Zacks Investment Research Upgrades ConnectOne Bancorp Inc. (CNOB) to “Buy”
ConnectOne Bancorp Inc. (NASDAQ:CNOB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Thursday. The brokerage presently has a $20.00 price target on the financial services provider’s stock. Zacks Investment Research’s price objective points to a potential upside of 11.48% from the company’s previous close.
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. “
Separately, FBR & Co reiterated a “buy” rating and issued a $21.00 price target on shares of ConnectOne Bancorp in a research note on Monday, July 25th.
ConnectOne Bancorp (NASDAQ:CNOB) opened at 17.94 on Thursday. The firm’s 50-day moving average is $18.13 and its 200-day moving average is $16.75. The company has a market cap of $541.73 million, a price-to-earnings ratio of 13.09 and a beta of 0.57. ConnectOne Bancorp has a 12 month low of $14.86 and a 12 month high of $19.69.
ConnectOne Bancorp (NASDAQ:CNOB) last announced its quarterly earnings results on Friday, July 22nd. The financial services provider reported $0.38 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.31 by $0.07. ConnectOne Bancorp had a net margin of 25.89% and a return on equity of 9.33%. On average, analysts anticipate that ConnectOne Bancorp will post $1.42 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 1st. Shareholders of record on Friday, October 14th will be given a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 1.67%. The ex-dividend date is Wednesday, October 12th. ConnectOne Bancorp’s dividend payout ratio (DPR) is 21.90%.
About ConnectOne Bancorp
ConnectOne Bancorp, Inc is a bank holding company of ConnectOne Bank (the Bank), a New Jersey-chartered commercial bank. The Company operates in community bank segment. The Bank offers a range of deposit and loan products, and services to the general public, small and middle-sized businesses, local professionals, and individuals residing, working and conducting business in its trade area.
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