BidaskClub Lowers ConnectOne Bancorp (CNOB) to Hold

BidaskClub lowered shares of ConnectOne Bancorp (NASDAQ:CNOB) from a buy rating to a hold rating in a report released on Thursday morning.

Several other brokerages have also recently commented on CNOB. Zacks Investment Research upgraded shares of ConnectOne Bancorp from a sell rating to a hold rating and set a $30.00 price objective for the company in a research note on Monday, October 30th. 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. Finally, 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.

Shares of ConnectOne Bancorp (NASDAQ CNOB) opened at $26.55 on Thursday. The company has a quick ratio of 0.95, a current ratio of 0.98 and a debt-to-equity ratio of 0.10. ConnectOne Bancorp has a 52 week low of $21.04 and a 52 week high of $28.20. The company has a market cap of $840.51, a PE ratio of 28.24 and a beta of 0.96.

In other ConnectOne Bancorp news, EVP Laura Criscione sold 4,300 shares of the firm’s stock in a transaction dated Thursday, December 14th. The shares were sold at an average price of $26.49, for a total transaction of $113,907.00. Following the completion of the transaction, the executive vice president now directly owns 56,536 shares in the company, valued at approximately $1,497,638.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Frank Sorrentino III sold 5,848 shares of the firm’s stock in a transaction dated Thursday, December 14th. The shares were sold at an average price of $26.49, for a total transaction of $154,913.52. Following the transaction, the chief executive officer now owns 560,562 shares of the company’s stock, valued at $14,849,287.38. The disclosure for this sale can be found here. 7.63% of the stock is owned by company insiders.

A number of large investors have recently bought and sold shares of CNOB. Teachers Advisors LLC increased its holdings in ConnectOne Bancorp by 6.6% during the 1st quarter. Teachers Advisors LLC now owns 47,161 shares of the financial services provider’s stock valued at $1,144,000 after acquiring an additional 2,918 shares in the last quarter. Bank of America Corp DE increased its holdings in ConnectOne Bancorp by 13.2% during the 1st quarter. Bank of America Corp DE now owns 19,426 shares of the financial services provider’s stock valued at $471,000 after acquiring an additional 2,267 shares in the last quarter. Aperio Group LLC increased its holdings in ConnectOne Bancorp by 28.2% during the 2nd quarter. Aperio Group LLC now owns 11,542 shares of the financial services provider’s stock valued at $260,000 after acquiring an additional 2,541 shares in the last quarter. Russell Investments Group Ltd. purchased a new position in ConnectOne Bancorp during the 2nd quarter valued at about $798,000. Finally, Schwab Charles Investment Management Inc. grew its holdings in shares of ConnectOne Bancorp by 25.2% during the second quarter. Schwab Charles Investment Management Inc. now owns 139,592 shares of the financial services provider’s stock worth $3,148,000 after buying an additional 28,064 shares in the last quarter. Hedge funds and other institutional investors own 68.57% 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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