ConnectOne Bancorp, Inc. (CNOB) Issues Quarterly Earnings Results

ConnectOne Bancorp, Inc. (CNOB) Issues Quarterly  Earnings Results

ConnectOne Bancorp, Inc. (NASDAQ:CNOB) posted its quarterly earnings results on Thursday. The financial services provider reported ($0.07) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.10) by $0.03. ConnectOne Bancorp had a return on equity of 9.38% and a net margin of 25.45%.

ConnectOne Bancorp (NASDAQ:CNOB) traded down 0.484% during mid-day trading on Friday, hitting $25.725. The stock had a trading volume of 19,956 shares. The stock has a market cap of $778.57 million, a P/E ratio of 18.245 and a beta of 0.89. ConnectOne Bancorp has a one year low of $14.86 and a one year high of $26.65. The company has a 50 day moving average price of $25.51 and a 200 day moving average price of $20.29.

The company also recently announced a dividend, which was paid on Wednesday, January 18th. Stockholders of record on Friday, January 13th were given a dividend of $0.075 per share. The ex-dividend date of this dividend was Wednesday, January 11th. ConnectOne Bancorp’s dividend payout ratio (DPR) is currently 21.43%.

In other news, Chairman Frank Sorrentino III sold 6,417 shares of the company’s stock in a transaction on Monday, November 7th. The stock was sold at an average price of $18.30, for a total transaction of $117,431.10. Following the completion of the sale, the chairman now directly owns 564,446 shares in the company, valued at approximately $10,329,361.80. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Michael W. Kempner sold 1,660 shares of the company’s stock in a transaction on Thursday, November 10th. The stock was sold at an average price of $19.85, for a total value of $32,951.00. Following the sale, the director now owns 373,926 shares of the company’s stock, valued at $7,422,431.10. The disclosure for this sale can be found here. Corporate insiders own 8.30% of the company’s stock.

A number of analysts have weighed in on CNOB shares. Zacks Investment Research upgraded ConnectOne Bancorp from a “hold” rating to a “buy” rating and set a $20.00 price target on the stock in a research note on Thursday, October 6th. FBR & Co raised their price target on ConnectOne Bancorp from $23.00 to $26.00 and gave the company an “outperform” rating in a research note on Thursday, November 17th. Finally, Maxim Group raised their price target on ConnectOne Bancorp from $23.00 to $29.00 and gave the company a “buy” rating in a research note on Monday, December 19th.

About ConnectOne Bancorp

ConnectOne Bancorp, Inc is a bank holding company of ConnectOne Bank (the Bank), a New Jersey-chartered commercial bank. The Company operates in community bank segment. The Bank offers a range of deposit and loan products, and services to the general public, small and middle-sized businesses, local professionals, and individuals residing, working and conducting business in its trade area.

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