ConnectOne Bancorp (NASDAQ:CNOB) Upgraded to Outperform at Keefe, Bruyette & Woods

ConnectOne Bancorp (NASDAQ:CNOB) was upgraded by equities research analysts at Keefe, Bruyette & Woods from a “market perform” rating to an “outperform” rating in a report issued on Wednesday, MarketBeat reports. The firm presently has a $32.00 target price on the financial services provider’s stock, up from their previous target price of $31.00. Keefe, Bruyette & Woods’ target price would indicate a potential upside of 30.56% from the stock’s previous close.

ConnectOne Bancorp Stock Performance

Shares of CNOB stock opened at $24.51 on Wednesday. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.07. The firm has a fifty day simple moving average of $24.72 and a two-hundred day simple moving average of $25.02. ConnectOne Bancorp has a 12 month low of $17.07 and a 12 month high of $29.31. The firm has a market capitalization of $940.55 million, a PE ratio of 13.85 and a beta of 1.30.

ConnectOne Bancorp (NASDAQ:CNOB) last posted its earnings results on Thursday, January 30th. The financial services provider reported $0.52 EPS for the quarter, topping the consensus estimate of $0.42 by $0.10. ConnectOne Bancorp had a net margin of 13.80% and a return on equity of 6.77%. Analysts forecast that ConnectOne Bancorp will post 2.23 EPS for the current fiscal year.

Institutional Investors Weigh In On ConnectOne Bancorp

A number of institutional investors and hedge funds have recently bought and sold shares of CNOB. First Trust Advisors LP boosted its holdings in ConnectOne Bancorp by 1.7% during the 4th quarter. First Trust Advisors LP now owns 23,601 shares of the financial services provider’s stock worth $541,000 after acquiring an additional 389 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of ConnectOne Bancorp by 3.6% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 20,623 shares of the financial services provider’s stock valued at $472,000 after purchasing an additional 722 shares in the last quarter. Sterling Capital Management LLC boosted its holdings in ConnectOne Bancorp by 792.3% during the fourth quarter. Sterling Capital Management LLC now owns 1,160 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 1,030 shares during the last quarter. MetLife Investment Management LLC grew its position in ConnectOne Bancorp by 5.7% in the 4th quarter. MetLife Investment Management LLC now owns 22,323 shares of the financial services provider’s stock worth $511,000 after purchasing an additional 1,202 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. increased its stake in ConnectOne Bancorp by 5.6% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 30,343 shares of the financial services provider’s stock valued at $760,000 after buying an additional 1,605 shares during the last quarter. 67.70% of the stock is owned by hedge funds and other 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.