ConnectOne Bancorp, Inc. (CNOB) Upgraded to “Hold” by Zacks Investment Research

Zacks Investment Research upgraded shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB) from a sell rating to a hold rating in a report published on Monday. They currently have $30.00 price target 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. “

CNOB has been the subject of several other research reports. BidaskClub upgraded ConnectOne Bancorp from a sell rating to a hold rating in a research note on Thursday, August 3rd. Keefe, Bruyette & Woods reiterated a buy rating and issued a $32.00 price objective on shares of ConnectOne Bancorp in a research note on Thursday, October 26th. Finally, Piper Jaffray Companies reiterated a buy rating and issued a $29.00 price objective on shares of ConnectOne Bancorp in a research note on Thursday, October 12th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company. The stock currently has an average rating of Buy and a consensus target price of $29.50.

ConnectOne Bancorp (NASDAQ CNOB) traded up $0.30 on Monday, reaching $27.10. The company’s stock had a trading volume of 79,421 shares, compared to its average volume of 112,139. The company has a quick ratio of 1.13, a current ratio of 1.15 and a debt-to-equity ratio of 1.25. The company has a market cap of $864.41 million, a price-to-earnings ratio of 16.36 and a beta of 0.97.

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The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 1st. Stockholders of record on Monday, October 16th were given a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 1.11%. The ex-dividend date of this dividend was Friday, October 13th. ConnectOne Bancorp’s dividend payout ratio (DPR) is presently 31.58%.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CNOB. Wells Fargo & Company MN increased its position in ConnectOne Bancorp by 1.0% during the first quarter. Wells Fargo & Company MN now owns 30,230 shares of the financial services provider’s stock worth $733,000 after buying an additional 314 shares during the period. Bank of New York Mellon Corp increased its position in ConnectOne Bancorp by 32.0% during the first quarter. Bank of New York Mellon Corp now owns 217,464 shares of the financial services provider’s stock worth $5,274,000 after buying an additional 52,671 shares during the period. Karp Capital Management Corp acquired a new position in ConnectOne Bancorp during the first quarter worth approximately $218,000. Parametric Portfolio Associates LLC increased its position in ConnectOne Bancorp by 12.6% during the first quarter. Parametric Portfolio Associates LLC now owns 25,567 shares of the financial services provider’s stock worth $620,000 after buying an additional 2,858 shares during the period. Finally, Prudential Financial Inc. increased its position in ConnectOne Bancorp by 41.6% during the first quarter. Prudential Financial Inc. now owns 18,039 shares of the financial services provider’s stock worth $437,000 after buying an additional 5,300 shares during the period. 68.30% of the stock is currently owned by institutional investors.

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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