ConnectOne Bancorp (NASDAQ:CNOB) Raised to Overweight at Stephens

Stephens upgraded shares of ConnectOne Bancorp (NASDAQ:CNOB) from an equal rating to an overweight rating in a research report released on Tuesday morning, BenzingaRatingsTable reports. Stephens currently has $27.00 target price on the financial services provider’s stock.

A number of other analysts have also recently issued reports on the company. Zacks Investment Research raised FirstService from a strong sell rating to a hold rating and set a $110.00 price objective for the company in a research report on Tuesday, June 25th. ValuEngine cut Zosano Pharma from a buy rating to a hold rating in a research report on Wednesday, May 1st. Finally, BidaskClub cut Zynga from a buy rating to a hold rating in a research report on Tuesday, June 18th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company. ConnectOne Bancorp currently has an average rating of Hold and an average price target of $25.50.

CNOB opened at $22.99 on Tuesday. The firm has a market capitalization of $807.33 million, a PE ratio of 10.31 and a beta of 0.90. ConnectOne Bancorp has a 1 year low of $17.07 and a 1 year high of $26.70. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.21. The company’s fifty day moving average price is $21.92.

ConnectOne Bancorp (NASDAQ:CNOB) last released its quarterly earnings data on Thursday, April 25th. The financial services provider reported $0.49 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.03). The firm had revenue of $46.69 million for the quarter, compared to analyst estimates of $46.17 million. ConnectOne Bancorp had a net margin of 28.59% and a return on equity of 11.73%. As a group, research analysts forecast that ConnectOne Bancorp will post 2.21 earnings per share for the current year.

The business also recently declared a dividend, which will be paid on Friday, August 2nd. Shareholders of record on Monday, July 15th will be given a $0.09 dividend. The ex-dividend date of this dividend is Friday, July 12th. This is a boost from ConnectOne Bancorp’s previous dividend of $0.08. ConnectOne Bancorp’s payout ratio is currently 16.14%.

In related news, Chairman Frank Sorrentino III sold 5,240 shares of the business’s stock in a transaction dated Monday, April 29th. The stock was sold at an average price of $21.93, for a total transaction of $114,913.20. Following the completion of the transaction, the chairman now owns 680,699 shares of the company’s stock, valued at approximately $14,927,729.07. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Christopher J. Ewing sold 1,527 shares of the business’s stock in a transaction dated Tuesday, April 30th. The stock was sold at an average price of $21.96, for a total value of $33,532.92. The disclosure for this sale can be found here. Insiders sold 9,823 shares of company stock valued at $215,622 in the last ninety days. Insiders own 7.58% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Denali Advisors LLC acquired a new position in shares of ConnectOne Bancorp during the 2nd quarter worth about $45,000. Legal & General Group Plc lifted its position in shares of ConnectOne Bancorp by 11.2% during the 4th quarter. Legal & General Group Plc now owns 5,548 shares of the financial services provider’s stock worth $103,000 after purchasing an additional 561 shares during the last quarter. SG Americas Securities LLC acquired a new position in shares of ConnectOne Bancorp during the 1st quarter worth about $116,000. Marshall Wace North America L.P. lifted its position in shares of ConnectOne Bancorp by 9.0% during the 1st quarter. Marshall Wace North America L.P. now owns 5,963 shares of the financial services provider’s stock worth $118,000 after purchasing an additional 494 shares during the last quarter. Finally, BNP Paribas Arbitrage SA lifted its position in shares of ConnectOne Bancorp by 57,072.7% during the 1st quarter. BNP Paribas Arbitrage SA now owns 6,289 shares of the financial services provider’s stock worth $124,000 after purchasing an additional 6,278 shares during the last quarter. 60.76% of the stock is owned by institutional investors and hedge funds.

ConnectOne Bancorp Company Profile

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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