ConnectOne Bancorp (CNOB) Downgraded to “Hold” at Zacks Investment Research

Zacks Investment Research downgraded shares of ConnectOne Bancorp (NASDAQ:CNOB) from a strong-buy rating to a hold rating in a research report released on Tuesday.

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. “

Several other research firms also recently issued reports on CNOB. BidaskClub raised shares of ConnectOne Bancorp from a hold rating to a buy rating in a research note on Saturday. Keefe, Bruyette & Woods reaffirmed a buy rating and set a $32.00 price target on shares of ConnectOne Bancorp in a research note on Thursday, October 26th. Finally, Piper Jaffray Companies reaffirmed a buy rating and set a $30.50 price target on shares of ConnectOne Bancorp in a research note on Wednesday, November 1st.

ConnectOne Bancorp (CNOB) opened at $28.65 on Tuesday. The company has a market cap of $920.46, a P/E ratio of 16.31 and a beta of 1.05. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.98 and a quick ratio of 0.95. ConnectOne Bancorp has a 52 week low of $21.04 and a 52 week high of $29.75.

ConnectOne Bancorp (NASDAQ:CNOB) last issued its quarterly earnings data on Thursday, January 25th. The financial services provider reported $0.51 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.40 by $0.11. The business had revenue of $41.83 million during the quarter, compared to the consensus estimate of $39.55 million. ConnectOne Bancorp had a net margin of 22.80% and a return on equity of 10.30%. equities analysts expect that ConnectOne Bancorp will post 2.21 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Thursday, February 1st. Stockholders of record on Monday, January 15th were paid a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 1.05%. The ex-dividend date was Thursday, January 11th. ConnectOne Bancorp’s payout ratio is currently 22.22%.

In other news, CFO William S. Burns sold 941 shares of the firm’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $28.60, for a total transaction of $26,912.60. Following the completion of the transaction, the chief financial officer now owns 53,204 shares of the company’s stock, valued at $1,521,634.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Frank Sorrentino III sold 5,848 shares of the firm’s stock in a transaction on 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 directly owns 560,562 shares of the company’s stock, valued at approximately $14,849,287.38. The disclosure for this sale can be found here. Insiders have sold 14,131 shares of company stock valued at $382,547 in the last ninety days. Insiders own 7.63% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in CNOB. Stifel Financial Corp raised its stake in ConnectOne Bancorp by 3.2% during the second quarter. Stifel Financial Corp now owns 12,312 shares of the financial services provider’s stock worth $278,000 after buying an additional 379 shares during the last quarter. Raymond James Financial Services Advisors Inc. raised its stake in ConnectOne Bancorp by 3.0% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 17,095 shares of the financial services provider’s stock worth $385,000 after buying an additional 502 shares during the last quarter. Nationwide Fund Advisors raised its stake in ConnectOne Bancorp by 2.7% during the second quarter. Nationwide Fund Advisors now owns 22,343 shares of the financial services provider’s stock worth $504,000 after buying an additional 582 shares during the last quarter. Voya Investment Management LLC raised its stake in ConnectOne Bancorp by 9.7% during the second quarter. Voya Investment Management LLC now owns 18,113 shares of the financial services provider’s stock worth $408,000 after buying an additional 1,605 shares during the last quarter. Finally, Pacific Ridge Capital Partners LLC raised its stake in ConnectOne Bancorp by 2.8% during the fourth quarter. Pacific Ridge Capital Partners LLC now owns 71,490 shares of the financial services provider’s stock worth $1,841,000 after buying an additional 1,940 shares during the last quarter. 68.50% of the stock is owned by hedge funds and other institutional investors.

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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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