ConnectOne Bancorp (NASDAQ:CNOB) Issues Quarterly Earnings Results

ConnectOne Bancorp (NASDAQ:CNOB) announced its earnings results on Thursday. The financial services provider reported $0.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.85 by $0.10, Zacks reports. The company had revenue of $127.23 million for the quarter, compared to the consensus estimate of $125.36 million. ConnectOne Bancorp had a net margin of 20.21% and a return on equity of 11.24%.

ConnectOne Bancorp Trading Up 2.6%

ConnectOne Bancorp stock opened at $31.68 on Thursday. The company’s fifty day simple moving average is $31.31 and its 200-day simple moving average is $31.14. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.61. ConnectOne Bancorp has a 12 month low of $23.20 and a 12 month high of $34.14. The stock has a market cap of $1.59 billion, a P/E ratio of 10.39 and a beta of 1.08.

Analyst Ratings Changes

CNOB has been the subject of several research analyst reports. Piper Sandler increased their price objective on ConnectOne Bancorp from $34.00 to $38.00 and gave the stock an “overweight” rating in a research note on Friday, June 26th. Weiss Ratings reiterated a “buy (b)” rating on shares of ConnectOne Bancorp in a report on Monday, August 17th. Finally, Raymond James Financial reiterated a “market perform” rating on shares of ConnectOne Bancorp in a report on Wednesday, July 1st. Four investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, ConnectOne Bancorp presently has an average rating of “Moderate Buy” and a consensus target price of $35.00.

About ConnectOne Bancorp

ConnectOne Bancorp, Inc is the parent company of ConnectOne Bank, a full-service commercial bank headquartered in Englewood Cliffs, New Jersey. The bank primarily serves businesses, entrepreneurs, professionals, nonprofit organizations and individuals in the New York metropolitan area and surrounding communities.

ConnectOne Bank provides a range of commercial and personal banking products, including checking and savings accounts, certificates of deposit, commercial and industrial loans, commercial real estate financing, construction loans, residential mortgage loans and consumer lending.