Wall Street Zen Downgrades ConnectOne Bancorp (NASDAQ:CNOB) to Hold
by Amy Steele · The Cerbat GemConnectOne Bancorp (NASDAQ:CNOB – Get Free Report) was downgraded by equities researchers at Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued to investors on Saturday.
CNOB has been the subject of several other reports. Weiss Ratings reiterated a “hold (c)” rating on shares of ConnectOne Bancorp in a report on Wednesday, October 8th. Piper Sandler began coverage on ConnectOne Bancorp in a report on Friday, November 7th. They set an “overweight” rating and a $28.00 target price on the stock. Three 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 has a consensus rating of “Moderate Buy” and a consensus target price of $29.50.
Check Out Our Latest Stock Analysis on CNOB
ConnectOne Bancorp Trading Down 1.4%
Shares of CNOB stock opened at $26.27 on Friday. ConnectOne Bancorp has a 1 year low of $20.61 and a 1 year high of $28.47. The firm has a market capitalization of $1.32 billion, a PE ratio of 21.19 and a beta of 1.13. The stock has a fifty day moving average of $25.83 and a two-hundred day moving average of $25.04. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.03 and a current ratio of 1.03.
ConnectOne Bancorp (NASDAQ:CNOB – Get Free Report) last issued its quarterly earnings results on Thursday, October 30th. The financial services provider reported $0.70 EPS for the quarter, beating analysts’ consensus estimates of $0.68 by $0.02. The company had revenue of $110.78 million for the quarter, compared to analyst estimates of $111.20 million. ConnectOne Bancorp had a return on equity of 8.22% and a net margin of 9.90%. As a group, research analysts expect that ConnectOne Bancorp will post 2.23 EPS for the current year.
Institutional Investors Weigh In On ConnectOne Bancorp
A number of institutional investors and hedge funds have recently modified their holdings of CNOB. Webster Bank N. A. acquired a new stake in shares of ConnectOne Bancorp during the second quarter worth $31,000. Farther Finance Advisors LLC raised its holdings in ConnectOne Bancorp by 275.3% during the 2nd quarter. Farther Finance Advisors LLC now owns 1,471 shares of the financial services provider’s stock worth $34,000 after buying an additional 1,079 shares during the period. Osaic Holdings Inc. raised its holdings in ConnectOne Bancorp by 728.4% during the 2nd quarter. Osaic Holdings Inc. now owns 1,781 shares of the financial services provider’s stock worth $41,000 after buying an additional 1,566 shares during the period. PNC Financial Services Group Inc. lifted its stake in ConnectOne Bancorp by 107.9% during the second quarter. PNC Financial Services Group Inc. now owns 1,842 shares of the financial services provider’s stock valued at $43,000 after buying an additional 956 shares in the last quarter. Finally, State of Alaska Department of Revenue acquired a new position in shares of ConnectOne Bancorp in the third quarter worth about $48,000. Institutional investors and hedge funds own 67.70% of the company’s stock.
ConnectOne Bancorp Company Profile
ConnectOne Bancorp is a New Jersey‐based bank holding company whose primary subsidiary, ConnectOne Bank, offers a suite of commercial banking services to small and medium‐sized businesses, professionals and individuals. Established in 2005 and headquartered in Englewood Cliffs, New Jersey, the company seeks to deliver customized lending and deposit solutions through a network of branches across northern New Jersey and the New York metropolitan area.
The company’s lending portfolio centers on commercial real estate financing, construction lending, owner‐occupied real estate loans and working capital lines of credit.