ConnectOne Bancorp (NASDAQ:CNOB) Releases Quarterly Earnings Results, Beats Expectations By $0.02 EPS

ConnectOne Bancorp (NASDAQ:CNOB) released its quarterly earnings data on Thursday. The financial services provider reported $0.84 EPS for the quarter, beating the consensus estimate of $0.82 by $0.02, Zacks reports. ConnectOne Bancorp had a return on equity of 10.17% and a net margin of 13.21%.The firm had revenue of $121.57 million during the quarter, compared to the consensus estimate of $121.55 million.

ConnectOne Bancorp Stock Down 3.8%

NASDAQ CNOB traded down $1.26 on Thursday, reaching $31.73. The company had a trading volume of 109,722 shares, compared to its average volume of 364,019. The stock has a market capitalization of $1.60 billion, a P/E ratio of 18.35 and a beta of 1.05. The company’s fifty day moving average is $31.70 and its 200 day moving average is $28.95. ConnectOne Bancorp has a 52-week low of $22.07 and a 52-week high of $34.14. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.14.

Hedge Funds Weigh In On ConnectOne Bancorp

Hedge funds have recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in ConnectOne Bancorp by 4.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,537 shares of the financial services provider’s stock worth $524,000 after acquiring an additional 914 shares during the last quarter. LPL Financial LLC increased its position in shares of ConnectOne Bancorp by 13.3% in the fourth quarter. LPL Financial LLC now owns 9,467 shares of the financial services provider’s stock valued at $248,000 after acquiring an additional 1,114 shares during the period. &PARTNERS raised its stake in shares of ConnectOne Bancorp by 6.7% during the fourth quarter. &PARTNERS now owns 20,426 shares of the financial services provider’s stock valued at $536,000 after acquiring an additional 1,282 shares during the last quarter. Osaic Holdings Inc. raised its stake in shares of ConnectOne Bancorp by 728.4% during the second quarter. Osaic Holdings Inc. now owns 1,781 shares of the financial services provider’s stock valued at $41,000 after acquiring an additional 1,566 shares during the last quarter. Finally, Swiss National Bank boosted its holdings in shares of ConnectOne Bancorp by 1.7% during the fourth quarter. Swiss National Bank now owns 94,100 shares of the financial services provider’s stock worth $2,467,000 after purchasing an additional 1,600 shares during the period. Institutional investors own 67.70% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on CNOB shares. Raymond James Financial reissued a “market perform” rating on shares of ConnectOne Bancorp in a research report on Wednesday, July 1st. Piper Sandler upped their price objective on shares of ConnectOne Bancorp from $34.00 to $38.00 and gave the stock an “overweight” rating in a report on Friday, June 26th. Keefe, Bruyette & Woods raised their price objective on shares of ConnectOne Bancorp from $32.00 to $34.00 and gave the company an “outperform” rating in a research note on Friday, April 24th. Weiss Ratings upgraded shares of ConnectOne Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, May 20th. Finally, Hovde Group boosted their target price on shares of ConnectOne Bancorp from $32.00 to $34.00 and gave the stock an “outperform” rating in a research report on Friday, April 24th. Four analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $35.00.

About ConnectOne Bancorp

ConnectOne Bancorp is a New Jersey?based bank holding company whose primary subsidiary, ConnectOne Bank, offers a suite of commercial banking services to small and medium?sized businesses, professionals and individuals. Established in 2005 and headquartered in Englewood Cliffs, New Jersey, the company seeks to deliver customized lending and deposit solutions through a network of branches across northern New Jersey and the New York metropolitan area.

The company’s lending portfolio centers on commercial real estate financing, construction lending, owner?occupied real estate loans and working capital lines of credit.