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CNOB

ConnectOne Bancorp NasdaqGS:CNOB Stock Report

Last Price

US$23.64

Market Cap

US$925.4m

7D

-1.2%

1Y

-23.7%

Updated

03 Oct, 2022

Data

Company Financials +
CNOB fundamental analysis
Snowflake Score
Valuation6/6
Future Growth2/6
Past Performance2/6
Financial Health6/6
Dividends5/6

CNOB Stock Overview

ConnectOne Bancorp, Inc. operates as the bank holding company for ConnectOne Bank that provides commercial banking products and services for small and mid-sized businesses, local professionals, and individuals in the Northern New Jersey and New York Metropolitan area, and South Florida market.

ConnectOne Bancorp Competitors

Price History & Performance

Summary of all time highs, changes and price drops for ConnectOne Bancorp
Historical stock prices
Current Share PriceUS$23.64
52 Week HighUS$37.00
52 Week LowUS$23.01
Beta1.24
1 Month Change-3.90%
3 Month Change-5.21%
1 Year Change-23.72%
3 Year Change7.99%
5 Year Change-5.44%
Change since IPO1,396.87%

Recent News & Updates

Aug 01
Does ConnectOne Bancorp (NASDAQ:CNOB) Deserve A Spot On Your Watchlist?

Does ConnectOne Bancorp (NASDAQ:CNOB) Deserve A Spot On Your Watchlist?

The excitement of investing in a company that can reverse its fortunes is a big draw for some speculators, so even...

Jul 28

ConnectOne Bancorp Q2 GAAP EPS, revenue beats

ConnectOne Bancorp press release (NASDAQ:CNOB): Q2 GAAP EPS of $0.78 beats by $0.02 (vs. $0.81 in prior-year quarter). Revenue of $78.95M (+17.0% Y/Y) beats by $5.22M.

Shareholder Returns

CNOBUS BanksUS Market
7D-1.2%1.1%1.0%
1Y-23.7%-24.1%-20.0%

Return vs Industry: CNOB exceeded the US Banks industry which returned -26.1% over the past year.

Return vs Market: CNOB matched the US Market which returned -23.2% over the past year.

Price Volatility

Is CNOB's price volatile compared to industry and market?
CNOB volatility
CNOB Average Weekly Movement3.3%
Banks Industry Average Movement3.4%
Market Average Movement6.8%
10% most volatile stocks in US Market15.5%
10% least volatile stocks in US Market2.8%

Stable Share Price: CNOB is less volatile than 75% of US stocks over the past 3 months, typically moving +/- 3% a week.

Volatility Over Time: CNOB's weekly volatility (3%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1982436Frank Sorrentinohttps://www.connectonebank.com

ConnectOne Bancorp, Inc. operates as the bank holding company for ConnectOne Bank that provides commercial banking products and services for small and mid-sized businesses, local professionals, and individuals in the Northern New Jersey and New York Metropolitan area, and South Florida market. The company offers personal and business checking, retirement, money market, and time and savings accounts. It also provides consumer and commercial business loans on a secured and unsecured basis; revolving lines of credit; commercial mortgage loans; residential mortgages on primary and secondary residences; home equity loans; bridge loans; other personal purpose loans; and commercial construction and real estate loans.

ConnectOne Bancorp Fundamentals Summary

How do ConnectOne Bancorp's earnings and revenue compare to its market cap?
CNOB fundamental statistics
Market CapUS$925.41m
Earnings (TTM)US$123.85m
Revenue (TTM)US$292.50m

7.5x

P/E Ratio

0.9x

P/B Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
CNOB income statement (TTM)
RevenueUS$292.50m
Cost of RevenueUS$0
Gross ProfitUS$292.50m
Other ExpensesUS$168.64m
EarningsUS$123.85m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)3.16
Gross Margin100.00%
Net Profit Margin42.34%
Debt/Equity Ratio89.9%

How did CNOB perform over the long term?

See historical performance and comparison

Dividends

2.6%

Current Dividend Yield

18%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

Is CNOB undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

6/6

Valuation Score 6/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for CNOB?

Other financial metrics that can be useful for relative valuation.

CNOB key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenuen/a
Enterprise Value/EBITDAn/a
PEG Ratio1.9x

Price to Earnings Ratio vs Peers

How does CNOB's PE Ratio compare to its peers?

CNOB PE Ratio vs Peers
The above table shows the PE ratio for CNOB vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average9x
OBNK Origin Bancorp
9.5x32.1%US$925.4m
FFWM First Foundation
8.3x5.5%US$1.0b
PFC Premier Financial
9.2x8.1%US$936.4m
QCRH QCR Holdings
9.1x17.9%US$887.9m
CNOB ConnectOne Bancorp
7.5x3.9%US$925.4m

Price-To-Earnings vs Peers: CNOB is good value based on its Price-To-Earnings Ratio (7.5x) compared to the peer average (9x).


Price to Earnings Ratio vs Industry

How does CNOB's PE Ratio compare vs other companies in the US Banks Industry?

Price-To-Earnings vs Industry: CNOB is good value based on its Price-To-Earnings Ratio (7.5x) compared to the US Banks industry average (9.4x)


Price to Earnings Ratio vs Fair Ratio

What is CNOB's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

CNOB PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio7.5x
Fair PE Ratio11.9x

Price-To-Earnings vs Fair Ratio: CNOB is good value based on its Price-To-Earnings Ratio (7.5x) compared to the estimated Fair Price-To-Earnings Ratio (11.9x).


Share Price vs Fair Value

What is the Fair Price of CNOB when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: CNOB ($23.64) is trading below our estimate of fair value ($41.12)

Significantly Below Fair Value: CNOB is trading below fair value by more than 20%.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.


Discover undervalued companies

Future Growth

How is ConnectOne Bancorp forecast to perform in the next 1 to 3 years based on estimates from 3 analysts?

Future Growth Score

2/6

Future Growth Score 2/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


3.9%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: CNOB's forecast earnings growth (3.9% per year) is above the savings rate (1.9%).

Earnings vs Market: CNOB's earnings (3.9% per year) are forecast to grow slower than the US market (14.8% per year).

High Growth Earnings: CNOB's earnings are forecast to grow, but not significantly.

Revenue vs Market: CNOB's revenue (9.3% per year) is forecast to grow faster than the US market (7.7% per year).

High Growth Revenue: CNOB's revenue (9.3% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: CNOB's Return on Equity is forecast to be low in 3 years time (11.1%).


Discover growth companies

Past Performance

How has ConnectOne Bancorp performed over the past 5 years?

Past Performance Score

2/6

Past Performance Score 2/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


26.3%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: CNOB has high quality earnings.

Growing Profit Margin: CNOB's current net profit margins (42.3%) are lower than last year (44.6%).


Past Earnings Growth Analysis

Earnings Trend: CNOB's earnings have grown significantly by 26.3% per year over the past 5 years.

Accelerating Growth: CNOB's earnings growth over the past year (7.5%) is below its 5-year average (26.3% per year).

Earnings vs Industry: CNOB earnings growth over the past year (7.5%) underperformed the Banks industry 8.5%.


Return on Equity

High ROE: CNOB's Return on Equity (11.3%) is considered low.


Discover strong past performing companies

Financial Health

How is ConnectOne Bancorp's financial position? (This company is analysed differently as a bank or financial institution)

Financial Health Score

6/6

Financial Health Score 6/6

  • Asset Level

  • Allowance for Bad Loans

  • Low Risk Liabilities

  • Loan Level

  • Low Risk Deposits

  • Level of Bad Loans

Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet


Financial Institutions Analysis

Asset Level: CNOB's Assets to Equity ratio (7.7x) is low.

Allowance for Bad Loans: CNOB has a sufficient allowance for bad loans (136%).

Low Risk Liabilities: 86% of CNOB's liabilities are made up of primarily low risk sources of funding.

Loan Level: CNOB has an appropriate level of Loans to Assets ratio (81%).

Low Risk Deposits: CNOB's Loans to Deposits ratio (109%) is appropriate.

Level of Bad Loans: CNOB has an appropriate level of bad loans (0.8%).


Discover healthy companies

Dividend

What is ConnectOne Bancorp current dividend yield, its reliability and sustainability?

Dividend Score

5/6

Dividend Score 5/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Future Dividend Coverage


2.62%

Current Dividend Yield

Dividend Yield vs Market

ConnectOne Bancorp Dividend Yield vs Market
How does ConnectOne Bancorp dividend yield compare to the market?
SegmentDividend Yield
Company (ConnectOne Bancorp)2.6%
Market Bottom 25% (US)1.6%
Market Top 25% (US)4.6%
Industry Average (Banks)3.4%
Analyst forecast in 3 Years (ConnectOne Bancorp)2.7%

Notable Dividend: CNOB's dividend (2.62%) is higher than the bottom 25% of dividend payers in the US market (1.67%).

High Dividend: CNOB's dividend (2.62%) is low compared to the top 25% of dividend payers in the US market (4.75%).


Stability and Growth of Payments

Stable Dividend: CNOB's dividends per share have been stable in the past 10 years.

Growing Dividend: CNOB's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Earnings Coverage: With its low payout ratio (18.2%), CNOB's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: CNOB's dividends in 3 years are forecast to be well covered by earnings (19.7% payout ratio).


Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

3.3yrs

Average management tenure


CEO

Frank Sorrentino (60 yo)

8.25yrs

Tenure

US$3,068,986

Compensation

Mr. Frank S. Sorrentino, III, has been the Chairman and Chief Executive Officer of ConnectOne Bancorp, Inc. since July 1, 2014 and serves as President since July 1, 2014. Mr. Sorrentino serves as Chief Exe...


CEO Compensation Analysis

Frank Sorrentino's Compensation vs ConnectOne Bancorp Earnings
How has Frank Sorrentino's remuneration changed compared to ConnectOne Bancorp's earnings?
DateTotal Comp.SalaryCompany Earnings
Jun 30 2022n/an/a

US$124m

Mar 31 2022n/an/a

US$125m

Dec 31 2021US$3mUS$825k

US$128m

Sep 30 2021n/an/a

US$123m

Jun 30 2021n/an/a

US$115m

Mar 31 2021n/an/a

US$98m

Dec 31 2020US$3mUS$825k

US$71m

Sep 30 2020n/an/a

US$66m

Jun 30 2020n/an/a

US$63m

Mar 31 2020n/an/a

US$67m

Dec 31 2019US$3mUS$800k

US$73m

Sep 30 2019n/an/a

US$71m

Jun 30 2019n/an/a

US$69m

Mar 31 2019n/an/a

US$68m

Dec 31 2018US$2mUS$800k

US$60m

Sep 30 2018n/an/a

US$52m

Jun 30 2018n/an/a

US$45m

Mar 31 2018n/an/a

US$35m

Dec 31 2017US$2mUS$735k

US$43m

Sep 30 2017n/an/a

US$30m

Jun 30 2017n/an/a

US$29m

Mar 31 2017n/an/a

US$32m

Dec 31 2016US$2mUS$678k

US$31m

Sep 30 2016n/an/a

US$43m

Jun 30 2016n/an/a

US$42m

Mar 31 2016n/an/a

US$41m

Dec 31 2015US$2mUS$615k

US$41m

Compensation vs Market: Frank's total compensation ($USD3.07M) is about average for companies of similar size in the US market ($USD4.14M).

Compensation vs Earnings: Frank's compensation has been consistent with company performance over the past year.


Leadership Team

Experienced Management: CNOB's management team is considered experienced (3.3 years average tenure).


Board Members

Experienced Board: CNOB's board of directors are considered experienced (8.3 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

NasdaqGS:CNOB Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
16 Jun 22BuyUS$149,760Stephen BoswellIndividual6,000US$24.96
18 Feb 22BuyUS$124,664Katherin Nukk-FreemanIndividual3,750US$33.27
18 Feb 22SellUS$91,667William ThompsonIndividual2,805US$32.68
17 Feb 22BuyUS$200,108Stephen BoswellIndividual6,000US$33.35
10 Nov 21SellUS$876,204Joseph ParisiIndividual25,200US$34.77
09 Nov 21SellUS$857,930Joseph ParisiIndividual24,800US$34.75
02 Nov 21SellUS$1,023,666Frank SorrentinoIndividual30,000US$34.12

Ownership Breakdown

What is the ownership structure of CNOB?
Owner TypeNumber of SharesOwnership Percentage
Individual Insiders3,993,70710.2%
General Public8,293,27121.2%
Institutions26,858,98068.6%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Top 25 shareholders own 56.79% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
7.47%
BlackRock, Inc.
2,922,845$69.1m4.19%no data
6.36%
Dimensional Fund Advisors LP
2,489,959$58.9m5.19%0.01%
4.8%
The Vanguard Group, Inc.
1,880,044$44.4m1.55%no data
3.75%
American Century Investment Management Inc
1,467,791$34.7m23.96%0.03%
3.41%
Kenneth Torsoe
1,335,287$31.6m0%no data
3.04%
William Blair Investment Management, LLC
1,190,374$28.1m-31.31%0.05%
2.99%
FMR LLC
1,171,617$27.7m-10.93%no data
2.89%
Goldman Sachs Asset Management, L.P.
1,130,922$26.7m-22%0.01%
2.67%
State Street Global Advisors, Inc.
1,045,975$24.7m-2.02%no data
1.97%
Frank Sorrentino
772,359$18.3m7.73%no data
1.66%
Geode Capital Management, LLC
651,256$15.4m1.26%no data
1.55%
Millennium Management LLC
608,134$14.4m67.72%0.02%
1.44%
Banc Funds Company, L.L.C.
562,204$13.3m0%1.2%
1.32%
Nuveen Investments, Inc.
515,114$12.2m2.35%0.04%
1.25%
J.P. Morgan Asset Management, Inc.
490,366$11.6m3.71%no data
1.24%
Managed Account Advisors LLC
487,240$11.5m585.67%no data
1.18%
Teachers Insurance and Annuity Association-College Retirement Equities Fund
463,554$11.0m9.69%no data
1.16%
Peregrine Capital Management, LLC
455,795$10.8m-1.42%0.3%
1.16%
Endeavour Capital Advisors Inc.
454,985$10.8m38.36%2.24%
1.09%
Manulife Asset Management
426,268$10.1m-1.46%0.01%
1.07%
Northern Trust Global Investments
420,209$9.9m-1.32%no data
0.92%
Michael Kempner
360,585$8.5m0.98%no data
0.81%
Renaissance Technologies LLC
315,986$7.5m14.27%0.01%
0.79%
Columbia Management Investment Advisers, LLC
311,043$7.4m-15.4%no data
0.77%
Stephen Boswell
301,293$7.1m3.58%no data

Company Information

ConnectOne Bancorp, Inc.'s employee growth, exchange listings and data sources


Key Information

  • Name: ConnectOne Bancorp, Inc.
  • Ticker: CNOB
  • Exchange: NasdaqGS
  • Founded: 1982
  • Industry: Regional Banks
  • Sector: Banks
  • Implied Market Cap: US$925.410m
  • Shares outstanding: 39.15m
  • Website: https://www.connectonebank.com

Number of Employees


Location

  • ConnectOne Bancorp, Inc.
  • 301 Sylvan Avenue
  • Englewood Cliffs
  • New Jersey
  • 7632
  • United States


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
CNOBNasdaqGS (Nasdaq Global Select)YesCommon StockUSUSDJan 1975
CBMDB (Deutsche Boerse AG)YesCommon StockDEEURJan 1975
CNOB.PNasdaqGS (Nasdaq Global Select)5.25 DP RT PFD AUSUSDAug 2021

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/10/03 00:00
End of Day Share Price2022/10/03 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.