Zacks Investment Research Downgrades ConnectOne Bancorp (CNOB) to Sell

Zacks Investment Research downgraded shares of ConnectOne Bancorp (NASDAQ:CNOB) from a hold rating to a sell rating in a research note published on Tuesday.

According to Zacks, “ConnectOne Bancorp, Inc. is a community-based, full-service commercial bank holding company. The Bank offers a range of lending, depository and related financial services to commercial, industrial and governmental customers. ConnectOne provides secured and unsecured loans, mortgage loans, home equity lines of credit, short and medium term loans, lines of credit, letters of credit, working capital loans, and real estate construction loans, as well as collection services, wire transfers, night depository, and lock box services. The Bank, through its subsidiary, provides financial services, including brokerage services, insurance and annuities, mutual funds and financial planning. It also offers various money market services. ConnectOne Bancorp, Inc., formerly known as Center Bancorp, Inc., is based in Englewood Cliffs, New Jersey. “

A number of other brokerages have also issued reports on CNOB. BidaskClub upgraded shares of ConnectOne Bancorp from a strong sell rating to a sell rating in a research note on Saturday, August 11th. ValuEngine lowered shares of ConnectOne Bancorp from a hold rating to a sell rating in a research note on Wednesday, July 25th. Three research analysts have rated the stock with a sell rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. ConnectOne Bancorp presently has a consensus rating of Hold and a consensus price target of $35.33.

Shares of NASDAQ CNOB traded down $0.32 during trading hours on Tuesday, hitting $21.26. 91,973 shares of the stock were exchanged, compared to its average volume of 159,107. The company has a quick ratio of 1.16, a current ratio of 1.00 and a debt-to-equity ratio of 0.22. The firm has a market cap of $695.74 million, a PE ratio of 12.15 and a beta of 0.93. ConnectOne Bancorp has a 12 month low of $19.30 and a 12 month high of $31.40.

ConnectOne Bancorp (NASDAQ:CNOB) last posted its quarterly earnings data on Thursday, October 25th. The financial services provider reported $0.57 EPS for the quarter, topping the consensus estimate of $0.55 by $0.02. The firm had revenue of $41.39 million during the quarter, compared to analyst estimates of $41.52 million. ConnectOne Bancorp had a net margin of 24.26% and a return on equity of 12.07%. On average, equities research analysts anticipate that ConnectOne Bancorp will post 2.16 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Thursday, November 1st. Shareholders of record on Monday, October 15th were paid a dividend of $0.075 per share. The ex-dividend date was Friday, October 12th. This represents a $0.30 dividend on an annualized basis and a yield of 1.41%. ConnectOne Bancorp’s payout ratio is 17.14%.

In other news, Director William Thompson sold 1,325 shares of the stock in a transaction on Tuesday, August 14th. The shares were sold at an average price of $25.15, for a total value of $33,323.75. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Laura Criscione sold 4,700 shares of the stock in a transaction on Wednesday, November 7th. The stock was sold at an average price of $21.45, for a total transaction of $100,815.00. Following the completion of the sale, the executive vice president now owns 57,384 shares in the company, valued at approximately $1,230,886.80. The disclosure for this sale can be found here. Insiders have sold a total of 40,403 shares of company stock worth $973,013 in the last 90 days. 7.67% of the stock is currently owned by company insiders.

Several large investors have recently added to or reduced their stakes in CNOB. Wells Fargo & Company MN increased its stake in shares of ConnectOne Bancorp by 3.7% in the first quarter. Wells Fargo & Company MN now owns 59,367 shares of the financial services provider’s stock worth $1,710,000 after acquiring an additional 2,118 shares during the period. FNY Investment Advisers LLC purchased a new stake in ConnectOne Bancorp during the second quarter worth $324,000. Ramsey Quantitative Systems purchased a new stake in ConnectOne Bancorp during the second quarter worth $324,000. First Trust Advisors LP boosted its holdings in ConnectOne Bancorp by 141.8% during the second quarter. First Trust Advisors LP now owns 159,828 shares of the financial services provider’s stock worth $3,980,000 after buying an additional 93,738 shares in the last quarter. Finally, Bowling Portfolio Management LLC purchased a new stake in ConnectOne Bancorp during the second quarter worth $1,025,000. Hedge funds and other institutional investors own 66.88% 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, time and savings accounts, and NOW accounts.

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