ConnectOne Bancorp (NASDAQ:CNOB) Releases Quarterly Earnings Results, Beats Estimates By $0.10 EPS

ConnectOne Bancorp (NASDAQ:CNOB) issued its quarterly earnings data on Thursday. The financial services provider reported $0.95 earnings per share for the quarter, beating the consensus estimate of $0.85 by $0.10, Zacks reports. The company had revenue of $127.23 million for the quarter, compared to analyst estimates of $125.36 million. ConnectOne Bancorp had a net margin of 20.21% and a return on equity of 11.24%.

ConnectOne Bancorp Stock Performance

CNOB traded up $1.24 during trading on Thursday, hitting $32.12. The stock had a trading volume of 43,245 shares, compared to its average volume of 367,945. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.04 and a quick ratio of 1.04. The company has a 50 day moving average price of $31.31 and a 200-day moving average price of $31.14. ConnectOne Bancorp has a one year low of $23.20 and a one year high of $34.14. The firm has a market cap of $1.62 billion, a price-to-earnings ratio of 10.53 and a beta of 1.08.

Analysts Set New Price Targets

Several analysts recently commented on CNOB shares. Piper Sandler lifted their target price 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. Weiss Ratings reissued a “buy (b)” rating on shares of ConnectOne Bancorp in a report on Monday, August 17th. Finally, Raymond James Financial reissued a “market perform” rating on shares of ConnectOne Bancorp in a report on Wednesday, July 1st. Four analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, ConnectOne Bancorp presently has an average rating of “Moderate Buy” and a consensus target price of $35.00.

ConnectOne Bancorp Company Profile

ConnectOne Bancorp, Inc is the parent company of ConnectOne Bank, a full-service commercial bank headquartered in Englewood Cliffs, New Jersey. The bank primarily serves businesses, entrepreneurs, professionals, nonprofit organizations and individuals in the New York metropolitan area and surrounding communities.

ConnectOne Bank provides a range of commercial and personal banking products, including checking and savings accounts, certificates of deposit, commercial and industrial loans, commercial real estate financing, construction loans, residential mortgage loans and consumer lending.