ConnectOne Bancorp (CNOB) Downgraded by ValuEngine

ConnectOne Bancorp (NASDAQ:CNOB) was downgraded by research analysts at ValuEngine from a “sell” rating to a “strong sell” rating in a research note issued to investors on Friday.

Several other brokerages also recently weighed in on CNOB. Zacks Investment Research downgraded ConnectOne Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, November 6th. BidaskClub upgraded ConnectOne Bancorp from a “strong sell” rating to a “sell” rating in a research note on Wednesday, January 2nd. Finally, TheStreet downgraded ConnectOne Bancorp from a “b-” rating to a “c+” rating in a research note on Wednesday, December 19th. Three investment analysts have rated the stock with a sell rating, one has assigned a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $35.33.

CNOB stock traded down $0.22 on Friday, hitting $19.19. 157,600 shares of the company’s stock were exchanged, compared to its average volume of 184,825. ConnectOne Bancorp has a 12-month low of $17.07 and a 12-month high of $31.40. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.00 and a quick ratio of 1.00. The company has a market cap of $626.42 million, a price-to-earnings ratio of 10.97 and a beta of 0.86.

ConnectOne Bancorp (NASDAQ:CNOB) last announced its earnings results on Thursday, October 25th. The financial services provider reported $0.57 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.55 by $0.02. ConnectOne Bancorp had a return on equity of 12.07% and a net margin of 24.26%. The firm had revenue of $41.39 million for the quarter, compared to the consensus estimate of $41.52 million. As a group, equities research analysts anticipate that ConnectOne Bancorp will post 2.19 earnings per share for the current year.

In other ConnectOne Bancorp news, Director Michael W. Kempner sold 5,650 shares of ConnectOne Bancorp stock in a transaction dated Tuesday, November 6th. The stock was sold at an average price of $21.46, for a total transaction of $121,249.00. Following the completion of the sale, the director now owns 374,426 shares of the company’s stock, valued at approximately $8,035,181.96. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Frank Huttle III sold 4,250 shares of ConnectOne Bancorp stock in a transaction dated Tuesday, November 20th. The stock was sold at an average price of $20.02, for a total value of $85,085.00. Following the sale, the director now directly owns 194,849 shares of the company’s stock, valued at approximately $3,900,876.98. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 14,600 shares of company stock valued at $307,149. 7.67% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently modified their holdings of CNOB. Schwab Charles Investment Management Inc. lifted its position in ConnectOne Bancorp by 6.8% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 153,986 shares of the financial services provider’s stock worth $3,835,000 after acquiring an additional 9,769 shares during the period. BlackRock Inc. lifted its holdings in shares of ConnectOne Bancorp by 6.1% in the 2nd quarter. BlackRock Inc. now owns 1,878,862 shares of the financial services provider’s stock valued at $46,783,000 after buying an additional 107,680 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of ConnectOne Bancorp by 11.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,937,492 shares of the financial services provider’s stock valued at $48,244,000 after buying an additional 200,215 shares during the period. BlueMountain Capital Management LLC lifted its holdings in shares of ConnectOne Bancorp by 245.5% in the 2nd quarter. BlueMountain Capital Management LLC now owns 16,283 shares of the financial services provider’s stock valued at $405,000 after buying an additional 11,570 shares during the period. Finally, Renaissance Technologies LLC lifted its holdings in shares of ConnectOne Bancorp by 9.3% in the 2nd quarter. Renaissance Technologies LLC now owns 1,047,576 shares of the financial services provider’s stock valued at $26,085,000 after buying an additional 89,300 shares during the period. 66.92% of the stock is owned by institutional investors.

About ConnectOne Bancorp

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, time and savings accounts, and NOW accounts.

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