Connectone Bancorp Intrinsic Value – ConnectOne Bancorp Expands into NYC with First Branch Opening

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CONNECTONE ($NASDAQ:CNOB): ConnectOne Bancorp is a regional bank based out of New Jersey that has its roots in community banking. The new branch is located in the heart of Manhattan and offers a wide range of services to both businesses and individuals. The move into New York City marks a significant milestone for ConnectOne Bancorp and highlights their commitment to providing a high level of customer service to clients in the region.

The opening of a new branch in New York City is an important step for ConnectOne Bancorp as they look to expand their operations and continue to provide quality service to their customers. As they continue to grow, the bank looks forward to building relationships with the community and becoming a trusted source for financial services and products in the region.

Price History

On Wednesday, CONNECTONE BANCORP made headlines when their stock opened at $20.7 and closed at $22.3, a rise of 7.7% from its prior closing price of $20.7. This surge in stock prices was driven by the company’s announcement that they are expanding into New York City with the opening of their first branch. The new NYC branch will provide a full suite of retail and commercial banking services including lending, deposit taking, and wealth management.

Additionally, the company plans to significantly invest in technology to provide customers with the best possible banking experiences. The opening of this first NYC branch is just the start of CONNECTONE BANCORP’s plans for expansion into the region and beyond. With their continued success and commitment to customer satisfaction, CONNECTONE BANCORP is poised to become a major player in the banking industry. Live Quote…

About the Company

Income Snapshot

Below shows the total revenue, net income and net margin for Connectone Bancorp. More…

Cash Flow Snapshot

Below shows the cash from operations, investing and financing for Connectone Bancorp. More…

Balance Sheet Snapshot

Below shows the total assets, liabilities and book value per share for Connectone Bancorp. More…

Key Ratios Snapshot

Some of the financial key ratios for Connectone Bancorp are shown below. More…

Analysis – Connectone Bancorp Intrinsic Value

At GoodWhale, we did a thorough analysis of the fundamentals of CONNECTONE BANCORP. After careful consideration, we have come to the conclusion that the intrinsic value of a CONNECTONE BANCORP stock is around $25.3. This value was determined using our proprietary Valuation Line. As of now, CONNECTONE BANCORP shares are trading at $22.3, making them undervalued by 11.9%. Therefore, if you are looking for an opportunity to invest in a financially sound company with potential for growth and appreciation in value, CONNECTONE BANCORP is a great choice. More…

Peers

It is a regional competitor to larger financial institutions such as Nishi-Nippon Financial Holdings Inc, Village Bank and Trust Financial Corp, and Atlantic Union Bankshares Corp. These companies are all involved in providing banking and financial services to their respective customers.

– Nishi-Nippon Financial Holdings Inc ($TSE:7189)

Nishi-Nippon Financial Holdings Inc is a holding company based in Japan with a market cap of 154.96B as of 2023. It operates a range of financial services including banking, asset management, insurance, and securities brokerage. The company is listed on the Tokyo Stock Exchange and has over 20 subsidiaries in Japan and other countries such as Thailand and China. Nishi-Nippon Financial Holdings Inc also has a presence in the US, through its investment in a US-based institutional asset management firm. The company has been consistently profitable for the last few years, and its market cap reflects investors’ confidence in its ability to provide reliable and quality financial services.

– Village Bank and Trust Financial Corp ($NASDAQ:VBFC)

Village Bank and Trust Financial Corp (VBTX) is a publicly traded bank holding company with a market capitalization of 85.52M as of 2023. The bank is primarily engaged in the business of providing banking services and products to individuals, families, and small businesses in the United States. Village Bank and Trust Financial Corp’s products and services include checking and savings accounts, certificates of deposit, personal loans, mortgage loans, commercial banking, and wealth management services. They also provide online and mobile banking services. The bank operates over 15 branches located throughout the northeast region of the United States.

– Atlantic Union Bankshares Corp ($NYSE:AUB)

Union Bankshares Corp is a diversified financial holding company. Founded in 1907, the company has grown to become one of the largest banking institutions in the United States. As of 2023, the company’s market cap stands at 2.85 billion, which makes it a major player in the banking industry. Union Bankshares Corp provides a wide range of banking services, including retail banking, commercial banking, mortgage lending, trust services, and wealth management. As a leader in the banking industry, Union Bankshares Corp provides customers with the financial tools they need to achieve their goals.

Summary

ConnectOne Bancorp is a community bank with operations in New Jersey and New York. Recently, it opened its first New York City branch, which was met with a positive stock market reaction. The stock price of ConnectOne Bancorp increased the same day of the announcement.

This could be an indication of investors expecting a stronger footing in the New York City region. Going forward, investors may want to conduct further research of the potential growth opportunities as well as risk management strategies of ConnectOne Bancorp in order to decide whether or not to invest in the company.