ConnectOne Bancorp (NASDAQ:CNOB) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Thursday.

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. “

Other equities research analysts have also recently issued reports about the company. ValuEngine raised ConnectOne Bancorp from a “strong sell” rating to a “sell” rating in a report on Wednesday, January 2nd. TheStreet cut ConnectOne Bancorp from a “b-” rating to a “c+” rating in a report on Wednesday, December 19th. Finally, BidaskClub raised ConnectOne Bancorp from a “strong sell” rating to a “sell” rating in a report on Wednesday, January 2nd. Three analysts have rated the stock with a sell rating and one has issued a strong buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $34.00.

Shares of ConnectOne Bancorp stock traded up $0.13 during midday trading on Thursday, hitting $21.27. 70,400 shares of the company were exchanged, compared to its average volume of 118,606. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.00 and a quick ratio of 1.00. The company has a market capitalization of $748.90 million, a PE ratio of 9.54 and a beta of 0.88. ConnectOne Bancorp has a 52 week low of $17.07 and a 52 week high of $31.40.

ConnectOne Bancorp (NASDAQ:CNOB) last posted its earnings results on Thursday, January 24th. The financial services provider reported $0.59 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.55 by $0.04. The business had revenue of $41.68 million during the quarter, compared to the consensus estimate of $43.01 million. ConnectOne Bancorp had a return on equity of 12.31% and a net margin of 27.20%. Equities analysts anticipate that ConnectOne Bancorp will post 2.22 earnings per share for the current fiscal year.

In related news, Director William Thompson sold 2,700 shares of the firm’s stock in a transaction on Wednesday, January 30th. The stock was sold at an average price of $20.11, for a total transaction of $54,297.00. Following the completion of the sale, the director now directly owns 74,787 shares of the company’s stock, valued at approximately $1,503,966.57. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 7.67% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the stock. Basswood Capital Management L.L.C. acquired a new stake in shares of ConnectOne Bancorp in the 4th quarter valued at $6,022,000. Southside Capital LLC acquired a new stake in shares of ConnectOne Bancorp in the 4th quarter valued at $4,411,000. BlackRock Inc. increased its stake in shares of ConnectOne Bancorp by 9.3% in the 4th quarter. BlackRock Inc. now owns 2,075,570 shares of the financial services provider’s stock valued at $38,337,000 after buying an additional 177,091 shares during the period. Seidman Lawrence B increased its stake in shares of ConnectOne Bancorp by 364.8% in the 4th quarter. Seidman Lawrence B now owns 207,063 shares of the financial services provider’s stock valued at $3,824,000 after buying an additional 162,514 shares during the period. Finally, Peregrine Capital Management LLC increased its stake in shares of ConnectOne Bancorp by 70.0% in the 4th quarter. Peregrine Capital Management LLC now owns 372,177 shares of the financial services provider’s stock valued at $6,874,000 after buying an additional 153,199 shares during the period. 66.29% of the stock is owned by hedge funds and other institutional investors.

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. It offers a range of deposit products, including personal and business checking accounts, retirement accounts, money market accounts, time and savings accounts, and NOW accounts.

Featured Article: Understanding Price to Earnings Ratio (PE)

Get a free copy of the Zacks research report on ConnectOne Bancorp (CNOB)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

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.