ConnectOne Bancorp (NASDAQ:CNOB) Stock Rating Upgraded by Keefe, Bruyette & Woods

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

ConnectOne Bancorp Stock Performance

Shares of CNOB stock opened at $24.51 on Wednesday. The stock has a market capitalization of $940.55 million, a PE ratio of 13.85 and a beta of 1.30. The business’s 50 day simple moving average is $24.72 and its 200 day simple moving average is $25.02. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.01 and a quick ratio of 1.01. ConnectOne Bancorp has a one year low of $17.07 and a one year high of $29.31.

ConnectOne Bancorp (NASDAQ:CNOB) last issued its quarterly earnings results on Thursday, January 30th. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.42 by $0.10. ConnectOne Bancorp had a net margin of 13.80% and a return on equity of 6.77%. As a group, research analysts forecast that ConnectOne Bancorp will post 2.23 earnings per share for the current year.

Institutional Investors Weigh In On ConnectOne Bancorp

A number of hedge funds have recently added to or reduced their stakes in the business. Sterling Capital Management LLC grew its position in shares of ConnectOne Bancorp by 792.3% during the 4th quarter. Sterling Capital Management LLC now owns 1,160 shares of the financial services provider’s stock worth $27,000 after buying an additional 1,030 shares during the period. Aquatic Capital Management LLC acquired a new stake in ConnectOne Bancorp in the fourth quarter worth $62,000. KLP Kapitalforvaltning AS bought a new stake in ConnectOne Bancorp in the fourth quarter valued at $149,000. Quantbot Technologies LP bought a new stake in ConnectOne Bancorp in the fourth quarter valued at $205,000. Finally, Serenus Wealth Advisors LLC acquired a new position in shares of ConnectOne Bancorp during the fourth quarter valued at about $209,000. 67.70% of the stock is currently owned by 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.