ConnectOne Bancorp Inc (CNOB) Receives Average Rating of “Hold” from Analysts

ConnectOne Bancorp Inc (NASDAQ:CNOB) has earned a consensus recommendation of “Hold” from the seven analysts that are currently covering the company, MarketBeat reports. Three investment analysts have rated the stock with a sell recommendation, two have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $33.50.

A number of equities analysts recently issued reports on the stock. BidaskClub lowered shares of ConnectOne Bancorp from a “buy” rating to a “hold” rating in a research report on Saturday, April 28th. Zacks Investment Research lowered shares of ConnectOne Bancorp from a “hold” rating to a “sell” rating in a research report on Monday, April 30th. Stephens assumed coverage on shares of ConnectOne Bancorp in a research report on Friday, July 6th. They set a “weight” rating on the stock. Finally, ValuEngine lowered shares of ConnectOne Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, July 25th.

CNOB stock traded down $0.50 on Monday, reaching $24.80. 109,500 shares of the company were exchanged, compared to its average volume of 137,852. ConnectOne Bancorp has a 12 month low of $21.04 and a 12 month high of $31.40. The firm has a market capitalization of $814.28 million, a P/E ratio of 14.31 and a beta of 0.89. The company has a current ratio of 1.16, a quick ratio of 0.97 and a debt-to-equity ratio of 1.31.

ConnectOne Bancorp (NASDAQ:CNOB) last announced its earnings results on Thursday, July 26th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.53 by $0.01. ConnectOne Bancorp had a net margin of 21.98% and a return on equity of 11.63%. The business had revenue of $40.33 million for the quarter, compared to analyst estimates of $40.36 million. equities research analysts anticipate that ConnectOne Bancorp will post 2.18 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 1st. Shareholders of record on Monday, July 16th were issued a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 1.21%. The ex-dividend date was Friday, July 13th. ConnectOne Bancorp’s dividend payout ratio (DPR) is presently 17.14%.

In other ConnectOne Bancorp news, Director Nicholas Minoia purchased 5,000 shares of the stock in a transaction on Tuesday, August 7th. The shares were purchased at an average price of $24.77 per share, with a total value of $123,850.00. Following the acquisition, the director now directly owns 75,102 shares of the company’s stock, valued at approximately $1,860,276.54. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders own 7.67% of the company’s stock.

A number of institutional investors have recently made changes to their positions in CNOB. Wells Fargo & Company MN increased its holdings in ConnectOne Bancorp by 20.9% in the 4th quarter. Wells Fargo & Company MN now owns 57,249 shares of the financial services provider’s stock valued at $1,474,000 after buying an additional 9,913 shares during the period. BlackRock Inc. increased its holdings in ConnectOne Bancorp by 7.7% in the 4th quarter. BlackRock Inc. now owns 1,776,531 shares of the financial services provider’s stock valued at $45,746,000 after buying an additional 126,850 shares during the period. Geode Capital Management LLC increased its holdings in ConnectOne Bancorp by 2.5% in the 4th quarter. Geode Capital Management LLC now owns 265,873 shares of the financial services provider’s stock valued at $6,846,000 after buying an additional 6,533 shares during the period. Alliancebernstein L.P. increased its holdings in ConnectOne Bancorp by 84.4% in the 4th quarter. Alliancebernstein L.P. now owns 66,931 shares of the financial services provider’s stock valued at $1,723,000 after buying an additional 30,631 shares during the period. Finally, Teachers Advisors LLC increased its holdings in ConnectOne Bancorp by 36.1% in the 4th quarter. Teachers Advisors LLC now owns 83,513 shares of the financial services provider’s stock valued at $2,150,000 after buying an additional 22,158 shares during the period. 67.17% of the stock is currently owned by hedge funds and other institutional investors.

About ConnectOne Bancorp

ConnectOne Bancorp, Inc operates as the bank holding company for ConnectOne Bank, a state chartered bank that provides various commercial banking products and services. The company offers a range of deposit products, including personal and business checking accounts, retirement accounts, money market accounts, time and savings accounts, and NOW accounts.

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