ConnectOne Bancorp (NASDAQ:CNOB) Downgraded by StockNews.com to “Sell”

ConnectOne Bancorp (NASDAQ:CNOB) was downgraded by investment analysts at StockNews.com from a “hold” rating to a “sell” rating in a research note issued to investors on Wednesday.

A number of other analysts have also commented on CNOB. Keefe, Bruyette & Woods boosted their price objective on shares of ConnectOne Bancorp from $25.00 to $27.00 and gave the stock an “outperform” rating in a research report on Friday, January 26th. Piper Sandler boosted their price objective on shares of ConnectOne Bancorp from $24.00 to $25.00 and gave the stock an “overweight” rating in a research report on Friday, January 26th. Finally, Raymond James boosted their target price on shares of ConnectOne Bancorp from $26.00 to $28.00 and gave the stock a “strong-buy” rating in a report on Monday, January 29th. One analyst has rated the stock with a sell rating, three have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $25.25.

ConnectOne Bancorp Stock Performance

Shares of CNOB stock opened at $18.46 on Wednesday. The company’s fifty day simple moving average is $19.21 and its 200-day simple moving average is $20.06. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 0.92. The firm has a market cap of $707.57 million, a PE ratio of 8.92 and a beta of 1.25. ConnectOne Bancorp has a 12 month low of $13.11 and a 12 month high of $24.44.

ConnectOne Bancorp (NASDAQ:CNOB) last announced its quarterly earnings data on Thursday, January 25th. The financial services provider reported $0.50 EPS for the quarter, topping analysts’ consensus estimates of $0.47 by $0.03. The business had revenue of $66.03 million for the quarter, compared to analyst estimates of $65.50 million. ConnectOne Bancorp had a net margin of 17.26% and a return on equity of 8.14%. Equities research analysts expect that ConnectOne Bancorp will post 1.76 EPS for the current fiscal year.

Hedge Funds Weigh In On ConnectOne Bancorp

Several institutional investors and hedge funds have recently modified their holdings of the stock. Parallel Advisors LLC increased its holdings in shares of ConnectOne Bancorp by 206.8% in the fourth quarter. Parallel Advisors LLC now owns 1,123 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 757 shares during the last quarter. Swiss National Bank increased its holdings in shares of ConnectOne Bancorp by 1.2% in the third quarter. Swiss National Bank now owns 81,900 shares of the financial services provider’s stock valued at $1,460,000 after purchasing an additional 1,000 shares during the last quarter. Trexquant Investment LP increased its holdings in shares of ConnectOne Bancorp by 11.2% in the fourth quarter. Trexquant Investment LP now owns 21,936 shares of the financial services provider’s stock valued at $503,000 after purchasing an additional 2,206 shares during the last quarter. Sound Income Strategies LLC acquired a new position in shares of ConnectOne Bancorp in the fourth quarter valued at $53,000. Finally, Victory Capital Management Inc. increased its holdings in shares of ConnectOne Bancorp by 7.2% in the third quarter. Victory Capital Management Inc. now owns 49,600 shares of the financial services provider’s stock valued at $884,000 after purchasing an additional 3,332 shares during the last quarter. 67.70% of the stock is currently owned by institutional investors and hedge funds.

ConnectOne Bancorp Company Profile

ConnectOne Bancorp, Inc operates as the bank holding company for ConnectOne Bank that provides commercial banking products and services for small and mid-sized businesses, local professionals, and individuals in the New York Metropolitan area and South Florida market. The company offers personal and business checking, money market, and time and savings accounts; credit cards, wire transfers, safe deposit boxes, automated teller services and telephone, and internet and mobile banking.