Keefe, Bruyette & Woods Reaffirms “Market Perform” Rating for ConnectOne Bancorp (NASDAQ:CNOB)

ConnectOne Bancorp (NASDAQ:CNOB)‘s stock had its “market perform” rating reissued by research analysts at Keefe, Bruyette & Woods in a report released on Friday, Benzinga reports. They presently have a $26.00 target price on the financial services provider’s stock, up from their previous target price of $22.00. Keefe, Bruyette & Woods’ target price would indicate a potential upside of 6.69% from the company’s previous close.

Separately, StockNews.com upgraded ConnectOne Bancorp from a “sell” rating to a “hold” rating in a report on Friday, May 10th. Two research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, ConnectOne Bancorp has a consensus rating of “Moderate Buy” and an average target price of $25.00.

ConnectOne Bancorp Trading Up 4.9 %

NASDAQ CNOB opened at $24.37 on Friday. The stock has a 50-day simple moving average of $19.40 and a 200 day simple moving average of $19.91. The company has a market capitalization of $934.10 million, a PE ratio of 12.89 and a beta of 1.27. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.07. ConnectOne Bancorp has a 12 month low of $14.51 and a 12 month high of $25.41.

ConnectOne Bancorp (NASDAQ:CNOB) last released its quarterly earnings data on Thursday, April 25th. The financial services provider reported $0.41 EPS for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.01). The company had revenue of $64.15 million during the quarter, compared to the consensus estimate of $63.93 million. ConnectOne Bancorp had a net margin of 15.29% and a return on equity of 7.39%. Research analysts forecast that ConnectOne Bancorp will post 1.66 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Parallel Advisors LLC grew its stake in ConnectOne Bancorp by 206.8% in the fourth quarter. Parallel Advisors LLC now owns 1,123 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 757 shares during the period. Price T Rowe Associates Inc. MD boosted its position in shares of ConnectOne Bancorp by 4.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 36,860 shares of the financial services provider’s stock worth $719,000 after buying an additional 1,535 shares during the period. Trexquant Investment LP boosted its position in shares of ConnectOne Bancorp by 11.2% during the fourth quarter. Trexquant Investment LP now owns 21,936 shares of the financial services provider’s stock worth $503,000 after buying an additional 2,206 shares during the period. Salzhauer Michael boosted its position in shares of ConnectOne Bancorp by 3.9% during the first quarter. Salzhauer Michael now owns 65,656 shares of the financial services provider’s stock worth $1,280,000 after buying an additional 2,480 shares during the period. Finally, GAMMA Investing LLC acquired a new position in shares of ConnectOne Bancorp during the fourth quarter worth about $80,000. 67.70% of the stock is owned by institutional investors and hedge funds.

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.