ConnectOne Bancorp Inc. (CNOB) Sees Large Volume Increase
Shares of ConnectOne Bancorp Inc. (NASDAQ:CNOB) saw unusually-high trading volume on Thursday . Approximately 120,242 shares traded hands during trading, an increase of 72% from the previous session’s volume of 70,001 shares.The stock last traded at $16.34 and had previously closed at $16.24.
CNOB has been the topic of several recent analyst reports. Zacks Investment Research raised ConnectOne Bancorp from a “sell” rating to a “buy” rating and set a $19.00 target price on the stock in a report on Tuesday, May 3rd. FBR & Co started coverage on shares of ConnectOne Bancorp in a research report on Wednesday, June 1st. They issued an “outperform” rating and a $21.00 price target on the stock. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $21.25.
The firm has a market cap of $502.18 million and a PE ratio of 12.24. The stock has a 50-day moving average of $15.78 and a 200-day moving average of $16.24.
ConnectOne Bancorp (NASDAQ:CNOB) last posted its earnings results on Tuesday, April 26th. The financial services provider reported $0.36 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.28 by $0.08. Equities research analysts forecast that ConnectOne Bancorp Inc. will post $1.42 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 1st. Shareholders of record on Monday, July 18th will be paid a dividend of $0.075 per share. The ex-dividend date is Thursday, July 14th. This represents a $0.30 annualized dividend and a yield of 1.80%.
In other news, Director Nicholas Minoia acquired 1,500 shares of the firm’s stock in a transaction on Tuesday, May 3rd. The shares were purchased at an average cost of $16.92 per share, with a total value of $25,380.00. Following the completion of the purchase, the director now owns 22,607 shares of the company’s stock, valued at $382,510.44. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Frank Sorrentino III sold 6,095 shares of the company’s stock in a transaction dated Monday, May 16th. The stock was sold at an average price of $16.01, for a total transaction of $97,580.95. Following the sale, the chief executive officer now directly owns 559,886 shares in the company, valued at $8,963,774.86. The disclosure for this sale can be found here.
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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