ConnectOne Bancorp (NASDAQ:CNOB) Upgraded to Overweight by Stephens

ConnectOne Bancorp (NASDAQ:CNOB) was upgraded by investment analysts at Stephens from an “equal” rating to an “overweight” rating in a report issued on Tuesday, Marketbeat reports. The brokerage presently has a $27.00 price objective on the financial services provider’s stock. Stephens’ target price would suggest a potential upside of 17.44% from the company’s current price.

A number of other research firms have also issued reports on CNOB. BidaskClub lowered Zynga from a “buy” rating to a “hold” rating in a research report on Tuesday, June 18th. ValuEngine lowered Zosano Pharma from a “buy” rating to a “hold” rating in a research report on Wednesday, May 1st. Finally, Zacks Investment Research upgraded 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. One investment 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’s stock. ConnectOne Bancorp has an average rating of “Hold” and an average price target of $25.50.

NASDAQ:CNOB traded up $0.22 during midday trading on Tuesday, reaching $22.99. 102,000 shares of the company traded hands, compared to its average volume of 112,620. ConnectOne Bancorp has a twelve month low of $17.07 and a twelve month high of $26.70. The stock has a market capitalization of $802.36 million, a price-to-earnings ratio of 10.31 and a beta of 0.90. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.21. The firm has a fifty day moving average of $21.89.

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 the Zacks’ consensus estimate of $0.52 by ($0.03). ConnectOne Bancorp had a net margin of 28.59% and a return on equity of 11.73%. The company had revenue of $46.69 million for the quarter, compared to analyst estimates of $46.17 million. On average, sell-side analysts predict that ConnectOne Bancorp will post 2.21 earnings per share for the current year.

In other ConnectOne Bancorp news, EVP Elizabeth Magennis sold 1,556 shares of the business’s stock in a transaction on Monday, April 29th. The stock was sold at an average price of $22.07, for a total transaction of $34,340.92. Following the completion of 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 legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Christopher J. Ewing sold 1,527 shares of the business’s stock in a transaction on 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 have sold a total of 9,823 shares of company stock valued at $215,622 in the last quarter. 7.58% of the stock is currently owned by insiders.

A number of hedge funds have recently made changes to their positions in the business. Campbell & CO Investment Adviser LLC acquired a new position in shares of ConnectOne Bancorp in the 2nd quarter worth approximately $323,000. Corrado Advisors LLC raised its holdings in shares of ConnectOne Bancorp by 226.4% in the 2nd quarter. Corrado Advisors LLC now owns 123,103 shares of the financial services provider’s stock worth $3,693,000 after buying an additional 85,393 shares in the last quarter. Denali Advisors LLC acquired a new position in shares of ConnectOne Bancorp in the 2nd quarter worth approximately $45,000. Marshall Wace North America L.P. raised its holdings in shares of ConnectOne Bancorp by 9.0% in 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 buying an additional 494 shares in the last quarter. Finally, Banc Funds Co. LLC raised its holdings in shares of ConnectOne Bancorp by 10.1% in the 1st quarter. Banc Funds Co. LLC now owns 636,193 shares of the financial services provider’s stock worth $12,533,000 after buying an additional 58,340 shares in the last quarter. Institutional investors own 60.76% 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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