StockNews.com Begins Coverage on ConnectOne Bancorp (NASDAQ:CNOB)

StockNews.com began coverage on shares of ConnectOne Bancorp (NASDAQ:CNOB – Get Rating) in a research note published on Thursday morning. The firm issued a hold rating on the financial services provider’s stock.

Other analysts have also recently issued reports about the company. Raymond James restated a market perform rating on shares of ConnectOne Bancorp in a research note on Thursday, December 22nd. Stephens cut their price target on ConnectOne Bancorp from $31.00 to $28.00 and set an overweight rating on the stock in a research note on Monday, January 30th.

ConnectOne Bancorp Stock Down 6.4 %

Shares of NASDAQ CNOB traded down $1.26 during mid-day trading on Thursday, hitting $18.41. The company had a trading volume of 444,271 shares, compared to its average volume of 202,528. The company has a market capitalization of $720.75 million, a PE ratio of 6.10 and a beta of 1.16. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.13 and a quick ratio of 1.13. ConnectOne Bancorp has a 1-year low of $16.02 and a 1-year high of $33.65. The business’s 50-day simple moving average is $23.72 and its 200 day simple moving average is $24.29.

ConnectOne Bancorp (NASDAQ:CNOB – Get Rating) last announced its quarterly earnings data on Thursday, January 26th. The financial services provider reported $0.79 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.83 by ($0.04). ConnectOne Bancorp had a net margin of 32.35% and a return on equity of 12.02%. The company had revenue of $81.52 million during the quarter, compared to analyst estimates of $84.19 million. On average, analysts predict that ConnectOne Bancorp will post 2.91 earnings per share for the current year.

ConnectOne Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 1st. Shareholders of record on Friday, February 17th were issued a dividend of $0.155 per share. This represents a $0.62 annualized dividend and a dividend yield of 3.37%. The ex-dividend date was Thursday, February 16th. ConnectOne Bancorp’s payout ratio is 20.53%.

Insiders Place Their Bets

In other ConnectOne Bancorp news, Director Michael W. Kempner sold 41,000 shares of the firm’s stock in a transaction dated Thursday, March 2nd. The stock was sold at an average price of $24.01, for a total transaction of $984,410.00. Following the transaction, the director now owns 319,585 shares of the company’s stock, valued at $7,673,235.85. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, Director Stephen T. Boswell purchased 10,000 shares of the stock in a transaction that occurred on Friday, March 10th. The shares were purchased at an average price of $20.95 per share, with a total value of $209,500.00. Following the completion of the acquisition, the director now directly owns 254,084 shares in the company, valued at approximately $5,323,059.80. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Michael W. Kempner sold 41,000 shares of the firm’s stock in a transaction dated Thursday, March 2nd. The stock was sold at an average price of $24.01, for a total value of $984,410.00. Following the transaction, the director now directly owns 319,585 shares in the company, valued at approximately $7,673,235.85. The disclosure for this sale can be found here. Corporate insiders own 6.58% of the company’s stock.

Hedge Funds Weigh In On ConnectOne Bancorp

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Truist Financial Corp purchased a new position in shares of ConnectOne Bancorp during the fourth quarter worth about $535,000. Schonfeld Strategic Advisors LLC grew its holdings in shares of ConnectOne Bancorp by 11.3% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 11,172 shares of the financial services provider’s stock worth $270,000 after buying an additional 1,138 shares during the last quarter. Millennium Management LLC grew its holdings in shares of ConnectOne Bancorp by 14.8% during the fourth quarter. Millennium Management LLC now owns 581,908 shares of the financial services provider’s stock worth $14,088,000 after buying an additional 75,200 shares during the last quarter. AQR Capital Management LLC grew its holdings in shares of ConnectOne Bancorp by 6.3% during the fourth quarter. AQR Capital Management LLC now owns 136,035 shares of the financial services provider’s stock worth $3,293,000 after buying an additional 8,019 shares during the last quarter. Finally, Earnest Partners LLC grew its holdings in shares of ConnectOne Bancorp by 22.0% during the fourth quarter. Earnest Partners LLC now owns 306,846 shares of the financial services provider’s stock worth $7,429,000 after buying an additional 55,369 shares during the last quarter. Hedge funds and other institutional investors own 67.46% of the company’s stock.

ConnectOne Bancorp Company Profile

(Get Rating)

ConnectOne Bancorp, Inc is a holding company, which engages in the provision of modern financial services. The firm offers commercial, commercial real estate, commercial construction, residential real estate, and consumer loans. The company was founded on November 12, 1982 and is headquartered in Englewood Cliffs, NJ.