ConnectOne Bancorp Inc (NASDAQ:CNOB) Chairman Frank Sorrentino III sold 28,728 shares of the business’s stock in a transaction on Friday, August 17th. The shares were sold at an average price of $24.98, for a total transaction of $717,625.44. Following the transaction, the chairman now directly owns 598,799 shares in the company, valued at $14,957,999.02. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website.
Shares of CNOB stock traded up $0.10 during mid-day trading on Monday, reaching $25.05. 2,561 shares of the company’s stock traded hands, compared to its average volume of 136,496. ConnectOne Bancorp Inc has a 12 month low of $21.04 and a 12 month high of $31.40. The stock has a market cap of $814.27 million, a PE ratio of 14.29 and a beta of 0.89. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 1.31.
ConnectOne Bancorp (NASDAQ:CNOB) last announced its earnings results on Thursday, July 26th. The financial services provider reported $0.54 EPS for the quarter, beating the Zacks’ consensus estimate of $0.53 by $0.01. ConnectOne Bancorp had a net margin of 21.98% and a return on equity of 11.63%. The firm had revenue of $40.33 million for the quarter, compared to analysts’ expectations of $40.36 million. sell-side analysts forecast that ConnectOne Bancorp Inc will post 2.18 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 1st. Stockholders of record on Monday, July 16th were issued a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.20%. The ex-dividend date was Friday, July 13th. ConnectOne Bancorp’s dividend payout ratio (DPR) is presently 17.14%.
A number of research analysts have issued reports on CNOB shares. ValuEngine downgraded shares of ConnectOne Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, July 25th. BidaskClub cut shares of ConnectOne Bancorp from a “buy” rating to a “hold” rating in a report on Saturday, April 28th. Zacks Investment Research cut shares of ConnectOne Bancorp from a “hold” rating to a “sell” rating in a report on Monday, April 30th. Finally, Stephens initiated coverage on shares of ConnectOne Bancorp in a report on Friday, July 6th. They set a “weight” rating on the stock. Three equities research analysts have rated the stock with a sell rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $34.13.
Several hedge funds have recently made changes to their positions in CNOB. Swiss National Bank boosted its stake in ConnectOne Bancorp by 4.1% in the 1st quarter. Swiss National Bank now owns 53,000 shares of the financial services provider’s stock worth $1,526,000 after purchasing an additional 2,100 shares in the last quarter. Wells Fargo & Company MN boosted its stake in ConnectOne Bancorp by 3.7% in the 1st quarter. Wells Fargo & Company MN now owns 59,367 shares of the financial services provider’s stock worth $1,710,000 after purchasing an additional 2,118 shares in the last quarter. Trexquant Investment LP boosted its stake in ConnectOne Bancorp by 15.7% in the 1st quarter. Trexquant Investment LP now owns 16,245 shares of the financial services provider’s stock worth $468,000 after purchasing an additional 2,203 shares in the last quarter. United Services Automobile Association boosted its stake in ConnectOne Bancorp by 34.1% in the 2nd quarter. United Services Automobile Association now owns 11,474 shares of the financial services provider’s stock worth $286,000 after purchasing an additional 2,917 shares in the last quarter. Finally, John W. Rosenthal Capital Management Inc. boosted its stake in ConnectOne Bancorp by 2.4% in the 1st quarter. John W. Rosenthal Capital Management Inc. now owns 128,000 shares of the financial services provider’s stock worth $3,686,000 after purchasing an additional 3,000 shares in the last quarter. Hedge funds and other institutional investors own 67.17% of the company’s stock.
ConnectOne Bancorp Company Profile
ConnectOne Bancorp, Inc operates as the bank holding company for ConnectOne Bank, a state chartered bank that provides various commercial banking products and services. The company offers a range of deposit products, including personal and business checking accounts, retirement accounts, money market accounts, time and savings accounts, and NOW accounts.
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