ConnectOne Bancorp (NASDAQ:CNOB) Lowered to “Sell” at StockNews.com

ConnectOne Bancorp (NASDAQ:CNOB) was downgraded by stock analysts at StockNews.com from a “hold” rating to a “sell” rating in a report released on Wednesday.

Several other brokerages have also issued reports on CNOB. Raymond James lifted their target price on shares of ConnectOne Bancorp from $26.00 to $28.00 and gave the company a “strong-buy” rating in a research report on Monday, January 29th. Piper Sandler lifted their target price on shares of ConnectOne Bancorp from $24.00 to $25.00 and gave the company an “overweight” rating in a research report on Friday, January 26th. Finally, Keefe, Bruyette & Woods lifted their target price on shares of ConnectOne Bancorp from $25.00 to $27.00 and gave the company an “outperform” rating in a research report on Friday, January 26th. One investment analyst has rated the stock with a sell rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $25.25.

ConnectOne Bancorp Price Performance

Shares of CNOB stock traded up $0.32 during trading hours on Wednesday, reaching $19.73. The stock had a trading volume of 125,107 shares, compared to its average volume of 173,457. The stock’s fifty day simple moving average is $19.25 and its 200 day simple moving average is $20.07. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 0.92. ConnectOne Bancorp has a 12 month low of $13.11 and a 12 month high of $24.44. The firm has a market capitalization of $756.25 million, a PE ratio of 9.53 and a beta of 1.25.

ConnectOne Bancorp (NASDAQ:CNOB) last released its quarterly earnings data on Thursday, January 25th. The financial services provider reported $0.50 EPS for the quarter, beating analysts’ consensus estimates of $0.47 by $0.03. ConnectOne Bancorp had a net margin of 17.26% and a return on equity of 8.14%. The company had revenue of $66.03 million during the quarter, compared to analyst estimates of $65.50 million. On average, equities research analysts predict that ConnectOne Bancorp will post 1.76 EPS for the current year.

Institutional Investors Weigh In On ConnectOne Bancorp

A number of hedge funds have recently made changes to their positions in the business. Parallel Advisors LLC increased its stake in shares of ConnectOne Bancorp by 206.8% in the fourth quarter. Parallel Advisors LLC now owns 1,123 shares of the financial services provider’s stock worth $26,000 after buying an additional 757 shares during the period. Sound Income Strategies LLC purchased a new position in shares of ConnectOne Bancorp in the fourth quarter worth $53,000. GAMMA Investing LLC purchased a new position in shares of ConnectOne Bancorp in the fourth quarter worth $80,000. Quest Partners LLC purchased a new position in shares of ConnectOne Bancorp in the fourth quarter worth $165,000. Finally, Bryn Mawr Capital Management LLC purchased a new position in shares of ConnectOne Bancorp in the fourth quarter worth $207,000. 67.70% of the stock is currently owned by institutional investors.

ConnectOne Bancorp Company Profile

ConnectOne Bancorp, Inc operates as the bank holding company for ConnectOne Bank that provides commercial banking products and services for small and mid-sized businesses, local professionals, and individuals in the New York Metropolitan area and South Florida market. The company offers personal and business checking, money market, and time and savings accounts; credit cards, wire transfers, safe deposit boxes, automated teller services and telephone, and internet and mobile banking.