Insider Selling: ConnectOne Bancorp (NASDAQ:CNOB) Insider Sells $225,423.00 in Stock

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

ConnectOne Bancorp Stock Performance

Shares of CNOB traded up $0.06 during trading hours on Tuesday, reaching $32.90. 163,735 shares of the company’s stock traded hands, compared to its average volume of 371,461. The firm has a market capitalization of $1.66 billion, a price-to-earnings ratio of 11.49 and a beta of 1.08. The business’s fifty day simple moving average is $31.30 and its two-hundred day simple moving average is $29.90. ConnectOne Bancorp, Inc. has a twelve month low of $23.20 and a twelve month high of $34.14. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.04 and a quick ratio of 1.04.

ConnectOne Bancorp (NASDAQ:CNOB) last posted its quarterly earnings data 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. ConnectOne Bancorp had a net margin of 18.97% and a return on equity of 11.96%. The company had revenue of $127.23 million during the quarter, compared to analyst estimates of $125.36 million. Analysts predict that ConnectOne Bancorp, Inc. will post 3.35 earnings per share for the current year.

ConnectOne Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Investors of record on Friday, November 13th will be paid a $0.1950 dividend. The ex-dividend date is Friday, November 13th. This represents a $0.78 dividend on an annualized basis and a yield of 2.4%. ConnectOne Bancorp’s dividend payout ratio (DPR) is presently 27.27%.

Analyst Ratings Changes

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

Institutional Investors Weigh In On ConnectOne Bancorp

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. acquired a new position in shares of ConnectOne Bancorp in the second quarter worth approximately $159,462,000. Dimensional Fund Advisors LP boosted its holdings in shares of ConnectOne Bancorp by 1.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,853,964 shares of the financial services provider’s stock worth $76,400,000 after buying an additional 37,657 shares in the last quarter. Bank of America Corp DE bought a new position in ConnectOne Bancorp during the second quarter worth $29,505,000. The Manufacturers Life Insurance Company acquired a new stake in ConnectOne Bancorp in the second quarter worth $9,952,000. Finally, Bank of New York Mellon Corp bought a new position in shares of ConnectOne Bancorp during the 2nd quarter worth about $9,501,000. Institutional investors own 67.70% of the company’s stock.

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.