $30,580,000 after purchasing an additional 152,549 shares in the last quarter. Monarch Partners Asset Management LLC raised its holdings in ConnectOne Bancorp by 618.7% during the second quarter. Monarch Partners Asset Management LLC now owns 161,340 shares of the financial services provider’s stock worth $3,638,000 after purchasing an additional 138,890 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings in ConnectOne Bancorp by 7.5% during the second quarter. Goldman Sachs Group Inc. now owns 1,358,490 shares of the financial services provider’s stock worth $30,634,000 after purchasing an additional 94,746 shares in the last quarter. 68.30% of the stock is currently owned by hedge funds and other institutional investors.

About ConnectOne Bancorp

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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