Insider Buying: ConnectOne Bancorp, Inc. (NASDAQ:CNOB) Director Buys 1,500 Shares of Stock

Key Points

• Director Stephen T. Boswell of ConnectOne Bancorp purchased 1,500 shares at an average price of $22.25 each, increasing his ownership to 77,674 shares.
• ConnectOne Bancorp reported a quarterly earnings per share of $0.55, exceeding analysts' expectations of $0.52, with total revenue of $84.65 million.
• The company announced a quarterly dividend of $0.18 per share, with an annualized dividend yield of 3.2%, to be paid on September 2nd.

ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Get Free Report) Director Stephen T. Boswell purchased 1,500 shares of the business's stock in a transaction dated Friday, August 1st. The shares were acquired at an average price of $22.25 per share, for a total transaction of $33,375.00. Following the acquisition, the director directly owned 77,674 shares in the company, valued at $1,728,246.50. This represents a 1.97% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

ConnectOne Bancorp Stock Performance

CNOB traded up $0.14 during trading on Friday, hitting $22.83. The stock had a trading volume of 203,782 shares, compared to its average volume of 354,589. The firm has a market cap of $878.27 million, a PE ratio of 26.24 and a beta of 1.17. ConnectOne Bancorp, Inc. has a 12 month low of $20.61 and a 12 month high of $29.31. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.07. The company has a 50 day simple moving average of $23.58 and a 200-day simple moving average of $23.74.

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) last announced its earnings results on Tuesday, July 29th. The financial services provider reported $0.55 EPS for the quarter, topping the consensus estimate of $0.52 by $0.03. ConnectOne Bancorp had a net margin of 6.85% and a return on equity of 7.51%. The firm had revenue of $84.65 million for the quarter, compared to the consensus estimate of $72.80 million. Analysts expect that ConnectOne Bancorp, Inc. will post 2.23 EPS for the current year.

ConnectOne Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Friday, August 15th will be issued a dividend of $0.18 per share. The ex-dividend date is Friday, August 15th. This represents a $0.72 annualized dividend and a dividend yield of 3.2%. ConnectOne Bancorp's payout ratio is presently 82.76%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in CNOB. Nuveen LLC bought a new position in shares of ConnectOne Bancorp during the 1st quarter worth about $8,311,000. Geode Capital Management LLC increased its holdings in shares of ConnectOne Bancorp by 33.1% during the 2nd quarter. Geode Capital Management LLC now owns 1,160,058 shares of the financial services provider's stock worth $26,870,000 after purchasing an additional 288,530 shares during the period. Wellington Management Group LLP increased its holdings in shares of ConnectOne Bancorp by 52.6% during the 1st quarter. Wellington Management Group LLP now owns 641,171 shares of the financial services provider's stock worth $15,587,000 after purchasing an additional 221,005 shares during the period. Bank of America Corp DE increased its holdings in shares of ConnectOne Bancorp by 23.2% during the 4th quarter. Bank of America Corp DE now owns 826,463 shares of the financial services provider's stock worth $18,934,000 after purchasing an additional 155,573 shares during the period. Finally, Boothbay Fund Management LLC increased its holdings in shares of ConnectOne Bancorp by 48.9% during the 1st quarter. Boothbay Fund Management LLC now owns 429,393 shares of the financial services provider's stock worth $10,439,000 after purchasing an additional 141,030 shares during the period. Institutional investors own 67.70% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on CNOB shares. Wall Street Zen upgraded shares of ConnectOne Bancorp from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Keefe, Bruyette & Woods dropped their target price on shares of ConnectOne Bancorp from $32.00 to $31.00 and set an "outperform" rating on the stock in a report on Friday, April 25th. Finally, Hovde Group lifted their target price on shares of ConnectOne Bancorp from $29.00 to $29.50 and gave the stock an "outperform" rating in a report on Thursday, April 24th.

About ConnectOne Bancorp

ConnectOne Bancorp, Inc operates as the bank holding company for ConnectOne Bank that provides commercial banking products and services for small and mid-sized businesses, local professionals, and individuals in the New York Metropolitan area and South Florida market. The company offers personal and business checking, money market, and time and savings accounts; credit cards, wire transfers, safe deposit boxes, automated teller services and telephone, and internet and mobile banking.