Insider Selling: ConnectOne Bancorp (NASDAQ:CNOB) Director Sells $1,000,050.00 in Stock

ConnectOne Bancorp, Inc. (NASDAQ:CNOB) Director Michael Kempner sold 67,800 shares of the business’s stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $14.75, for a total value of $1,000,050.00. Following the completion of the transaction, the director directly owned 214,370 shares of the company’s stock, valued at approximately $3,161,957.50. This trade represents a 24.03% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

ConnectOne Bancorp Trading Down 1.0%

Shares of ConnectOne Bancorp stock opened at $25.95 on Friday. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.76. ConnectOne Bancorp, Inc. has a 12-month low of $20.61 and a 12-month high of $29.28. The company has a market capitalization of $1.30 billion, a price-to-earnings ratio of 17.30 and a beta of 1.13. The firm’s 50-day moving average price is $27.03 and its two-hundred day moving average price is $25.98.

ConnectOne Bancorp (NASDAQ:CNOB) last issued its earnings results on Thursday, January 29th. The financial services provider reported $0.83 EPS for the quarter, beating the consensus estimate of $0.74 by $0.09. ConnectOne Bancorp had a net margin of 11.83% and a return on equity of 9.33%. The company had revenue of $114.63 million during the quarter, compared to analysts’ expectations of $114.80 million. On average, analysts forecast that ConnectOne Bancorp, Inc. will post 2.23 earnings per share for the current fiscal year.

ConnectOne Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 2nd. Shareholders of record on Friday, February 13th were given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 2.8%. The ex-dividend date was Friday, February 13th. ConnectOne Bancorp’s payout ratio is currently 48.00%.

Institutional Trading of ConnectOne Bancorp

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Clearstead Advisors LLC increased its holdings in shares of ConnectOne Bancorp by 195.6% during the fourth quarter. Clearstead Advisors LLC now owns 1,330 shares of the financial services provider’s stock worth $35,000 after buying an additional 880 shares in the last quarter. Osaic Holdings Inc. boosted its holdings in shares of ConnectOne Bancorp by 728.4% during the 2nd quarter. Osaic Holdings Inc. now owns 1,781 shares of the financial services provider’s stock valued at $41,000 after acquiring an additional 1,566 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of ConnectOne Bancorp by 107.9% during the 2nd quarter. PNC Financial Services Group Inc. now owns 1,842 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 956 shares in the last quarter. State of Alaska Department of Revenue bought a new stake in ConnectOne Bancorp during the 3rd quarter worth $48,000. Finally, State of Wyoming bought a new stake in ConnectOne Bancorp during the 4th quarter worth $73,000. Institutional investors own 67.70% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Keefe, Bruyette & Woods raised their target price on ConnectOne Bancorp from $30.00 to $32.00 and gave the company an “outperform” rating in a report on Friday, January 30th. Wall Street Zen cut ConnectOne Bancorp from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. Piper Sandler started coverage on ConnectOne Bancorp in a research note on Monday, March 16th. They issued an “overweight” rating and a $31.00 price objective on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of ConnectOne Bancorp in a research report on Wednesday, January 21st. Finally, Hovde Group lowered their target price on ConnectOne Bancorp from $32.50 to $32.00 and set an “outperform” rating for the company in a research note on Friday, January 30th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, ConnectOne Bancorp has an average rating of “Buy” and a consensus price target of $31.67.

ConnectOne Bancorp Company Profile

ConnectOne Bancorp is a New Jersey‐based bank holding company whose primary subsidiary, ConnectOne Bank, offers a suite of commercial banking services to small and medium‐sized businesses, professionals and individuals. Established in 2005 and headquartered in Englewood Cliffs, New Jersey, the company seeks to deliver customized lending and deposit solutions through a network of branches across northern New Jersey and the New York metropolitan area.

The company’s lending portfolio centers on commercial real estate financing, construction lending, owner‐occupied real estate loans and working capital lines of credit.