ConnectOne Bancorp, Inc. (CNOB) Expected to Announce Quarterly Sales of $37.65 Million
Equities analysts expect ConnectOne Bancorp, Inc. (NASDAQ:CNOB) to post $37.65 million in sales for the current fiscal quarter, Zacks Investment Research reports. Two analysts have provided estimates for ConnectOne Bancorp’s earnings, with the highest sales estimate coming in at $37.99 million and the lowest estimate coming in at $37.30 million. ConnectOne Bancorp posted sales of $38.60 million in the same quarter last year, which would indicate a negative year-over-year growth rate of 2.5%. The business is scheduled to report its next earnings results on Tuesday, October 24th.
According to Zacks, analysts expect that ConnectOne Bancorp will report full year sales of $37.65 million for the current financial year, with estimates ranging from $146.70 million to $149.90 million. For the next financial year, analysts expect that the company will post sales of $168.80 million per share, with estimates ranging from $167.60 million to $169.99 million. Zacks’ sales averages are an average based on a survey of sell-side analysts that that provide coverage for ConnectOne Bancorp.
ConnectOne Bancorp (NASDAQ:CNOB) last posted its quarterly earnings data on Thursday, July 27th. The financial services provider reported $0.42 EPS for the quarter, topping the consensus estimate of $0.38 by $0.04. ConnectOne Bancorp had a return on equity of 9.37% and a net margin of 16.42%. The firm had revenue of $36.52 million for the quarter, compared to the consensus estimate of $36.08 million.
A number of equities analysts have issued reports on CNOB shares. Zacks Investment Research downgraded ConnectOne Bancorp from a “hold” rating to a “sell” rating in a research report on Friday, April 28th. BidaskClub downgraded ConnectOne Bancorp from a “hold” rating to a “sell” rating in a research report on Thursday, July 27th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $27.00.
ConnectOne Bancorp (NASDAQ:CNOB) opened at 22.80 on Wednesday. ConnectOne Bancorp has a 1-year low of $16.94 and a 1-year high of $26.65. The stock has a 50 day moving average price of $22.69 and a 200 day moving average price of $23.47. The company has a market cap of $729.87 million, a P/E ratio of 24.73 and a beta of 0.97.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 1st. Shareholders of record on Monday, July 17th were given a dividend of $0.075 per share. The ex-dividend date was Thursday, July 13th. This represents a $0.30 dividend on an annualized basis and a yield of 1.32%. ConnectOne Bancorp’s dividend payout ratio is currently 32.26%.
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In other ConnectOne Bancorp news, COO Christopher J. Ewing sold 2,100 shares of the stock in a transaction that occurred on Thursday, June 8th. The stock was 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director William Thompson sold 4,350 shares of the stock in a transaction that occurred on Saturday, May 27th. The shares were sold at an average price of $21.70, for a total value of $94,395.00. The disclosure for this sale can be found here. Insiders have sold 9,783 shares of company stock worth $214,562 in the last quarter. 7.63% of the stock is currently owned by company insiders.
Several institutional investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp boosted its position in shares of ConnectOne Bancorp by 32.0% in the first quarter. Bank of New York Mellon Corp now owns 217,464 shares of the financial services provider’s stock worth $5,274,000 after buying an additional 52,671 shares during the last quarter. First Trust Advisors LP boosted its position in shares of ConnectOne Bancorp by 1.0% in the first quarter. First Trust Advisors LP now owns 83,451 shares of the financial services provider’s stock worth $2,024,000 after buying an additional 829 shares during the last quarter. Monarch Partners Asset Management LLC purchased a new position in shares of ConnectOne Bancorp during the first quarter worth approximately $544,000. Adams Diversified Equity Fund Inc. boosted its position in shares of ConnectOne Bancorp by 2.8% in the first quarter. Adams Diversified Equity Fund Inc. now owns 50,700 shares of the financial services provider’s stock worth $1,229,000 after buying an additional 1,400 shares during the last quarter. Finally, Wells Fargo & Company MN boosted its position in shares of ConnectOne Bancorp by 1.0% in the first quarter. Wells Fargo & Company MN now owns 30,230 shares of the financial services provider’s stock worth $733,000 after buying an additional 314 shares during the last quarter. 68.08% of the stock is owned by institutional investors and hedge funds.
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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