ConnectOne Bancorp (CNOB) Stock Rating Upgraded by BidaskClub

BidaskClub upgraded shares of ConnectOne Bancorp (NASDAQ:CNOB) from a strong sell rating to a sell rating in a research report sent to investors on Saturday.

Several other brokerages have also recently commented on CNOB. Stephens started coverage on ConnectOne Bancorp in a research report on Friday, July 6th. They issued a weight rating for the company. ValuEngine cut ConnectOne Bancorp from a hold rating to a sell rating in a research report on Wednesday, July 25th. Finally, Zacks Investment Research cut ConnectOne Bancorp from a hold rating to a sell rating in a research report on Monday, July 16th. Three investment analysts have rated the stock with a sell rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus target price of $34.13.

Shares of CNOB stock opened at $24.80 on Friday. The firm has a market capitalization of $814.28 million, a P/E ratio of 14.31 and a beta of 0.89. ConnectOne Bancorp has a one year low of $21.04 and a one year high of $31.40. The company has a debt-to-equity ratio of 1.31, a current ratio of 1.16 and a quick ratio of 0.97.

ConnectOne Bancorp (NASDAQ:CNOB) last issued its earnings results on Thursday, July 26th. The financial services provider reported $0.54 EPS for the quarter, topping the consensus estimate of $0.53 by $0.01. The firm had revenue of $40.33 million during the quarter, compared to analysts’ expectations of $40.36 million. ConnectOne Bancorp had a return on equity of 11.63% and a net margin of 21.98%. sell-side analysts predict that ConnectOne Bancorp will post 2.18 earnings per share for the current fiscal year.

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

In related news, Director Nicholas Minoia acquired 5,000 shares of the business’s stock in a transaction on Tuesday, August 7th. The stock was bought at an average cost of $24.77 per share, with a total value of $123,850.00. Following the completion of the acquisition, the director now owns 75,102 shares in the company, valued at $1,860,276.54. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 7.67% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently modified their holdings of the business. Dimensional Fund Advisors LP lifted its holdings in shares of ConnectOne Bancorp by 8.1% during the first quarter. Dimensional Fund Advisors LP now owns 1,737,277 shares of the financial services provider’s stock valued at $50,034,000 after acquiring an additional 129,782 shares during the period. Geode Capital Management LLC lifted its holdings in shares of ConnectOne Bancorp by 2.5% during the fourth quarter. Geode Capital Management LLC now owns 265,873 shares of the financial services provider’s stock valued at $6,846,000 after acquiring an additional 6,533 shares during the period. Northern Trust Corp lifted its holdings in shares of ConnectOne Bancorp by 1.8% during the first quarter. Northern Trust Corp now owns 365,167 shares of the financial services provider’s stock valued at $10,517,000 after acquiring an additional 6,511 shares during the period. Swiss National Bank lifted its holdings in shares of ConnectOne Bancorp by 4.1% during the first quarter. Swiss National Bank now owns 53,000 shares of the financial services provider’s stock valued at $1,526,000 after acquiring an additional 2,100 shares during the period. Finally, John W. Rosenthal Capital Management Inc. lifted its holdings in shares of ConnectOne Bancorp by 2.4% during the first quarter. John W. Rosenthal Capital Management Inc. now owns 128,000 shares of the financial services provider’s stock valued at $3,686,000 after acquiring an additional 3,000 shares during the period. 67.17% of the stock is owned by institutional investors.

ConnectOne Bancorp Company Profile

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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