Maxim Group Begins Covering Connectone Bancorp (NASDAQ:CNOB) Stock. “Shares to Hit $23.00”

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Why Has Maxim Group Given Connectone Bancorp (NASDAQ:CNOB) a $23.00 Price Target

Maxim Group revealed to clients in a recent report that it have started coverage on Connectone Bancorp (NASDAQ:CNOB) stock, with Buy rating and a $23.00 PT.

Approximately 41,779 shares of stock traded hands. ConnectOne Bancorp Inc (NASDAQ:CNOB) has declined 7.19% since May 12, 2015 and is downtrending. It has underperformed by 3.51% the S&P500.

The overall sentiment of institutions has decreased to 1.42 in Q2 2015. Its down 0.11, from 1.53 in 2015Q2. The ratio is negative, as 11 institutions have sold all the shares of ConnectOne Bancorp Inc that they owned while 25 funds have taken shares off the table. 10 funds have purchased shares for the first time while 41 added to their positions. These institutions now hold 26.91 million shares or 54.01% more than the 17.47 million shares they owned in 2015Q2.

The Fund Consector Capital Lp currently is holding shares equating to 4% of its total portfolio in ConnectOne Bancorp Inc representing a total of 180,000 shares. Another fund,Mendon Capital Advisors Corp, is holding a total of 369,800 shares equating to 1.99% of their holdings. Additionally, Seawolf Capital Llc has a 408,018 share stake in ConnectOne Bancorp Inc which represents 1.97% of their total portfolio. The Fund, Dean Capital Management, based out of Kansas, has also built up a stake in the stock, which represents a total of 1.47% of their total portfolio. Finally Jacobs Asset Management Llc, a fund which is based in the state of New York reported a total holdings of 274,400 shares.

ConnectOne Bancorp Inc is the bank holding firm of ConnectOne Bank , a New Jersey-chartered commercial bank. The company has a market cap of $537.84 million. The Bank offers range of deposit and loan services and products, and other banking services. It has 14.18 P/E ratio. 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.

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.”

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