ConnectOne Bancorp (NASDAQ:CNOB) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued on Tuesday.

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. “

CNOB has been the subject of a number of other research reports. BidaskClub downgraded ConnectOne Bancorp from a “strong-buy” rating to a “buy” rating in a report on Tuesday, December 12th. Piper Jaffray Companies reaffirmed a “buy” rating and set a $30.50 target price on shares of ConnectOne Bancorp in a report on Wednesday, November 1st. Finally, Keefe, Bruyette & Woods reiterated a “buy” rating and set a $32.00 price target on shares of ConnectOne Bancorp in a research report on Thursday, October 26th.

ConnectOne Bancorp (CNOB) traded down $0.05 during trading on Tuesday, hitting $28.65. The company had a trading volume of 64,149 shares, compared to its average volume of 117,032. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.98 and a quick ratio of 0.95. ConnectOne Bancorp has a 12-month low of $21.04 and a 12-month high of $29.75. The firm has a market capitalization of $918.86, a P/E ratio of 21.22 and a beta of 1.05.

ConnectOne Bancorp (NASDAQ:CNOB) last released its earnings results on Thursday, January 25th. The financial services provider reported $0.51 EPS for the quarter, topping the Zacks’ consensus estimate of $0.40 by $0.11. ConnectOne Bancorp had a return on equity of 10.30% and a net margin of 22.80%. The firm had revenue of $41.83 million during the quarter, compared to the consensus estimate of $39.55 million. analysts expect that ConnectOne Bancorp will post 2.21 EPS for the current fiscal year.

In related news, CEO Frank Sorrentino III sold 5,848 shares of ConnectOne Bancorp stock in a transaction that occurred on Thursday, December 14th. The stock was sold at an average price of $26.49, for a total transaction of $154,913.52. Following the completion of the transaction, the chief executive officer now directly owns 560,562 shares in the company, valued at $14,849,287.38. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO William S. Burns sold 941 shares of ConnectOne Bancorp stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $28.60, for a total value of $26,912.60. Following the transaction, the chief financial officer now owns 53,204 shares of the company’s stock, valued at $1,521,634.40. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 14,131 shares of company stock valued at $382,547. 7.63% of the stock is owned by company insiders.

A number of hedge funds have recently made changes to their positions in the stock. Stifel Financial Corp increased its position in shares of ConnectOne Bancorp by 3.2% in the second quarter. Stifel Financial Corp now owns 12,312 shares of the financial services provider’s stock valued at $278,000 after buying an additional 379 shares in the last quarter. Raymond James Financial Services Advisors Inc. increased its position in shares of ConnectOne Bancorp by 3.0% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 17,095 shares of the financial services provider’s stock valued at $385,000 after buying an additional 502 shares in the last quarter. Nationwide Fund Advisors increased its position in shares of ConnectOne Bancorp by 2.7% in the second quarter. Nationwide Fund Advisors now owns 22,343 shares of the financial services provider’s stock valued at $504,000 after buying an additional 582 shares in the last quarter. Voya Investment Management LLC increased its position in shares of ConnectOne Bancorp by 9.7% in the second quarter. Voya Investment Management LLC now owns 18,113 shares of the financial services provider’s stock valued at $408,000 after buying an additional 1,605 shares in the last quarter. Finally, Pacific Ridge Capital Partners LLC increased its position in shares of ConnectOne Bancorp by 2.8% in the fourth quarter. Pacific Ridge Capital Partners LLC now owns 71,490 shares of the financial services provider’s stock valued at $1,841,000 after buying an additional 1,940 shares in the last quarter. Institutional investors own 68.50% of the company’s stock.

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About ConnectOne Bancorp

ConnectOne Bancorp, Inc is a bank holding company of ConnectOne Bank (the Bank). The Bank is a community-based, full-service New Jersey-chartered commercial bank. The Bank offers a range of deposit and loan products. In addition, to attract the business of consumer and business customers, it also provides an array of other banking services.

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