ConnectOne Bancorp, Inc. (CNOB) Issues Earnings Results, Beats Estimates By $0.04 EPS

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.

Earnings History for ConnectOne Bancorp (NASDAQ:CNOB)

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