BidaskClub Downgrades ConnectOne Bancorp (CNOB) to Buy

BidaskClub cut shares of ConnectOne Bancorp (NASDAQ:CNOB) from a strong-buy rating to a buy rating in a research report sent to investors on Wednesday, BidAskClub reports.

Several other equities research analysts have also recently issued reports on the stock. ValuEngine cut shares of ConnectOne Bancorp from a sell rating to a strong sell rating in a report on Tuesday, March 5th. Zacks Investment Research cut shares of ConnectOne Bancorp from a hold rating to a sell rating in a report on Thursday, January 31st. Finally, TheStreet upgraded shares of ConnectOne Bancorp from a c+ rating to a b- rating in a report on Monday, February 25th. Two analysts have rated the stock with a sell rating and one has assigned a buy rating to the company’s stock. The stock currently has an average rating of Hold.

Shares of CNOB stock traded up $0.34 on Wednesday, reaching $22.38. 657 shares of the stock were exchanged, compared to its average volume of 109,818. The company has a market cap of $767.71 million, a P/E ratio of 9.88 and a beta of 0.90. ConnectOne Bancorp has a one year low of $17.07 and a one year high of $27.55. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.21.

ConnectOne Bancorp (NASDAQ:CNOB) last released its quarterly earnings data on Thursday, April 25th. The financial services provider reported $0.49 EPS for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.03). The company had revenue of $46.69 million during the quarter, compared to the consensus estimate of $46.17 million. ConnectOne Bancorp had a net margin of 28.59% and a return on equity of 11.73%. As a group, equities research analysts anticipate that ConnectOne Bancorp will post 2.23 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 1st. Stockholders of record on Monday, April 15th were paid a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a dividend yield of 1.61%. The ex-dividend date was Friday, April 12th. This is a boost from ConnectOne Bancorp’s previous quarterly dividend of $0.08. ConnectOne Bancorp’s dividend payout ratio (DPR) is currently 16.14%.

In other news, EVP Elizabeth Magennis sold 1,556 shares of ConnectOne Bancorp stock in a transaction on Monday, April 29th. The shares were sold at an average price of $22.07, for a total transaction of $34,340.92. Following the transaction, the executive vice president now owns 67,757 shares in the company, valued at approximately $1,495,396.99. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO William S. Burns sold 1,500 shares of ConnectOne Bancorp stock in a transaction on Tuesday, April 30th. The stock was sold at an average price of $21.89, for a total transaction of $32,835.00. Following the transaction, the chief financial officer now owns 69,394 shares in the company, valued at approximately $1,519,034.66. The disclosure for this sale can be found here. Insiders have sold a total of 9,823 shares of company stock worth $215,622 in the last quarter. Corporate insiders own 7.67% of the company’s stock.

Several institutional investors have recently modified their holdings of CNOB. Hotchkis & Wiley Capital Management LLC purchased a new position in ConnectOne Bancorp during the first quarter valued at $4,067,000. SEI Investments Co lifted its holdings in ConnectOne Bancorp by 1,573.9% during the first quarter. SEI Investments Co now owns 17,576 shares of the financial services provider’s stock valued at $346,000 after purchasing an additional 16,526 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in ConnectOne Bancorp by 0.9% during the first quarter. Goldman Sachs Group Inc. now owns 1,559,789 shares of the financial services provider’s stock valued at $30,727,000 after purchasing an additional 13,975 shares in the last quarter. Cornercap Investment Counsel Inc. lifted its holdings in ConnectOne Bancorp by 1.4% during the first quarter. Cornercap Investment Counsel Inc. now owns 47,170 shares of the financial services provider’s stock valued at $929,000 after purchasing an additional 665 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in ConnectOne Bancorp by 8.0% during the first quarter. Geode Capital Management LLC now owns 375,407 shares of the financial services provider’s stock valued at $7,395,000 after purchasing an additional 27,652 shares in the last quarter. Institutional investors and hedge funds own 61.46% 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, and time and savings accounts.

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