Todays Report: The ConnectOne Bancorp Inc. (CNOB) Upgraded to Buy at Zacks Investment Research

The ConnectOne Bancorp Inc. (CNOB) Upgraded to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of ConnectOne Bancorp Inc. (NASDAQ:CNOB) from a hold rating to a buy rating in a report published on Thursday. They currently have $20.00 price objective on the financial services provider’s stock.

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 reissued a buy rating and issued a $21.00 price objective on shares of ConnectOne Bancorp in a research note on Monday, July 25th.

Shares of ConnectOne Bancorp (NASDAQ:CNOB) opened at 18.03 on Thursday. ConnectOne Bancorp has a 1-year low of $14.86 and a 1-year high of $19.69. The company has a market capitalization of $544.45 million, a P/E ratio of 13.16 and a beta of 0.57. The company has a 50-day moving average price of $18.18 and a 200 day moving average price of $16.79.

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 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 anticipate that ConnectOne Bancorp will post $1.42 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 1st. Stockholders of record on Friday, October 14th will be paid a $0.075 dividend. This represents a $0.30 annualized dividend and a dividend yield of 1.66%. The ex-dividend date of this dividend is Wednesday, October 12th. ConnectOne Bancorp’s dividend payout ratio (DPR) is presently 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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