ConnectOne Bancorp’s (CNOB) Outperform Rating Reiterated at Keefe, Bruyette & Woods

ConnectOne Bancorp (NASDAQ:CNOB)‘s stock had its “outperform” rating restated by investment analysts at Keefe, Bruyette & Woods in a note issued to investors on Friday, Benzinga reports. They presently have a $24.00 price objective on the financial services provider’s stock, down from their previous price objective of $27.00. Keefe, Bruyette & Woods’ price objective would suggest a potential upside of 31.08% from the stock’s current price.

Other equities research analysts have also recently issued research reports about the company. Piper Sandler raised their price objective on ConnectOne Bancorp from $24.00 to $25.00 and gave the company an “overweight” rating in a research note on Friday, January 26th. Raymond James upped their price objective on ConnectOne Bancorp from $26.00 to $28.00 and gave the stock a “strong-buy” rating in a report on Monday, January 29th. Finally, StockNews.com cut ConnectOne Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $24.50.

ConnectOne Bancorp Price Performance

Shares of CNOB stock traded down $0.15 during trading hours on Friday, hitting $18.31. 8,682 shares of the company’s stock were exchanged, compared to its average volume of 171,313. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.14 and a quick ratio of 1.14. ConnectOne Bancorp has a 52 week low of $13.11 and a 52 week high of $24.44. The stock has a market cap of $701.82 million, a price-to-earnings ratio of 8.85 and a beta of 1.25. The stock’s 50-day moving average is $19.21 and its 200-day moving average is $20.06.

ConnectOne Bancorp (NASDAQ:CNOB) last issued its earnings results on Thursday, January 25th. The financial services provider reported $0.50 EPS for the quarter, topping the consensus estimate of $0.47 by $0.03. The company had revenue of $66.03 million during the quarter, compared to the consensus estimate of $65.50 million. ConnectOne Bancorp had a return on equity of 8.14% and a net margin of 17.26%. As a group, research analysts forecast that ConnectOne Bancorp will post 1.76 EPS for the current year.

Institutional Trading of ConnectOne Bancorp

Several large investors have recently made changes to their positions in the company. Parallel Advisors LLC grew its holdings in shares of ConnectOne Bancorp by 206.8% during the fourth quarter. Parallel Advisors LLC now owns 1,123 shares of the financial services provider’s stock valued at $26,000 after buying an additional 757 shares during the last quarter. Sound Income Strategies LLC purchased a new stake in shares of ConnectOne Bancorp in the 4th quarter valued at $53,000. GAMMA Investing LLC bought a new stake in ConnectOne Bancorp during the 4th quarter valued at $80,000. Quest Partners LLC bought a new position in ConnectOne Bancorp in the 4th quarter worth $165,000. Finally, Bryn Mawr Capital Management LLC bought a new position in shares of ConnectOne Bancorp in the 4th quarter worth about $207,000. Institutional investors and hedge funds own 67.70% of the company’s stock.

ConnectOne Bancorp Company Profile

ConnectOne Bancorp, Inc operates as the bank holding company for ConnectOne Bank that provides commercial banking products and services for small and mid-sized businesses, local professionals, and individuals in the New York Metropolitan area and South Florida market. The company offers personal and business checking, money market, and time and savings accounts; credit cards, wire transfers, safe deposit boxes, automated teller services and telephone, and internet and mobile banking.