ConnectOne Bancorp, Inc. (NASDAQ:CNOB) posted its earnings results on Thursday, July 27th. The financial services provider reported $0.42 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.38 by $0.04, Bloomberg Earnings reports. The business had revenue of $36.52 million during the quarter, compared to analyst estimates of $36.08 million. ConnectOne Bancorp had a return on equity of 9.37% and a net margin of 16.42%.
Shares of ConnectOne Bancorp (CNOB) opened at 22.80 on Wednesday. ConnectOne Bancorp has a 12 month low of $16.94 and a 12 month high of $26.65. The company has a market cap of $729.87 million, a P/E ratio of 24.73 and a beta of 0.97. The stock’s 50 day moving average price is $22.69 and its 200-day moving average price is $23.47.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 1st. Stockholders of record on Monday, July 17th were given a dividend of $0.075 per share. The ex-dividend date was Thursday, July 13th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.32%. ConnectOne Bancorp’s dividend payout ratio (DPR) is presently 32.26%.
In related news, COO Christopher J. Ewing sold 2,100 shares of the stock in a transaction dated Thursday, June 8th. The stock was sold at an average price of $22.67, for a total transaction of $47,607.00. Following the completion of the sale, the chief operating officer now owns 9,922 shares in the company, valued at $224,931.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Frank Sorrentino III sold 2,445 shares of the stock in a transaction dated Tuesday, June 6th. The stock was sold at an average price of $21.85, for a total value of $53,423.25. Following the sale, the chairman now owns 566,410 shares of the company’s stock, valued at approximately $12,376,058.50. The disclosure for this sale can be found here. Insiders have sold 9,783 shares of company stock valued at $214,562 in the last quarter. 7.63% of the stock is currently owned by company insiders.
A number of institutional investors have recently made changes to their positions in CNOB. Goldman Sachs Group Inc. raised its position in shares of ConnectOne Bancorp by 6.9% in the first quarter. Goldman Sachs Group Inc. now owns 1,263,744 shares of the financial services provider’s stock worth $30,646,000 after buying an additional 81,294 shares during the last quarter. AQR Capital Management LLC purchased a new position in shares of ConnectOne Bancorp during the fourth quarter worth approximately $627,000. Dimensional Fund Advisors LP purchased a new position in shares of ConnectOne Bancorp during the fourth quarter worth approximately $27,664,000. Renaissance Technologies LLC raised its position in shares of ConnectOne Bancorp by 21.4% in the first quarter. Renaissance Technologies LLC now owns 1,031,676 shares of the financial services provider’s stock worth $25,018,000 after buying an additional 181,600 shares during the last quarter. Finally, Metropolitan Life Insurance Co. NY purchased a new position in shares of ConnectOne Bancorp during the fourth quarter worth approximately $508,000. 68.08% of the stock is owned by institutional investors.
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A number of analysts have recently issued reports on CNOB shares. BidaskClub downgraded ConnectOne Bancorp from a “hold” rating to a “sell” rating in a research report on Thursday, July 27th. Zacks Investment Research downgraded ConnectOne Bancorp from a “hold” rating to a “sell” rating in a research report on Friday, April 28th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $27.00.
About ConnectOne Bancorp
ConnectOne Bancorp, Inc is a bank holding company of ConnectOne Bank (the Bank). The Bank is a community-based, full-service New Jersey-chartered commercial bank. The Bank offers a range of deposit and loan products. In addition, to attract the business of consumer and business customers, it also provides an array of other banking services.
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