ConnectOne Bancorp (NASDAQ:CNOB) Lowered to Hold at StockNews.com

StockNews.com downgraded shares of ConnectOne Bancorp (NASDAQ:CNOBGet Rating) from a buy rating to a hold rating in a research note issued to investors on Monday.

Several other equities analysts also recently issued reports on CNOB. Stephens upped their price objective on shares of ConnectOne Bancorp from $31.00 to $32.00 and gave the company an overweight rating in a report on Tuesday, August 2nd. Piper Sandler cut their price objective on shares of ConnectOne Bancorp to $29.00 in a report on Wednesday, October 5th.

ConnectOne Bancorp Stock Performance

Shares of ConnectOne Bancorp stock opened at $26.19 on Monday. The company has a market capitalization of $1.03 billion, a PE ratio of 8.67 and a beta of 1.21. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.01 and a current ratio of 1.01. The company has a 50-day simple moving average of $24.46 and a two-hundred day simple moving average of $25.45. ConnectOne Bancorp has a one year low of $22.55 and a one 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). ConnectOne Bancorp had a net margin of 35.52% and a return on equity of 12.23%. The company had revenue of $81.48 million for the quarter, compared to analyst estimates of $79.27 million. Research analysts expect that ConnectOne Bancorp will post 3.06 EPS for the current fiscal year.

ConnectOne Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 1st. Investors of record on Monday, November 14th will be issued a $0.155 dividend. The ex-dividend date is Thursday, November 10th. This represents a $0.62 annualized dividend and a yield of 2.37%. ConnectOne Bancorp’s dividend payout ratio (DPR) is presently 20.53%.

Insider Buying and Selling

In related news, Director Stephen T. Boswell acquired 8,000 shares of the stock in a transaction on Monday, November 14th. The shares were acquired at an average price of $24.88 per share, for a total transaction of $199,040.00. Following the transaction, 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 SEC, which is available through this link. 6.58% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On ConnectOne Bancorp

Hedge funds have recently bought and sold shares of the stock. Envestnet Asset Management Inc. purchased a new position in shares of ConnectOne Bancorp during the 1st quarter valued at approximately $1,792,000. Advisor Group Holdings Inc. lifted its position in shares of ConnectOne Bancorp by 1,290.9% during the 1st quarter. Advisor Group Holdings Inc. now owns 2,142 shares of the financial services provider’s stock valued at $69,000 after buying an additional 1,988 shares in the last quarter. IndexIQ Advisors LLC purchased a new position in shares of ConnectOne Bancorp during the 1st quarter valued at approximately $402,000. Teacher Retirement System of Texas lifted its position in shares of ConnectOne Bancorp by 7.8% during the 1st quarter. Teacher Retirement System of Texas now owns 7,346 shares of the financial services provider’s stock valued at $235,000 after buying an additional 534 shares in the last quarter. Finally, Swiss National Bank lifted its position in shares of ConnectOne Bancorp by 6.8% during the 1st quarter. Swiss National Bank now owns 84,300 shares of the financial services provider’s stock valued at $2,698,000 after buying an additional 5,400 shares in the last quarter. Hedge funds and other 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.

See Also

Receive News & Ratings for ConnectOne Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ConnectOne Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.