ConnectOne Bancorp’s (CNOB) “Market Perform” Rating Reiterated at Raymond James Financial

ConnectOne Bancorp (NASDAQ:CNOB)‘s stock had its “market perform” rating restated by analysts at Raymond James Financial in a research note issued on Wednesday,Benzinga reports.

Several other analysts have also commented on the stock. Weiss Ratings raised shares of ConnectOne Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, May 20th. Keefe, Bruyette & Woods lifted their price target on shares of ConnectOne Bancorp from $32.00 to $34.00 and gave the stock an “outperform” rating in a research report on Friday, April 24th. Hovde Group upped their price target on ConnectOne Bancorp from $32.00 to $34.00 and gave the company an “outperform” rating in a report on Friday, April 24th. Finally, Piper Sandler increased their price objective on ConnectOne Bancorp from $34.00 to $38.00 and gave the company an “overweight” rating in a research report on Friday, June 26th. Four analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $35.00.

ConnectOne Bancorp Price Performance

Shares of ConnectOne Bancorp stock opened at $33.44 on Wednesday. ConnectOne Bancorp has a 52 week low of $22.07 and a 52 week high of $33.66. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.14. The stock has a market cap of $1.68 billion, a PE ratio of 19.33 and a beta of 1.06. The company’s 50-day moving average price is $30.59 and its two-hundred day moving average price is $28.32.

ConnectOne Bancorp (NASDAQ:CNOB) last posted its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $0.79 earnings per share for the quarter, beating the consensus estimate of $0.73 by $0.06. The company had revenue of $116.64 million during the quarter, compared to analyst estimates of $119.59 million. ConnectOne Bancorp had a net margin of 13.21% and a return on equity of 10.17%. As a group, sell-side analysts anticipate that ConnectOne Bancorp will post 3.3 EPS for the current fiscal year.

Institutional Investors Weigh In On ConnectOne Bancorp

Several hedge funds have recently made changes to their positions in the company. ProShare Advisors LLC boosted its stake in ConnectOne Bancorp by 6.9% in the 4th quarter. ProShare Advisors LLC now owns 8,716 shares of the financial services provider’s stock worth $229,000 after purchasing an additional 560 shares during the period. Clearstead Advisors LLC raised its stake in ConnectOne Bancorp by 195.6% during the 4th quarter. Clearstead Advisors LLC now owns 1,330 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 880 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in ConnectOne Bancorp by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,537 shares of the financial services provider’s stock valued at $524,000 after purchasing an additional 914 shares during the period. LPL Financial LLC lifted its holdings in shares of ConnectOne Bancorp by 13.3% in the fourth quarter. LPL Financial LLC now owns 9,467 shares of the financial services provider’s stock valued at $248,000 after purchasing an additional 1,114 shares in the last quarter. Finally, Watershed Asset Management L.L.C. lifted its holdings in shares of ConnectOne Bancorp by 8.4% in the first quarter. Watershed Asset Management L.L.C. now owns 16,379 shares of the financial services provider’s stock valued at $438,000 after purchasing an additional 1,265 shares in the last quarter. Hedge funds and other institutional investors own 67.70% of the company’s stock.

ConnectOne Bancorp Company Profile

ConnectOne Bancorp is a New Jersey‐based bank holding company whose primary subsidiary, ConnectOne Bank, offers a suite of commercial banking services to small and medium‐sized businesses, professionals and individuals. Established in 2005 and headquartered in Englewood Cliffs, New Jersey, the company seeks to deliver customized lending and deposit solutions through a network of branches across northern New Jersey and the New York metropolitan area.

The company’s lending portfolio centers on commercial real estate financing, construction lending, owner‐occupied real estate loans and working capital lines of credit.