Zacks Investment Research upgraded shares of ConnectOne Bancorp (NASDAQ:CNOB) from a hold rating to a strong-buy rating in a report published on Tuesday morning. They currently have $36.00 target price 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 research firms have also weighed in on CNOB. BidaskClub upgraded shares of ConnectOne Bancorp from a hold rating to a buy rating in a research note on Wednesday, March 7th. ValuEngine upgraded shares of ConnectOne Bancorp from a hold rating to a buy rating in a research note on Thursday, March 1st. Finally, Keefe, Bruyette & Woods restated a buy rating and set a $36.00 price objective on shares of ConnectOne Bancorp in a research note on Tuesday, February 27th. Four analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of Buy and an average target price of $34.17.
ConnectOne Bancorp (NASDAQ:CNOB) last issued its quarterly earnings results on Thursday, January 25th. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.11. The firm had revenue of $41.83 million for the quarter, compared to analyst estimates of $39.55 million. ConnectOne Bancorp had a net margin of 22.80% and a return on equity of 10.22%. equities research analysts anticipate that ConnectOne Bancorp will post 2.21 earnings per share for the current fiscal year.
In other news, CFO William S. Burns sold 941 shares of the business’s stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $28.60, for a total transaction of $26,912.60. Following the transaction, the chief financial officer now directly owns 53,204 shares in the company, valued at approximately $1,521,634.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Laura Criscione sold 4,300 shares of the business’s stock in a transaction dated Thursday, December 14th. The stock was sold at an average price of $26.49, for a total transaction of $113,907.00. Following the transaction, the executive vice president now owns 56,536 shares in the company, valued at $1,497,638.64. The disclosure for this sale can be found here. Insiders have sold a total of 14,131 shares of company stock worth $382,547 over the last 90 days. 7.63% of the stock is owned by company insiders.
Institutional investors have recently added to or reduced their stakes in the company. State Street Corp boosted its holdings in shares of ConnectOne Bancorp by 8.9% during the 2nd quarter. State Street Corp now owns 570,520 shares of the financial services provider’s stock worth $12,868,000 after buying an additional 46,590 shares during the period. Aperio Group LLC boosted its holdings in shares of ConnectOne Bancorp by 26.9% during the 3rd quarter. Aperio Group LLC now owns 14,649 shares of the financial services provider’s stock worth $360,000 after buying an additional 3,107 shares during the period. SG Americas Securities LLC bought a new stake in shares of ConnectOne Bancorp during the 3rd quarter worth about $112,000. Cortina Asset Management LLC boosted its holdings in shares of ConnectOne Bancorp by 1.1% during the 3rd quarter. Cortina Asset Management LLC now owns 283,475 shares of the financial services provider’s stock worth $6,973,000 after buying an additional 3,082 shares during the period. Finally, Alpine Woods Capital Investors LLC boosted its holdings in shares of ConnectOne Bancorp by 47.1% during the 3rd quarter. Alpine Woods Capital Investors LLC now owns 25,000 shares of the financial services provider’s stock worth $615,000 after buying an additional 8,000 shares during the period. Institutional investors own 66.54% of the company’s stock.
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ConnectOne Bancorp Company Profile
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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