Brokerages Set ConnectOne Bancorp Inc (NASDAQ:CNOB) Target Price at $25.25

ConnectOne Bancorp Inc (NASDAQ:CNOB) has received a consensus recommendation of “Hold” from the six research firms that are presently covering the firm, MarketBeat reports. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating, one has given a buy rating and one has issued a strong buy rating on the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $25.25.

A number of analysts recently commented on the company. Raymond James lowered their price objective on ConnectOne Bancorp from $24.00 to $21.00 and set a “strong-buy” rating for the company in a research report on Friday, May 1st. BidaskClub upgraded ConnectOne Bancorp from a “sell” rating to a “hold” rating in a report on Thursday. Zacks Investment Research cut ConnectOne Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, May 5th. Finally, TheStreet cut ConnectOne Bancorp from a “b” rating to a “c+” rating in a report on Wednesday, March 11th.

In other news, Director William Thompson bought 1,300 shares of the company’s stock in a transaction dated Friday, March 6th. The stock was bought at an average cost of $19.82 per share, for a total transaction of $25,766.00. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Frank W. Baier bought 7,500 shares of the company’s stock in a transaction dated Tuesday, March 17th. The stock was purchased at an average price of $12.04 per share, with a total value of $90,300.00. Following the completion of the transaction, the director now directly owns 89,733 shares in the company, valued at approximately $1,080,385.32. The disclosure for this purchase can be found here. 7.58% of the stock is owned by insiders.

Large investors have recently modified their holdings of the company. State Street Corp grew its stake in shares of ConnectOne Bancorp by 3.2% during the third quarter. State Street Corp now owns 741,049 shares of the financial services provider’s stock worth $16,451,000 after buying an additional 23,144 shares during the last quarter. Virginia Retirement Systems ET AL bought a new position in shares of ConnectOne Bancorp in the 4th quarter valued at $790,000. Clear Harbor Asset Management LLC bought a new position in shares of ConnectOne Bancorp in the 4th quarter valued at $219,000. Russell Investments Group Ltd. bought a new position in shares of ConnectOne Bancorp in the 4th quarter valued at $29,000. Finally, Rhumbline Advisers lifted its stake in shares of ConnectOne Bancorp by 0.9% in the 4th quarter. Rhumbline Advisers now owns 51,439 shares of the financial services provider’s stock valued at $1,323,000 after acquiring an additional 482 shares during the last quarter. Institutional investors own 60.25% of the company’s stock.

CNOB stock traded down $0.37 during midday trading on Tuesday, reaching $14.66. The stock had a trading volume of 113,376 shares, compared to its average volume of 156,686. The business has a fifty day simple moving average of $13.79 and a two-hundred day simple moving average of $20.21. The company has a quick ratio of 1.00, a current ratio of 1.01 and a debt-to-equity ratio of 0.18. The firm has a market cap of $582.08 million, a price-to-earnings ratio of 7.76 and a beta of 1.35. ConnectOne Bancorp has a twelve month low of $8.85 and a twelve month high of $26.50.

ConnectOne Bancorp (NASDAQ:CNOB) last announced its quarterly earnings data on Thursday, April 30th. The financial services provider reported $0.15 EPS for the quarter, missing the Zacks’ consensus estimate of $0.39 by ($0.24). The firm had revenue of $58.14 million during the quarter, compared to analyst estimates of $56.62 million. ConnectOne Bancorp had a return on equity of 10.15% and a net margin of 23.20%. On average, equities analysts predict that ConnectOne Bancorp will post 1.92 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, May 4th. Shareholders of record on Monday, April 27th were paid a $0.09 dividend. This represents a $0.36 annualized dividend and a yield of 2.46%. The ex-dividend date of this dividend was Friday, April 24th. ConnectOne Bancorp’s dividend payout ratio (DPR) is 16.00%.

ConnectOne Bancorp Company Profile

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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