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ConnectOne Bancorp
(NASDAQ:CNOB)
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Rating:73Outperform
Price Target:
$34.00
â–²(6.18% Upside)
Action:Reiterated
Date:10/22/26
CNOB scores well on fundamentals and outlook: strong cash generation, an improved balance sheet profile, and a notably positive earnings-call narrative centered on margin expansion, restructuring benefits, and better credit/efficiency. Valuation is also supportive with a low P/E and a dividend. The main limiter is mixed technicals (negative MACD and trading below key mid-term averages) alongside financial durability questions tied to TTM revenue decline and the magnitude of the balance-sheet leverage shift versus prior years.
Positive Factors
Balance Sheet Restructuring
The planned multifamily loan sale materially reshapes the balance sheet by reducing commercial real estate concentration while improving liquidity and capital metrics. This supports a more relationship-focused banking model and may strengthen resilience and flexibility over the next several quarters.
Negative Factors
Revenue Contraction
The decline in trailing revenue raises questions about the durability of current earnings, even though reported net income and margins remain strong. Sustained top-line pressure could limit operating leverage and make future profitability more dependent on cost control or favorable spread conditions.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance Sheet Restructuring
The planned multifamily loan sale materially reshapes the balance sheet by reducing commercial real estate concentration while improving liquidity and capital metrics. This supports a more relationship-focused banking model and may strengthen resilience and flexibility over the next several quarters.
Read all positive factors
ConnectOne Bancorp (CNOB) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.56B
Dividend Yield2.43%
Average Volume (3M)376.26K
Price to Earnings (P/E)9.1
Beta (1Y)0.83
Revenue Growth44.64%
EPS Growth252.66%
CountryUS
Employees753
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)3.38
Shares Outstanding50,319,830
10 Day Avg. Volume331,195
30 Day Avg. Volume376,263
Financial Highlights & Ratios
PEG Ratio-1.08
Price to Book (P/B)0.84
Price to Sales (P/S)2.18
P/FCF Ratio13.09
Enterprise Value/Market Cap1.85
Enterprise Value/Revenue4.71
Enterprise Value/Gross Profit10.39
Enterprise Value/Ebitda22.19
Forecast
1Y Price Target
$37.50Price Target Upside17.11% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)3.25
Revenue Forecast (FY)$490.97M
ConnectOne Bancorp Business Overview & Revenue Model
Company Description
ConnectOne Bancorp, Inc. (CNOB) serves as the holding company for ConnectOne Bank, a financial institution providing a comprehensive array of commercial banking products and services. The bank caters to small and medium-sized businesses, local pro...
How the Company Makes Money
ConnectOne Bancorp primarily makes money through its banking subsidiary by generating net interest income and noninterest income. Net interest income is earned from the spread between (1) interest income on earning assets—primarily commercial and ...
ConnectOne Bancorp Earnings Call Summary
Earnings Call Date:Oct 22, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Jan 28, 2027
Earnings Call Sentiment Positive
The call was strongly positive. Management reported accelerating operating earnings, expanding margins, strong deposit and loan growth, improved credit quality, better efficiency, and a strategically important balance sheet restructuring. The main challenges were the nonoperating charges associated with the loan sale, competitive lending conditions, rising deposit-pricing pressure, a modest sequential decline in tangible book value, and the remaining rent-regulated exposure. Overall, the stated achievements and outlook significantly outweighed the disclosed challenges.Positive Updates
Strong Core Operating Performance
Operating PPNR improved to 2.01% of average assets, operating return on assets increased to 1.35%, and operating return on tangible common equity exceeded 15%, reaching the target established earlier in the year.
Negative Updates
Loan Sale Accounting Charge
Although the multifamily loan pool was sold at a price north of 90%, the transaction resulted in a 3% loss for the bank and required recognition of a $23 million nonoperating pretax charge in the third quarter. Management said the charge reflected changes in interest rates, not additional credit losses.
Read all updates
Q3-2026 Updates
Positive
Negative
Strong Core Operating Performance
Operating PPNR improved to 2.01% of average assets, operating return on assets increased to 1.35%, and operating return on tangible common equity exceeded 15%, reaching the target established earlier in the year.
Read all positive updates
Company Guidance
Management is now estimating net interest margin reaching 3.53% for the fourth quarter for 2027, with the model showing it continuing to widen throughout the year, and said whether that gets to 63 or higher at year end 2027 will depend on the number and direction of fed rate moves; approximately 1.2 million more loan balances are expected to reprice over the next 5 quarters, loan and deposit growth are projected to remain in the mid single digits while maintaining a sub-100 loan to deposit ratio, fourth-quarter OpEx is targeted to increase 2% to 2.5% sequentially, and 2027 expenses are expected to increase at the maximum by a mid single digits increase; provision expense is expected to remain fairly stable for the foreseeable future, SBA gains could be up 50% or more in SBA gains in 2027 versus this year, remaining rent regulated balances are expected to continue to decline, further smaller loan transactions are possible but should not be included in projections for the next year or 2, and remaining rent regulated charge offs are expected to be no more than 3 to 5 million, say, a quarter.ConnectOne Bancorp Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
78
Positive
Cash Flow
84
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 612.30M | 606.47M | 534.62M | 504.07M | 386.99M | 316.75M |
| Gross Profit | 277.48M | 267.86M | 250.26M | 260.91M | 297.61M | 283.39M |
| EBITDA | 129.96M | 126.75M | 104.12M | 122.90M | 176.77M | 180.79M |
| Net Income | 159.98M | 80.44M | 73.79M | 87.00M | 125.21M | 130.35M |
Balance Sheet | ||||||
| Total Assets | 14.41B | 14.00B | 9.88B | 9.86B | 9.64B | 8.13B |
| Cash, Cash Equivalents and Short-Term Investments | 1.22B | 1.34B | 360.70M | 859.88M | 903.20M | 800.04M |
| Total Debt | 32.93M | 1.17B | 783.51M | 1.03B | 1.02B | 633.56M |
| Total Liabilities | 12.79B | 12.43B | 8.64B | 8.64B | 8.47B | 7.01B |
| Stockholders Equity | 1.63B | 1.57B | 1.24B | 1.22B | 1.18B | 1.12B |
Cash Flow | ||||||
| Free Cash Flow | 128.71M | 101.01M | 56.91M | 85.46M | 173.48M | 199.49M |
| Operating Cash Flow | 134.84M | 106.40M | 60.70M | 92.89M | 176.78M | 202.27M |
| Investing Cash Flow | -638.77M | -186.16M | 55.15M | -248.04M | -1.54B | -689.86M |
| Financing Cash Flow | 269.68M | 104.17M | -2.08M | 129.55M | 1.37B | 449.37M |
ConnectOne Bancorp Technical Analysis
Positive
32.02
Price Trends
31.32
Positive
31.84
Positive
29.64
Positive
Market Momentum
>-0.01
Negative
68.83
Neutral
88.29
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CNOB, the sentiment is Positive. The current price of 32.02 is above the 20-day moving average (MA) of 30.49, above the 50-day MA of 31.32, and above the 200-day MA of 29.64, indicating a bullish trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 68.83 is Neutral, neither overbought nor oversold. The STOCH value of 88.29 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CNOB.
ConnectOne Bancorp Risk Analysis
ConnectOne Bancorp disclosed 24 risk factors in its most recent earnings report. ConnectOne Bancorp reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
ConnectOne Bancorp Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $1.56B | 9.14 | 10.11% | 2.43% | 44.64% | 252.66% | |
73 Outperform | $440.13M | 10.34 | 9.57% | 1.86% | 4.37% | 12.24% | |
71 Outperform | $566.00M | 9.20 | 16.83% | 1.13% | 9.90% | 14.13% | |
69 Neutral | $1.81B | 13.18 | 9.50% | 2.46% | 13.64% | 169.34% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | $778.26M | 15.00 | 7.65% | 0.46% | 10.63% | 59.91% | |
57 Neutral | $1.58B | 19.01 | 2.59% | 4.97% | 10.46% | -39.66% |
* Financial Sector Average
CNOB
ConnectOne Bancorp
32.82
9.37
39.96%
DCOM
Dime Community Bancshares
42.52
15.84
59.36%
OCFC
Oceanfirst Financial
16.62
-0.81
-4.65%
PGC
Peapack-Gladstone Financial
45.19
19.09
73.13%
UNTY
Unity Bancorp
58.11
11.11
23.64%
FRBA
First Bank
18.55
3.20
20.82%
ConnectOne Bancorp Corporate Events
Business Operations and StrategyFinancial Disclosures
ConnectOne Bancorp Schedules Third-Quarter 2026 Earnings Release
Neutral
Oct 8, 2026
On October 8, 2026, ConnectOne Bancorp, Inc. announced it will release its financial results for the third quarter ended September 30, 2026, before U.S. markets open on Thursday, October 22, 2026. The company will host a conference call and audio ...
Business Operations and StrategyRegulatory Filings and Compliance
ConnectOne Bancorp Updates Investors with September 2026 Presentation
Positive
Sep 10, 2026
ConnectOne Bancorp disclosed that it prepared an investor presentation dated September 2026, indicating ongoing engagement with the investment community and providing updated materials on the company’s performance and strategy. The release c...
Business Operations and StrategyRegulatory Filings and Compliance
ConnectOne Bancorp Updates Investors with New July Presentation
Neutral
Jul 28, 2026
ConnectOne Bancorp released an investor presentation in July 2026, providing shareholders and analysts with updated materials on the company. The presentation was filed as an exhibit, indicating an effort to enhance transparency and maintain engag...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.