Worth Watching: ConnectOne Bancorp Inc Just Reaches 52-Week High?

Worth Watching: ConnectOne Bancorp Inc Just Reaches 52 Week High?

The stock of ConnectOne Bancorp Inc (NASDAQ:CNOB) hit a new 52-week high and has $25.01 target or 4.00% above today’s $24.05 share price. The 5 months bullish chart indicates low risk for the $746.47M company. The 1-year high was reported on Nov, 25 by Barchart.com. If the $25.01 price target is reached, the company will be worth $29.86 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. The stock decreased 0.21% or $0.05 during the last trading session, hitting $24.05. About 18,988 shares traded hands. ConnectOne Bancorp Inc (NASDAQ:CNOB) has risen 42.77% since April 22, 2016 and is uptrending. It has outperformed by 37.36% the S&P500.

Analysts await ConnectOne Bancorp Inc (NASDAQ:CNOB) to report earnings on January, 25. They expect $0.33 EPS, down 8.33% or $0.03 from last year’s $0.36 per share. CNOB’s profit will be $10.24 million for 18.22 P/E if the $0.33 EPS becomes a reality. After $0.40 actual EPS reported by ConnectOne Bancorp Inc for the previous quarter, Wall Street now forecasts -17.50% negative EPS growth.

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 -5.61% below today’s ($24.05) stock price. Connectone Bancorp has been the topic of 6 analyst reports since July 29, 2015 according to StockzIntelligence Inc. Zacks upgraded ConnectOne Bancorp Inc (NASDAQ:CNOB) on Monday, August 10 to “Sell” rating. The firm has “Overweight” rating given on Monday, March 7 by Piper Jaffray. The stock has “Buy” rating given by Maxim Group on Tuesday, December 15. As per Thursday, November 17, the company rating was maintained by FBR Capital.

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 decreased to 1.11 in 2016 Q2. Its down 0.89, from 2 in 2016Q1. The ratio dropped, 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.
Aqr Cap Management Lc holds 0% of its portfolio in ConnectOne Bancorp Inc (NASDAQ:CNOB) for 17,579 shares. Raymond James Financial Services last reported 0% of its portfolio in the stock. Eidelman Virant Capital holds 0.43% or 44,250 shares in its portfolio. Ladenburg Thalmann Financial has 15,170 shares for 0% of their US portfolio. Wellington Mgmt Group Llp holds 0.01% or 1.60 million shares in its portfolio. Buckhead Capital Limited Liability Corporation has 0.08% invested in the company for 27,785 shares. Cornercap Inv Counsel Inc holds 0.1% or 32,040 shares in its portfolio. Banc Funds Limited Company reported 365,000 shares or 0.33% of all its holdings. Endeavour Cap Advisors has 2.17% invested in the company for 1.85M shares. Us Comml Bank De holds 3,427 shares or 0% of its portfolio. California State Teachers Retirement Systems holds 59,565 shares or 0% of its portfolio. State Bank Of America De has 16,253 shares for 0% of their US portfolio. Swiss Natl Bank has 0% invested in the company for 43,900 shares. The Texas-based Dimensional Fund Advsrs Limited Partnership has invested 0.01% in ConnectOne Bancorp Inc (NASDAQ:CNOB). Capital Investment Advisors Ltd Limited Liability Company holds 0.03% of its portfolio in ConnectOne Bancorp Inc (NASDAQ:CNOB) for 22,895 shares.

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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