ConnectOne Bancorp (NASDAQ:CNOB) Upgraded to Hold at BidaskClub

BidaskClub upgraded shares of ConnectOne Bancorp (NASDAQ:CNOB) from a sell rating to a hold rating in a research report report published on Thursday morning, BidAskClub reports.

Other research analysts also recently issued reports about the company. Zacks Investment Research raised ConnectOne Bancorp from a sell rating to a hold rating in a report on Wednesday. Stephens raised ConnectOne Bancorp from an equal rating to an overweight rating and set a $27.00 price target on the stock in a report on Tuesday, July 9th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the stock. The stock presently has an average rating of Hold and an average price target of $25.50.

ConnectOne Bancorp stock traded up $0.17 during mid-day trading on Thursday, hitting $22.67. The company had a trading volume of 4,923 shares, compared to its average volume of 138,238. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.21. The stock’s 50 day moving average price is $21.01 and its two-hundred day moving average price is $21.40. ConnectOne Bancorp has a 12 month low of $17.07 and a 12 month high of $24.75. The company has a market capitalization of $774.58 million, a PE ratio of 10.17 and a beta of 0.94.

ConnectOne Bancorp (NASDAQ:CNOB) last announced its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.57 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.01). The business had revenue of $47.47 million for the quarter, compared to the consensus estimate of $47.88 million. ConnectOne Bancorp had a net margin of 27.54% and a return on equity of 11.59%. Equities research analysts anticipate that ConnectOne Bancorp will post 2.25 EPS for the current year.

In other news, Director Stephen T. Boswell bought 10,500 shares of the stock in a transaction on Tuesday, August 20th. The shares were bought at an average price of $20.47 per share, with a total value of $214,935.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Frank W. Baier bought 5,000 shares of the stock in a transaction on Tuesday, August 27th. The stock was purchased at an average cost of $19.99 per share, for a total transaction of $99,950.00. Following the acquisition, the director now owns 82,233 shares of the company’s stock, valued at approximately $1,643,837.67. The disclosure for this purchase can be found here. Over the last ninety days, insiders have bought 21,519 shares of company stock worth $327,766. Corporate insiders own 7.58% of the company’s stock.

A number of hedge funds have recently bought and sold shares of CNOB. Quantamental Technologies LLC bought a new position in ConnectOne Bancorp in the second quarter valued at about $34,000. Denali Advisors LLC bought a new position in ConnectOne Bancorp in the second quarter valued at about $45,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in ConnectOne Bancorp by 103.1% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,521 shares of the financial services provider’s stock valued at $80,000 after acquiring an additional 1,787 shares during the period. Bank of Montreal Can lifted its holdings in ConnectOne Bancorp by 163.9% in the second quarter. Bank of Montreal Can now owns 4,489 shares of the financial services provider’s stock valued at $102,000 after acquiring an additional 2,788 shares during the period. Finally, SG Americas Securities LLC bought a new position in ConnectOne Bancorp in the first quarter valued at about $116,000. 61.25% of the stock is currently 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, and time and savings accounts.

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