Key Points
- Insider Elizabeth Magennis sold 6,900 ConnectOne Bancorp shares at an average price of $32.67, totaling $225,423. The sale reduced her ownership by 4.78%, leaving her with 137,383 shares.
- ConnectOne Bancorp reported quarterly EPS of $0.95, beating estimates of $0.85, while revenue of $127.23 million also exceeded expectations. The company declared a quarterly dividend of $0.195 per share, representing a 2.4% annualized yield.
- Analysts maintain a consensus “Buy” rating with a $35.75 price target, while Raymond James upgraded the stock to “outperform” with a $37 target. Institutional investors own 67.7% of the company’s shares.
ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Get Free Report) insider Elizabeth Magennis sold 6,900 shares of the company's stock in a transaction dated Monday, October 26th. The shares were sold at an average price of $32.67, for a total transaction of $225,423.00. Following the sale, the insider directly owned 137,383 shares in the company, valued at approximately $4,488,302.61. This trade represents a 4.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.
ConnectOne Bancorp Trading Up 0.5%
CNOB opened at $32.99 on Wednesday. The firm has a 50-day moving average price of $31.31 and a 200-day moving average price of $29.94. ConnectOne Bancorp, Inc. has a twelve month low of $23.20 and a twelve month high of $34.14.
ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) last posted its quarterly earnings results on Thursday, October 22nd. The financial services provider reported $0.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.85 by $0.10. The business had revenue of $127.23 million during the quarter, compared to the consensus estimate of $125.36 million. Equities research analysts anticipate that ConnectOne Bancorp, Inc. will post 3.42 EPS for the current fiscal year.
ConnectOne Bancorp Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Investors of record on Friday, November 13th will be paid a $0.1950 dividend. This represents a $0.78 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date is Friday, November 13th.
Institutional Investors Weigh In On ConnectOne Bancorp
Several hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. purchased a new stake in shares of ConnectOne Bancorp in the second quarter worth about $159,462,000. Dimensional Fund Advisors LP boosted its position in shares of ConnectOne Bancorp by 1.3% in the first quarter. Dimensional Fund Advisors LP now owns 2,853,964 shares of the financial services provider's stock valued at $76,400,000 after acquiring an additional 37,657 shares during the period. Bank of America Corp DE purchased a new position in ConnectOne Bancorp during the second quarter valued at approximately $29,505,000. The Manufacturers Life Insurance Company purchased a new position in ConnectOne Bancorp during the second quarter valued at approximately $9,952,000. Finally, Bank of New York Mellon Corp bought a new stake in ConnectOne Bancorp during the 2nd quarter worth approximately $9,501,000. 67.70% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
A number of brokerages have issued reports on CNOB. Raymond James Financial raised shares of ConnectOne Bancorp from a "market perform" rating to an "outperform" rating and set a $37.00 target price on the stock in a report on Monday. Weiss Ratings reaffirmed a "buy (b)" rating on shares of ConnectOne Bancorp in a report on Monday, August 17th. Five analysts have rated the stock with a Buy rating. According to MarketBeat.com, ConnectOne Bancorp has a consensus rating of "Buy" and a consensus target price of $35.75.
View Our Latest Research Report on CNOB
About ConnectOne Bancorp
(
Get Free Report)
ConnectOne Bancorp, Inc is the parent company of ConnectOne Bank, a full-service commercial bank headquartered in Englewood Cliffs, New Jersey. The bank primarily serves businesses, entrepreneurs, professionals, nonprofit organizations and individuals in the New York metropolitan area and surrounding communities.
ConnectOne Bank provides a range of commercial and personal banking products, including checking and savings accounts, certificates of deposit, commercial and industrial loans, commercial real estate financing, construction loans, residential mortgage loans and consumer lending.
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