ConnectOne Bancorp (CNOB, Financial) has finalized its merger with The First of Long Island Corporation, creating a combined entity under the ConnectOne brand. This newly merged company boasts approximately $14 billion in total assets, $11 billion in deposits, and $11 billion in loans. The expanded organization now offers a robust retail network consisting of over 60 branches across New York, New Jersey, and Southeast Florida, providing enhanced customer service and a wider range of product offerings.
Under the terms of the merger agreement, First of Long Island was integrated into ConnectOne Bank. Shareholders of First of Long Island received 0.5175 shares of ConnectOne stock for each of their shares, along with cash for any fractional shares. Post-merger, the ConnectOne Board of Directors has grown to 15 members, including the addition of Christopher Becker as Vice Chairman, who was formerly President and CEO of The First National Bank of Long Island and The First of Long Island Corporation. New board members also include Peter Quick and Ed Haye, both of whom served as independent directors at First of Long Island.
Wall Street Analysts Forecast
Based on the one-year price targets offered by 5 analysts, the average target price for ConnectOne Bancorp Inc (CNOB, Financial) is $28.60 with a high estimate of $31.00 and a low estimate of $25.00. The average target implies an upside of 24.51% from the current price of $22.97. More detailed estimate data can be found on the ConnectOne Bancorp Inc (CNOB) Forecast page.
Based on the consensus recommendation from 4 brokerage firms, ConnectOne Bancorp Inc's (CNOB, Financial) average brokerage recommendation is currently 1.5, indicating "Buy" status. The rating scale ranges from 1 to 5, where 1 signifies Strong Buy, and 5 denotes Sell.
Based on GuruFocus estimates, the estimated GF Value for ConnectOne Bancorp Inc (CNOB, Financial) in one year is $34.12, suggesting a upside of 48.54% from the current price of $22.97. GF Value is GuruFocus' estimate of the fair value that the stock should be traded at. It is calculated based on the historical multiples the stock has traded at previously, as well as past business growth and the future estimates of the business' performance. More detailed data can be found on the ConnectOne Bancorp Inc (CNOB) Summary page.
