ConnectOne Bancorp (NASDAQ:CNOB) Lowered to “Sell” at BidaskClub

BidaskClub lowered shares of ConnectOne Bancorp (NASDAQ:CNOB) from a hold rating to a sell rating in a research note issued to investors on Wednesday, BidAskClub reports.

Other research analysts have also recently issued research reports about the company. ValuEngine upgraded ConnectOne Bancorp from a strong sell rating to a sell rating in a research note on Monday, December 16th. Zacks Investment Research upgraded ConnectOne Bancorp from a sell rating to a hold rating in a research note on Monday, January 6th. Finally, Stephens raised their target price on ConnectOne Bancorp from $28.00 to $29.50 and gave the company an overweight rating in a research note on Thursday, January 2nd. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and one has given a buy rating to the company’s stock. ConnectOne Bancorp presently has an average rating of Hold and an average price target of $28.25.

Shares of CNOB traded down $0.06 on Wednesday, reaching $25.21. The stock had a trading volume of 4,406 shares, compared to its average volume of 154,038. The firm has a market capitalization of $888.97 million, a price-to-earnings ratio of 11.31 and a beta of 0.98. The company has a debt-to-equity ratio of 0.91, a quick ratio of 1.11 and a current ratio of 1.12. The company has a 50-day simple moving average of $25.52 and a 200-day simple moving average of $23.23. ConnectOne Bancorp has a 12-month low of $18.81 and a 12-month high of $26.50.

ConnectOne Bancorp (NASDAQ:CNOB) last released its earnings results on Thursday, October 24th. The financial services provider reported $0.60 EPS for the quarter, beating the Zacks’ consensus estimate of $0.57 by $0.03. The company had revenue of $50.52 million during the quarter, compared to analysts’ expectations of $49.01 million. ConnectOne Bancorp had a return on equity of 11.43% and a net margin of 26.60%. On average, analysts expect that ConnectOne Bancorp will post 2.28 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, February 3rd. Investors of record on Monday, January 13th will be given a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a yield of 1.43%. The ex-dividend date is Friday, January 10th. ConnectOne Bancorp’s dividend payout ratio (DPR) is presently 16.14%.

A number of hedge funds have recently bought and sold shares of CNOB. Wells Fargo & Company MN increased its holdings in shares of ConnectOne Bancorp by 2.3% in the 2nd quarter. Wells Fargo & Company MN now owns 65,801 shares of the financial services provider’s stock worth $1,491,000 after purchasing an additional 1,462 shares in the last quarter. Bank of Montreal Can increased its holdings in shares of ConnectOne Bancorp by 163.9% in the 2nd quarter. Bank of Montreal Can now owns 4,489 shares of the financial services provider’s stock worth $102,000 after purchasing an additional 2,788 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of ConnectOne Bancorp by 3.6% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 178,899 shares of the financial services provider’s stock worth $4,054,000 after purchasing an additional 6,296 shares in the last quarter. Northern Trust Corp increased its holdings in shares of ConnectOne Bancorp by 2.7% in the 2nd quarter. Northern Trust Corp now owns 386,657 shares of the financial services provider’s stock worth $8,762,000 after purchasing an additional 10,074 shares in the last quarter. Finally, Parametric Portfolio Associates LLC increased its holdings in shares of ConnectOne Bancorp by 3.5% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 39,439 shares of the financial services provider’s stock worth $894,000 after purchasing an additional 1,350 shares in the last quarter. 62.28% 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, and time and savings accounts.

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