ConnectOne Bancorp (NASDAQ:CNOB) Stock: Insider Elizabeth Magennis Sells 6,900 Shares

ConnectOne Bancorp, Inc. (NASDAQ:CNOB) insider Elizabeth Magennis sold 6,900 shares of the company’s stock in a transaction 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 transaction, the insider directly owned 137,383 shares in the company, valued at $4,488,302.61. This represents a 4.78% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

ConnectOne Bancorp Price Performance

CNOB stock traded up $0.06 during midday trading on Tuesday, reaching $32.90. The company had a trading volume of 163,735 shares, compared to its average volume of 371,461. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.04 and a quick ratio of 1.04. The firm has a 50-day moving average price of $31.30 and a 200-day moving average price of $29.90. ConnectOne Bancorp, Inc. has a 1 year low of $23.20 and a 1 year high of $34.14. The company has a market capitalization of $1.66 billion, a P/E ratio of 11.49 and a beta of 1.08.

ConnectOne Bancorp (NASDAQ:CNOB) last announced its quarterly earnings results on Thursday, October 22nd. The financial services provider reported $0.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.85 by $0.10. The business had revenue of $127.23 million for the quarter, compared to analyst estimates of $125.36 million. ConnectOne Bancorp had a net margin of 18.97% and a return on equity of 11.96%. On average, research analysts anticipate that ConnectOne Bancorp, Inc. will post 3.35 earnings per share for the current fiscal year.

ConnectOne Bancorp Announces Dividend

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Sterling Capital Management LLC boosted its stake in ConnectOne Bancorp by 45.4% in the 3rd quarter. Sterling Capital Management LLC now owns 1,124 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 351 shares during the period. Allworth Financial LP increased its position in shares of ConnectOne Bancorp by 32.4% during the 2nd quarter. Allworth Financial LP now owns 1,557 shares of the financial services provider’s stock valued at $52,000 after purchasing an additional 381 shares during the last quarter. GAMMA Investing LLC raised its position in ConnectOne Bancorp by 13.8% in the 3rd quarter. GAMMA Investing LLC now owns 4,653 shares of the financial services provider’s stock worth $140,000 after purchasing an additional 566 shares during the period. Nykredit A S purchased a new stake in shares of ConnectOne Bancorp during the second quarter valued at approximately $39,000. Finally, Watershed Asset Management L.L.C. grew its stake in shares of ConnectOne Bancorp by 8.4% in the first quarter. Watershed Asset Management L.L.C. now owns 16,379 shares of the financial services provider’s stock worth $438,000 after purchasing an additional 1,265 shares during the last quarter. 67.70% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

About ConnectOne Bancorp

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.