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 note issued to investors on Thursday. The firm currently has a $20.00 price target on the financial services provider’s stock. Zacks Investment Research’s price objective indicates 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 restated a “buy” rating and set 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. ConnectOne Bancorp has a 12 month low of $14.86 and a 12 month high of $19.69. The stock has a market cap of $541.73 million, a price-to-earnings ratio of 13.09 and a beta of 0.57. The firm has a 50-day moving average price of $18.13 and a 200-day moving average price of $16.75.

ConnectOne Bancorp (NASDAQ:CNOB) last announced its quarterly earnings results on Friday, July 22nd. The financial services provider reported $0.38 EPS for the quarter, beating the consensus estimate of $0.31 by $0.07. ConnectOne Bancorp had a return on equity of 9.33% and a net margin of 25.89%. Equities research analysts expect that ConnectOne Bancorp will post $1.42 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 1st. Investors of record on Friday, October 14th will be given a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a yield of 1.67%. The ex-dividend date of this dividend is Wednesday, October 12th. ConnectOne Bancorp’s payout ratio is currently 21.90%.

ConnectOne Bancorp Company Profile

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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