ConnectOne Bancorp (NASDAQ:CNOB) Stock: Insider Elizabeth Magennis Sells 6,900 Shares

ConnectOne Bancorp, Inc. (NASDAQ:CNOB) insider Elizabeth Magennis sold 6,900 shares of the stock in a transaction on Monday, October 26th. The stock was sold at an average price of $32.67, for a total value of $225,423.00. Following the completion of the transaction, the insider directly owned 137,383 shares in the company, valued at $4,488,302.61. This trade represents a 4.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

ConnectOne Bancorp Price Performance

Shares of ConnectOne Bancorp stock opened at $32.57 on Thursday. The business’s fifty day moving average price is $31.30 and its 200 day moving average price is $29.97. ConnectOne Bancorp, Inc. has a twelve month low of $23.20 and a twelve month high of $34.14. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.61. The stock has a market capitalization of $1.64 billion, a P/E ratio of 11.39 and a beta of 1.08.

ConnectOne Bancorp (NASDAQ:CNOB) last posted its earnings results on Thursday, October 22nd. The financial services provider reported $0.95 earnings per share for the quarter, beating the consensus estimate of $0.85 by $0.10. The business had revenue of $127.23 million for the quarter, compared to analyst estimates of $125.36 million. ConnectOne Bancorp had a net margin of 18.97% and a return on equity of 11.96%. As a group, research analysts anticipate that ConnectOne Bancorp, Inc. will post 3.42 earnings per share for the current year.

ConnectOne Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Shareholders of record on Friday, November 13th will be issued a dividend of $0.1950 per share. This represents a $0.78 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend is Friday, November 13th. ConnectOne Bancorp’s dividend payout ratio is 27.27%.

Analysts Set New Price Targets

Several research firms have recently commented on CNOB. Raymond James Financial upgraded shares of ConnectOne Bancorp from a “market perform” rating to an “outperform” rating and set a $37.00 price target for the company in a research report on Monday. Weiss Ratings reiterated a “buy (b)” rating on shares of ConnectOne Bancorp in a research report on Monday, August 17th. Five equities research analysts have rated the stock with a Buy rating. According to MarketBeat, the company has a consensus rating of “Buy” and an average target price of $35.75.

Hedge Funds Weigh In On ConnectOne Bancorp

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CNOB. BlackRock Inc. acquired a new position in ConnectOne Bancorp during the 2nd quarter worth $159,462,000. Dimensional Fund Advisors LP increased its holdings in shares of ConnectOne Bancorp by 1.3% during 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 purchasing an additional 37,657 shares during the period. Bank of America Corp DE increased its holdings in shares of ConnectOne Bancorp by 1.0% during the first quarter. Bank of America Corp DE now owns 922,378 shares of the financial services provider’s stock valued at $24,692,000 after purchasing an additional 9,146 shares during the period. The Manufacturers Life Insurance Company bought a new stake in shares of ConnectOne Bancorp during the second quarter valued at about $9,952,000. Finally, Bank of New York Mellon Corp bought a new position in ConnectOne Bancorp in the 2nd quarter valued at about $9,501,000. 67.70% of the stock is owned by institutional investors.

ConnectOne Bancorp Company Profile

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.