ConnectOne Bancorp (NASDAQ:CNOB) Sets New 1-Year High at $36.04

Shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB) hit a new 52-week high on Thursday . The stock traded as high as $36.04 and last traded at $36.02, with a volume of 1720 shares. The stock had previously closed at $35.60.

Separately, Zacks Investment Research raised shares of ConnectOne Bancorp from a “hold” rating to a “buy” rating and set a $38.00 price objective for the company in a report on Monday, November 22nd.

The company’s fifty day simple moving average is $33.65 and its two-hundred day simple moving average is $30.33. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.09 and a current ratio of 1.09. The company has a market capitalization of $1.46 billion, a price-to-earnings ratio of 12.04 and a beta of 1.32.

ConnectOne Bancorp (NASDAQ:CNOB) last posted its quarterly earnings results on Wednesday, October 27th. The financial services provider reported $0.80 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.72 by $0.08. ConnectOne Bancorp had a net margin of 39.20% and a return on equity of 12.93%. The business had revenue of $72.26 million during the quarter, compared to analyst estimates of $68.95 million. During the same period in the previous year, the business posted $0.62 EPS. Sell-side analysts anticipate that ConnectOne Bancorp, Inc. will post 3.21 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 1st. Stockholders of record on Monday, November 15th were issued a $0.13 dividend. The ex-dividend date of this dividend was Friday, November 12th. This is a positive change from ConnectOne Bancorp’s previous quarterly dividend of $0.11. This represents a $0.52 annualized dividend and a dividend yield of 1.41%. ConnectOne Bancorp’s payout ratio is 16.94%.

In related news, Director Joseph Jr. Parisi sold 25,200 shares of ConnectOne Bancorp stock in a transaction dated Wednesday, November 10th. The shares were sold at an average price of $34.77, for a total value of $876,204.00. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Frank Sorrentino III sold 30,000 shares of ConnectOne Bancorp stock in a transaction dated Tuesday, November 2nd. The shares were sold at an average price of $34.12, for a total transaction of $1,023,600.00. The disclosure for this sale can be found here. Insiders sold a total of 70,200 shares of company stock valued at $2,421,054 over the last ninety days. Company insiders own 7.05% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in the business. Macquarie Group Ltd. raised its position in shares of ConnectOne Bancorp by 11.4% during the 3rd quarter. Macquarie Group Ltd. now owns 2,894 shares of the financial services provider’s stock worth $87,000 after buying an additional 297 shares in the last quarter. Knights of Columbus Asset Advisors LLC raised its position in shares of ConnectOne Bancorp by 0.4% during the 3rd quarter. Knights of Columbus Asset Advisors LLC now owns 115,949 shares of the financial services provider’s stock worth $3,480,000 after buying an additional 434 shares in the last quarter. Janney Montgomery Scott LLC raised its position in shares of ConnectOne Bancorp by 0.6% during the 3rd quarter. Janney Montgomery Scott LLC now owns 80,833 shares of the financial services provider’s stock worth $2,426,000 after buying an additional 500 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of ConnectOne Bancorp by 2.3% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 24,837 shares of the financial services provider’s stock worth $650,000 after buying an additional 548 shares in the last quarter. Finally, Palouse Capital Management Inc. raised its position in shares of ConnectOne Bancorp by 6.0% during the 3rd quarter. Palouse Capital Management Inc. now owns 12,551 shares of the financial services provider’s stock worth $377,000 after buying an additional 715 shares in the last quarter. Institutional investors own 66.82% of the company’s stock.

ConnectOne Bancorp Company Profile (NASDAQ:CNOB)

ConnectOne Bancorp, Inc is a holding company, which engages in the ownership and operation of ConnectOne Bank. It offers personal and commercial business loans on a secured and unsecured basis, revolving lines of credit, commercial mortgage loans, and residential mortgages. The company was founded on November 12, 1982 and is headquartered in Englewood Cliffs, NJ.

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