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 firm’s stock in a transaction dated Monday, October 26th. The stock was sold at an average price of $32.67, for a total value of $225,423.00. Following the completion of the sale, the insider directly owned 137,383 shares in the company, valued at approximately $4,488,302.61. The trade was a 4.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.

ConnectOne Bancorp Trading Up 0.1%

NASDAQ CNOB opened at $32.61 on Friday. ConnectOne Bancorp, Inc. has a 12 month low of $23.20 and a 12 month high of $34.14. The company has a 50-day moving average of $31.31 and a 200-day moving average of $30.00. 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 company has a market cap of $1.64 billion, a P/E ratio of 9.55 and a beta of 1.08.

ConnectOne Bancorp (NASDAQ:CNOB) last announced its quarterly earnings data on Thursday, October 22nd. The financial services provider reported $0.95 earnings per share for the quarter, topping 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 business had revenue of $127.23 million for the quarter, compared to analyst estimates of $125.36 million. As a group, equities analysts predict that ConnectOne Bancorp, Inc. will post 3.42 earnings per share for the current year.

ConnectOne Bancorp Dividend Announcement

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. BlackRock Inc. acquired a new stake in shares of ConnectOne Bancorp in the second quarter worth $159,462,000. Bank of America Corp DE acquired a new position in shares of ConnectOne Bancorp during the 2nd quarter valued at $29,505,000. The Manufacturers Life Insurance Company acquired a new position in shares of ConnectOne Bancorp during the 2nd quarter valued at $9,952,000. Bank of New York Mellon Corp acquired a new position in shares of ConnectOne Bancorp during the 2nd quarter valued at $9,501,000. Finally, Empowered Funds LLC purchased a new stake in ConnectOne Bancorp during the 2nd quarter worth $6,926,000. 67.70% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have weighed in 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 reaffirmed a “buy (b)” rating on shares of ConnectOne Bancorp in a research report on Monday, August 17th. Five research analysts have rated the stock with a Buy rating. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $35.75.

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.