Key Points
- Director Michael Kempner sold 67,800 shares on August 11 at an average price of $14.75 for a total of $1,000,050, reducing his stake by 24.03% to 214,370 shares, per an SEC filing.
- ConnectOne reported $0.83 EPS for the quarter versus $0.74 expected (revenue roughly in line at $114.63M), and analysts forecast about 2.23 EPS for the current fiscal year.
- The company has a market cap of about $1.32 billion, pays a quarterly dividend of $0.18 (annualized yield ~2.7%), and carries a consensus analyst rating of Buy with a $31.67 target price.
ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Get Free Report) Director Michael Kempner sold 67,800 shares of the firm's stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $14.75, for a total value of $1,000,050.00. Following the transaction, the director owned 214,370 shares in the company, valued at approximately $3,161,957.50. This represents a 24.03% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website.
ConnectOne Bancorp Stock Up 2.6%
NASDAQ:CNOB opened at $26.21 on Friday. ConnectOne Bancorp, Inc. has a 1-year low of $20.61 and a 1-year high of $29.28. The company has a 50-day moving average of $27.04 and a 200 day moving average of $25.97. The firm has a market cap of $1.32 billion, a PE ratio of 17.47 and a beta of 1.13. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.04 and a quick ratio of 1.04.
ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) last issued its earnings results on Thursday, January 29th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.09. ConnectOne Bancorp had a net margin of 11.83% and a return on equity of 9.33%. The company had revenue of $114.63 million for the quarter, compared to analysts' expectations of $114.80 million. As a group, research analysts anticipate that ConnectOne Bancorp, Inc. will post 2.23 EPS for the current fiscal year.
ConnectOne Bancorp Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 2nd. Stockholders of record on Friday, February 13th were paid a dividend of $0.18 per share. The ex-dividend date was Friday, February 13th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.7%. ConnectOne Bancorp's dividend payout ratio (DPR) is currently 48.00%.
Institutional Investors Weigh In On ConnectOne Bancorp
Hedge funds and other institutional investors have recently bought and sold shares of the company. Wellington Management Group LLP boosted its stake in ConnectOne Bancorp by 76.8% in the third quarter. Wellington Management Group LLP now owns 2,882,584 shares of the financial services provider's stock valued at $71,517,000 after acquiring an additional 1,252,614 shares in the last quarter. Kennedy Capital Management LLC purchased a new position in ConnectOne Bancorp in the third quarter worth $18,974,000. Algebris UK Ltd. acquired a new position in shares of ConnectOne Bancorp during the third quarter worth $15,379,000. UBS Group AG increased its position in shares of ConnectOne Bancorp by 579.2% during the fourth quarter. UBS Group AG now owns 705,119 shares of the financial services provider's stock worth $18,488,000 after purchasing an additional 601,310 shares in the last quarter. Finally, SG Americas Securities LLC purchased a new stake in shares of ConnectOne Bancorp during the 4th quarter valued at $15,712,000. Hedge funds and other institutional investors own 67.70% of the company's stock.
Analysts Set New Price Targets
A number of brokerages recently commented on CNOB. Piper Sandler assumed coverage on shares of ConnectOne Bancorp in a research note on Monday. They issued an "overweight" rating and a $31.00 price objective for the company. Wall Street Zen cut ConnectOne Bancorp from a "buy" rating to a "hold" rating in a research report on Saturday, January 10th. Keefe, Bruyette & Woods boosted their price target on ConnectOne Bancorp from $30.00 to $32.00 and gave the stock an "outperform" rating in a research report on Friday, January 30th. Weiss Ratings restated a "hold (c)" rating on shares of ConnectOne Bancorp in a research note on Wednesday, January 21st. Finally, Hovde Group dropped their price objective on ConnectOne Bancorp from $32.50 to $32.00 and set an "outperform" rating on the stock in a research report on Friday, January 30th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $31.67.
Get Our Latest Analysis on CNOB
About ConnectOne Bancorp
(
Get Free Report)
ConnectOne Bancorp is a New Jersey‐based bank holding company whose primary subsidiary, ConnectOne Bank, offers a suite of commercial banking services to small and medium‐sized businesses, professionals and individuals. Established in 2005 and headquartered in Englewood Cliffs, New Jersey, the company seeks to deliver customized lending and deposit solutions through a network of branches across northern New Jersey and the New York metropolitan area.
The company's lending portfolio centers on commercial real estate financing, construction lending, owner‐occupied real estate loans and working capital lines of credit.
Read More
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
