ConnectOne Bancorp (NASDAQ:CNOB) Releases Earnings Results, Beats Estimates By $0.03 EPS

Key Points

• ConnectOne Bancorp reported a quarterly earnings per share of $0.55, exceeding analysts' expectations by $0.05.
• The company announced a quarterly dividend of $0.18, representing an annualized yield of 2.94%.
• Institutional investors hold 67.70% of ConnectOne Bancorp's stock, indicating strong institutional interest in the company.

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) announced its earnings results on Tuesday. The financial services provider reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.03, Zacks reports. The business had revenue of $84.65 million for the quarter, compared to analysts' expectations of $72.80 million. ConnectOne Bancorp had a return on equity of 7.51% and a net margin of 6.85%.

ConnectOne Bancorp Stock Performance

Shares of NASDAQ CNOB traded down $0.79 during trading on Friday, hitting $22.24. The company had a trading volume of 493,015 shares, compared to its average volume of 240,344. The stock has a 50 day simple moving average of $23.60 and a 200 day simple moving average of $23.75. The firm has a market capitalization of $855.57 million, a P/E ratio of 25.56 and a beta of 1.10. ConnectOne Bancorp has a 12 month low of $20.08 and a 12 month high of $29.31. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.01 and a current ratio of 1.01.

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 paid a $0.18 dividend. 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 38.92%.

Institutional Trading of ConnectOne Bancorp

Several institutional investors and hedge funds have recently added to or reduced their stakes in CNOB. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in ConnectOne Bancorp by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,537 shares of the financial services provider's stock valued at $524,000 after buying an additional 914 shares in the last quarter. AQR Capital Management LLC boosted its holdings in shares of ConnectOne Bancorp by 7.6% in the 1st quarter. AQR Capital Management LLC now owns 74,053 shares of the financial services provider's stock worth $1,800,000 after purchasing an additional 5,205 shares during the period. Finally, Jane Street Group LLC boosted its holdings in shares of ConnectOne Bancorp by 374.7% in the 1st quarter. Jane Street Group LLC now owns 64,537 shares of the financial services provider's stock worth $1,569,000 after purchasing an additional 50,942 shares during the period. Institutional investors own 67.70% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on CNOB shares. 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. Keefe, Bruyette & Woods dropped 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.

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.