BidaskClub Downgrades ConnectOne Bancorp (NASDAQ:CNOB) to Sell

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BidaskClub downgraded shares of ConnectOne Bancorp (NASDAQ:CNOB) from a hold rating to a sell rating in a research report report published on Saturday, BidAskClub reports.

A number of other analysts have also recently commented on the stock. Zacks Investment Research upgraded shares of ConnectOne Bancorp from a strong sell rating to a hold rating in a research note on Tuesday, June 30th. Raymond James cut their price target on shares of ConnectOne Bancorp from $24.00 to $21.00 and set a strong-buy rating for the company in a research note on Friday, May 1st. Two analysts have rated the stock with a sell rating, one has assigned a hold rating, one has issued a buy 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 $25.83.

Shares of CNOB opened at $14.02 on Friday. ConnectOne Bancorp has a 12 month low of $8.85 and a 12 month high of $26.50. The firm has a fifty day simple moving average of $14.96 and a 200 day simple moving average of $17.83. The stock has a market capitalization of $545.22 million, a price-to-earnings ratio of 7.42 and a beta of 1.37. The company has a current ratio of 1.01, a quick ratio of 1.00 and a debt-to-equity ratio of 0.18.

ConnectOne Bancorp (NASDAQ:CNOB) last announced its earnings results on Thursday, April 30th. The financial services provider reported $0.15 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.39 by ($0.24). ConnectOne Bancorp had a return on equity of 10.15% and a net margin of 23.20%. The business had revenue of $58.14 million for the quarter, compared to analyst estimates of $56.62 million. As a group, research analysts predict that ConnectOne Bancorp will post 1.72 earnings per share for the current fiscal year.

In other ConnectOne Bancorp news, Director Frank Huttle III sold 80,000 shares of the stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $15.55, for a total value of $1,244,000.00. Company insiders own 7.52% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the company. Great West Life Assurance Co. Can bought a new position in shares of ConnectOne Bancorp in the fourth quarter valued at about $67,000. Russell Investments Group Ltd. raised its position in shares of ConnectOne Bancorp by 558.4% in the first quarter. Russell Investments Group Ltd. now owns 7,585 shares of the financial services provider’s stock valued at $101,000 after purchasing an additional 6,433 shares during the period. Palouse Capital Management Inc. raised its position in shares of ConnectOne Bancorp by 19.6% in the first quarter. Palouse Capital Management Inc. now owns 10,966 shares of the financial services provider’s stock valued at $147,000 after purchasing an additional 1,800 shares during the period. Fort Sheridan Advisors LLC bought a new position in shares of ConnectOne Bancorp in the first quarter valued at about $159,000. Finally, Janney Montgomery Scott LLC bought a new position in shares of ConnectOne Bancorp in the first quarter valued at about $178,000. 59.36% 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, 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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