Price Action To Observe: Does ConnectOne Bancorp Inc Have More Gas After Reaching 52-Week High?

Price Action To Observe: Does ConnectOne Bancorp Inc Have More Gas After Reaching 52 Week High?

The stock of ConnectOne Bancorp Inc (NASDAQ:CNOB) hit a new 52-week high and has $33.08 target or 48.00% above today’s $22.35 share price. The 7 months bullish chart indicates low risk for the $694.02M company. The 1-year high was reported on Nov, 17 by Barchart.com. If the $33.08 price target is reached, the company will be worth $333.13 million more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 47,796 shares traded hands. ConnectOne Bancorp Inc (NASDAQ:CNOB) has risen 31.28% since April 15, 2016 and is uptrending. It has outperformed by 26.65% the S&P500.

ConnectOne Bancorp Inc (NASDAQ:CNOB) Ratings Coverage

Out of 4 analysts covering Connectone Bancorp (NASDAQ:CNOB), 4 rate it a “Buy”, 0 “Sell”, while 0 “Hold”. This means 100% are positive. $26 is the highest target while $19 is the lowest. The $22.70 average target is 1.57% above today’s ($22.35) stock price. Connectone Bancorp has been the topic of 6 analyst reports since July 29, 2015 according to StockzIntelligence Inc. On Thursday, November 17 the stock rating was maintained by FBR Capital with “Outperform”. Zacks upgraded ConnectOne Bancorp Inc (NASDAQ:CNOB) on Monday, August 10 to “Sell” rating. The stock has “Overweight” rating given by Piper Jaffray on Monday, March 7. The rating was initiated by Maxim Group with “Buy” on Tuesday, December 15.

According to Zacks Investment Research, “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.”

Insitutional Activity: The institutional sentiment increased to 2 in Q2 2016. Its up 0.89, from 1.11 in 2016Q1. The ratio increased, as 3 funds sold all ConnectOne Bancorp Inc shares owned while 23 reduced positions. 15 funds bought stakes while 37 increased positions. They now own 18.68 million shares or 0.53% more from 18.58 million shares in 2016Q1.
Moreover, Pacific Ridge Capital Prtnrs Limited Liability has 0.25% invested in ConnectOne Bancorp Inc (NASDAQ:CNOB) for 34,940 shares. Northern Trust has invested 0% of its portfolio in ConnectOne Bancorp Inc (NASDAQ:CNOB). Jpmorgan Chase And Co accumulated 166 shares or 0% of the stock. The California-based Blackrock Institutional Communications Na has invested 0% in ConnectOne Bancorp Inc (NASDAQ:CNOB). The Connecticut-based Aqr Limited Liability Company has invested 0% in ConnectOne Bancorp Inc (NASDAQ:CNOB). The Massachusetts-based Rhumbline Advisers has invested 0% in ConnectOne Bancorp Inc (NASDAQ:CNOB). Moreover, Salzhauer Michael has 0.37% invested in ConnectOne Bancorp Inc (NASDAQ:CNOB) for 28,985 shares. Smithfield Trust accumulated 14,404 shares or 0.04% of the stock. Lsv Asset Mgmt owns 71,100 shares or 0% of their US portfolio. Geode Capital Ltd Co holds 215,501 shares or 0% of its portfolio. Vanguard Grp has 0% invested in the company for 971,157 shares. Us Bank & Trust De owns 3,427 shares or 0% of their US portfolio. First Trust Advsrs Lp holds 0% of its portfolio in ConnectOne Bancorp Inc (NASDAQ:CNOB) for 29,804 shares. Secor Capital L P accumulated 0.03% or 15,493 shares. Dimensional Fund Advisors Limited Partnership accumulated 930,518 shares or 0.01% of the stock.

More recent ConnectOne Bancorp Inc (NASDAQ:CNOB) news were published by: Marketwatch.com which released: “ConnectOne Bancorp started at outperform with $21 stock price target at FBR & Co.” on March 11, 2013. Also Globenewswire.com published the news titled: “Center Bancorp, Inc. and ConnectOne Bancorp, Inc. to Merge, Creating New …” on January 21, 2014. Globenewswire.com‘s news article titled: “ConnectOne Bancorp, Inc. Completes Merger” with publication date: July 01, 2014 was also an interesting one.

CNOB Company Profile

ConnectOne Bancorp, Inc., incorporated on November 12, 1982, is a bank holding firm of ConnectOne Bank (the Bank), a New Jersey-chartered commercial bank. The Firm 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. The Bank, through its subsidiary, Center Financial Group LLC, provides financial services, including brokerage services, insurance and annuities, mutual funds and financial planning. The Bank’s services and products include personal and business checking accounts, retirement accounts, money market accounts, time and savings accounts, credit cards, wire transfers, access to automated teller services, Internet banking, Treasury Direct, ACH origination, lockbox services and mobile banking by phone. It offers safe deposit boxes. The Bank also offers remote deposit capture banking for both retail and business customers, providing the ability to electronically scan and transmit checks for deposit. The Company’s banking offices are located in Bergen, Union, Morris, Essex, Hudson, Mercer and Monmouth Counties in New Jersey and in the borough of Manhattan, in New York City, which include some markets in the United States.

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