ConnectOne Bancorp’s (CNOB) “Outperform” Rating Reaffirmed at Keefe, Bruyette & Woods

ConnectOne Bancorp (NASDAQ:CNOB)‘s stock had its “outperform” rating restated by stock analysts at Keefe, Bruyette & Woods in a research report issued to clients and investors on Friday, Benzinga reports. They presently have a $24.00 target price on the financial services provider’s stock, down from their previous target price of $27.00. Keefe, Bruyette & Woods’ price target suggests a potential upside of 31.15% from the company’s current price.

A number of other equities analysts have also weighed in on CNOB. StockNews.com lowered ConnectOne Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday. Raymond James increased their price target on ConnectOne Bancorp from $26.00 to $28.00 and gave the company a “strong-buy” rating in a research report on Monday, January 29th. Finally, Piper Sandler increased their price target on ConnectOne Bancorp from $24.00 to $25.00 and gave the company an “overweight” rating in a research report on Friday, January 26th. One analyst has rated the stock with a sell rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $24.50.

ConnectOne Bancorp Price Performance

NASDAQ:CNOB opened at $18.30 on Friday. The business’s 50-day moving average price is $19.16 and its 200 day moving average price is $20.08. The firm has a market cap of $701.44 million, a P/E ratio of 9.68 and a beta of 1.25. ConnectOne Bancorp has a 52-week low of $13.11 and a 52-week high of $24.44. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 0.92.

ConnectOne Bancorp (NASDAQ:CNOB) last released its earnings results on Thursday, January 25th. The financial services provider reported $0.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.47 by $0.03. The firm had revenue of $66.03 million for the quarter, compared to analyst estimates of $65.50 million. ConnectOne Bancorp had a return on equity of 7.41% and a net margin of 15.29%. As a group, sell-side analysts predict that ConnectOne Bancorp will post 1.76 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ConnectOne Bancorp

A number of institutional investors have recently bought and sold shares of the business. FMR LLC boosted its position in ConnectOne Bancorp by 27.0% during the 3rd quarter. FMR LLC now owns 3,500,507 shares of the financial services provider’s stock worth $62,414,000 after acquiring an additional 743,209 shares during the period. Dimensional Fund Advisors LP boosted its position in ConnectOne Bancorp by 2.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,270,093 shares of the financial services provider’s stock worth $52,009,000 after acquiring an additional 58,277 shares during the period. Vanguard Group Inc. boosted its position in ConnectOne Bancorp by 0.7% during the 3rd quarter. Vanguard Group Inc. now owns 2,045,578 shares of the financial services provider’s stock worth $36,473,000 after acquiring an additional 14,564 shares during the period. Charles Schwab Investment Management Inc. boosted its position in ConnectOne Bancorp by 10.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 438,198 shares of the financial services provider’s stock worth $10,039,000 after acquiring an additional 41,010 shares during the period. Finally, Knights of Columbus Asset Advisors LLC boosted its position in ConnectOne Bancorp by 118.2% during the 4th quarter. Knights of Columbus Asset Advisors LLC now owns 246,232 shares of the financial services provider’s stock worth $5,641,000 after acquiring an additional 133,384 shares during the period. 67.70% of the stock is currently owned by institutional investors and hedge funds.

About ConnectOne Bancorp

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.