ConnectOne Bancorp Inc (NASDAQ:CNOB) has been assigned an average rating of “Buy” from the six ratings firms that are currently covering the stock, Marketbeat reports. One analyst has rated the stock with a sell rating, two have issued a hold rating, two have given a buy rating and one has issued a strong buy rating on the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $33.50.
CNOB has been the topic of a number of recent research reports. BidaskClub upgraded shares of ConnectOne Bancorp from a “hold” rating to a “buy” rating in a research note on Saturday, February 10th. Zacks Investment Research cut shares of ConnectOne Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 13th. Keefe, Bruyette & Woods restated a “buy” rating and set a $36.00 price target on shares of ConnectOne Bancorp in a research note on Tuesday, February 27th. ValuEngine upgraded shares of ConnectOne Bancorp from a “hold” rating to a “buy” rating in a research note on Thursday, March 1st. Finally, Raymond James upped their price target on shares of ConnectOne Bancorp from $33.00 to $34.00 and gave the company a “strong-buy” rating in a research note on Tuesday, April 3rd.
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ConnectOne Bancorp traded up $0.05, reaching $26.70, during trading hours on Wednesday, MarketBeat.com reports. 171,643 shares of the stock were exchanged, compared to its average volume of 156,159. The company has a market cap of $859.33 million, a PE ratio of 15.26 and a beta of 1.06. The company has a quick ratio of 0.97, a current ratio of 0.98 and a debt-to-equity ratio of 0.23. ConnectOne Bancorp has a 52 week low of $21.04 and a 52 week high of $31.40.
ConnectOne Bancorp (NASDAQ:CNOB) last announced its quarterly earnings results on Thursday, April 26th. The financial services provider reported $0.13 EPS for the quarter, missing the Zacks’ consensus estimate of $0.53 by ($0.40). The business had revenue of $39.55 million for the quarter, compared to analysts’ expectations of $40.64 million. ConnectOne Bancorp had a net margin of 18.04% and a return on equity of 11.06%. sell-side analysts expect that ConnectOne Bancorp will post 2.18 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, May 1st. Shareholders of record on Monday, April 16th were paid a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 1.12%. The ex-dividend date of this dividend was Friday, April 13th. ConnectOne Bancorp’s dividend payout ratio is presently 17.14%.
In other ConnectOne Bancorp news, Chairman Frank Sorrentino III sold 4,716 shares of the stock in a transaction that occurred on Friday, March 23rd. The shares were sold at an average price of $29.35, for a total value of $138,414.60. Following the sale, the chairman now directly owns 609,717 shares in the company, valued at approximately $17,895,193.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO William S. Burns sold 1,517 shares of the stock in a transaction that occurred on Friday, March 23rd. The stock was sold at an average price of $28.87, for a total transaction of $43,795.79. Following the completion of the sale, the chief financial officer now owns 58,283 shares in the company, valued at $1,682,630.21. The disclosure for this sale can be found here. Insiders sold a total of 8,394 shares of company stock worth $245,459 over the last quarter. Corporate insiders own 7.67% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Summit Trail Advisors LLC lifted its stake in ConnectOne Bancorp by 2,530.0% in the 1st quarter. Summit Trail Advisors LLC now owns 263,000 shares of the financial services provider’s stock worth $263,000 after purchasing an additional 253,000 shares in the last quarter. Barclays PLC increased its holdings in shares of ConnectOne Bancorp by 81.0% in the 1st quarter. Barclays PLC now owns 8,811 shares of the financial services provider’s stock worth $253,000 after buying an additional 3,944 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of ConnectOne Bancorp by 90.4% in the 1st quarter. The Manufacturers Life Insurance Company now owns 429,020 shares of the financial services provider’s stock worth $12,355,000 after buying an additional 203,694 shares during the last quarter. Cornercap Investment Counsel Inc. bought a new position in shares of ConnectOne Bancorp in the 1st quarter worth $723,000. Finally, RMB Capital Management LLC increased its holdings in shares of ConnectOne Bancorp by 5.7% in the 1st quarter. RMB Capital Management LLC now owns 243,454 shares of the financial services provider’s stock worth $7,011,000 after buying an additional 13,200 shares during the last quarter. Institutional investors and hedge funds own 65.52% of the company’s stock.
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.