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

StockNews.com lowered shares of ConnectOne Bancorp (NASDAQ:CNOBGet Rating) from a buy rating to a hold rating in a research report released on Monday morning.

A number of other brokerages also recently weighed in on CNOB. Piper Sandler dropped their target price on ConnectOne Bancorp to $29.00 in a report on Wednesday, October 5th. Stephens upped their target price on ConnectOne Bancorp from $31.00 to $32.00 and gave the company an overweight rating in a report on Tuesday, August 2nd.

ConnectOne Bancorp Price Performance

NASDAQ CNOB opened at $25.96 on Monday. The stock’s 50-day moving average price is $24.38 and its two-hundred day moving average price is $25.45. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.15. The company has a market cap of $1.02 billion, a PE ratio of 8.60 and a beta of 1.21. ConnectOne Bancorp has a 1 year low of $22.55 and a 1 year high of $37.00.

ConnectOne Bancorp (NASDAQ:CNOBGet Rating) last posted its quarterly earnings data on Thursday, October 27th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.77 by ($0.07). The company had revenue of $81.48 million for the quarter, compared to analyst estimates of $79.27 million. ConnectOne Bancorp had a return on equity of 12.23% and a net margin of 35.52%. On average, analysts predict that ConnectOne Bancorp will post 3.06 EPS for the current year.

ConnectOne Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 1st. Investors of record on Monday, November 14th will be paid a $0.155 dividend. The ex-dividend date is Thursday, November 10th. This represents a $0.62 annualized dividend and a dividend yield of 2.39%. ConnectOne Bancorp’s payout ratio is 20.53%.

Insider Activity at ConnectOne Bancorp

In other news, Director Stephen T. Boswell purchased 8,000 shares of the stock in a transaction that occurred on Monday, November 14th. The stock was acquired at an average price of $24.88 per share, with a total value of $199,040.00. Following the purchase, the director now owns 249,103 shares in the company, valued at approximately $6,197,682.64. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 6.58% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On ConnectOne Bancorp

A number of large investors have recently added to or reduced their stakes in the stock. Teacher Retirement System of Texas boosted its position in ConnectOne Bancorp by 7.8% during the first quarter. Teacher Retirement System of Texas now owns 7,346 shares of the financial services provider’s stock worth $235,000 after purchasing an additional 534 shares during the period. BNP Paribas Arbitrage SNC boosted its position in shares of ConnectOne Bancorp by 5.6% in the third quarter. BNP Paribas Arbitrage SNC now owns 13,747 shares of the financial services provider’s stock valued at $317,000 after acquiring an additional 727 shares during the period. Federated Hermes Inc. boosted its position in shares of ConnectOne Bancorp by 69.4% in the third quarter. Federated Hermes Inc. now owns 2,114 shares of the financial services provider’s stock valued at $49,000 after acquiring an additional 866 shares during the period. Point72 Hong Kong Ltd bought a new stake in shares of ConnectOne Bancorp in the first quarter valued at approximately $29,000. Finally, Group One Trading L.P. bought a new stake in shares of ConnectOne Bancorp in the first quarter valued at approximately $32,000. Institutional investors own 68.14% of the company’s stock.

About ConnectOne Bancorp

(Get Rating)

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 Northern New Jersey and New York Metropolitan area, and South Florida market. The company offers personal and business checking, retirement, money market, and time and savings accounts.

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