ConnectOne Bancorp, Inc. (NASDAQ:CNOB) Director Stephen T. Boswell Acquires 1,500 Shares

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 company's stock in a transaction on Friday, August 1st. The stock was acquired at an average cost of $22.25 per share, for a total transaction of $33,375.00. Following the completion of the transaction, the director owned 77,674 shares in the company, valued at approximately $1,728,246.50. This trade represents a 1.97% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link.

ConnectOne Bancorp Stock Performance

NASDAQ:CNOB traded down $0.11 during midday trading on Thursday, reaching $22.77. The stock had a trading volume of 61,326 shares, compared to its average volume of 240,229. The stock has a market capitalization of $875.77 million, a P/E ratio of 26.17 and a beta of 1.17. The firm's fifty day simple moving average is $23.59 and its 200-day simple moving average is $23.74. ConnectOne Bancorp, Inc. has a 1-year low of $20.61 and a 1-year high of $29.31. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.01 and a quick ratio of 1.01.

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) last posted its earnings results on Tuesday, July 29th. The financial services provider reported $0.55 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.03. The company had revenue of $84.65 million for the quarter, compared to analyst estimates of $72.80 million. ConnectOne Bancorp had a net margin of 6.85% and a return on equity of 7.51%. On average, equities research analysts forecast that ConnectOne Bancorp, Inc. will post 2.23 EPS for the current fiscal year.

ConnectOne Bancorp Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on CNOB. Hovde Group raised their target price on ConnectOne Bancorp from $29.00 to $29.50 and gave the stock an "outperform" rating in a research report on Thursday, April 24th. Wall Street Zen raised ConnectOne Bancorp from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Finally, Keefe, Bruyette & Woods decreased their target price on ConnectOne Bancorp from $32.00 to $31.00 and set an "outperform" rating on the stock in a research report on Friday, April 25th.

Institutional Trading of ConnectOne Bancorp

Hedge funds have recently made changes to their positions in the company. Sterling Capital Management LLC increased its holdings in shares of ConnectOne Bancorp by 792.3% in the fourth quarter. Sterling Capital Management LLC now owns 1,160 shares of the financial services provider's stock worth $27,000 after buying an additional 1,030 shares during the period. Webster Bank N. A. purchased a new position in shares of ConnectOne Bancorp in the 2nd quarter worth approximately $31,000. Farther Finance Advisors LLC grew its stake in ConnectOne Bancorp by 275.3% in the 2nd quarter. Farther Finance Advisors LLC now owns 1,471 shares of the financial services provider's stock worth $34,000 after acquiring an additional 1,079 shares in the last quarter. Aquatic Capital Management LLC bought a new position in ConnectOne Bancorp in the fourth quarter worth about $62,000. Finally, Quarry LP purchased a new position in shares of ConnectOne Bancorp in the first quarter worth about $88,000. 67.70% of the stock is owned by institutional investors and hedge funds.

ConnectOne Bancorp Company Profile

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.