ConnectOne Bancorp, Inc. (CNOB) Downgraded to “Sell” at BidaskClub
BidaskClub cut shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB) from a hold rating to a sell rating in a research note released on Thursday morning.
Other analysts also recently issued reports about the stock. Keefe, Bruyette & Woods set a $33.00 price objective on shares of ConnectOne Bancorp and gave the company a buy rating in a report on Tuesday, April 4th. Zacks Investment Research downgraded shares of ConnectOne Bancorp from a hold rating to a sell rating in a report on Friday, April 28th. Two equities research analysts have rated the stock with a sell rating and three have assigned a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus target price of $27.00.
ConnectOne Bancorp (NASDAQ:CNOB) traded down 0.22% on Thursday, reaching $22.60. 95,224 shares of the company’s stock traded hands. ConnectOne Bancorp has a 12-month low of $16.66 and a 12-month high of $26.65. The stock has a 50 day moving average price of $22.86 and a 200 day moving average price of $23.54. The stock has a market cap of $723.47 million, a price-to-earnings ratio of 24.51 and a beta of 0.97.
ConnectOne Bancorp (NASDAQ:CNOB) last released its earnings results on Thursday, July 27th. The financial services provider reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.04. The company had revenue of $36.52 million for the quarter, compared to the consensus estimate of $36.08 million. ConnectOne Bancorp had a net margin of 16.42% and a return on equity of 9.47%. Analysts forecast that ConnectOne Bancorp will post $1.42 EPS for the current year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 1st. Stockholders of record on Monday, July 17th will be issued a $0.075 dividend. This represents a $0.30 annualized dividend and a dividend yield of 1.32%. The ex-dividend date of this dividend is Thursday, July 13th. ConnectOne Bancorp’s dividend payout ratio (DPR) is currently 32.26%.
In related news, Chairman Frank Sorrentino III sold 2,445 shares of the business’s stock in a transaction on Tuesday, June 6th. The shares were sold at an average price of $21.85, for a total value of $53,423.25. Following the completion of the transaction, the chairman now directly owns 566,410 shares in the company, valued at approximately $12,376,058.50. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Christopher J. Ewing sold 2,100 shares of the business’s stock in a transaction on Thursday, June 8th. The shares were sold at an average price of $22.67, for a total transaction of $47,607.00. Following the completion of the transaction, the chief operating officer now owns 9,922 shares of the company’s stock, valued at $224,931.74. The disclosure for this sale can be found here. Over the last quarter, insiders sold 9,783 shares of company stock valued at $214,562. Company insiders own 7.63% of the company’s stock.
Several institutional investors have recently bought and sold shares of CNOB. Strs Ohio boosted its position in ConnectOne Bancorp by 6.1% in the second quarter. Strs Ohio now owns 33,300 shares of the financial services provider’s stock valued at $750,000 after buying an additional 1,900 shares in the last quarter. Russell Investments Group Ltd. purchased a new position in ConnectOne Bancorp during the second quarter valued at about $798,000. Peregrine Capital Management LLC boosted its position in ConnectOne Bancorp by 2.0% in the second quarter. Peregrine Capital Management LLC now owns 312,346 shares of the financial services provider’s stock valued at $7,043,000 after buying an additional 6,235 shares in the last quarter. Aperio Group LLC boosted its position in ConnectOne Bancorp by 28.2% in the second quarter. Aperio Group LLC now owns 11,542 shares of the financial services provider’s stock valued at $260,000 after buying an additional 2,541 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in 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 valued at $30,646,000 after buying an additional 81,294 shares in the last quarter. Hedge funds and other institutional investors own 68.19% of the company’s stock.
ConnectOne Bancorp Company Profile
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.
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