ConnectOne Bancorp, Inc. $CNOB Shares Bought by Hennessy Advisors Inc.

Key Points

• Hennessy Advisors Inc. increased its holdings in ConnectOne Bancorp by 42.1% in the second quarter, owning approximately 0.35% of the company's shares worth $3.1 million.
• ConnectOne Bancorp recently reported an earnings per share (EPS) of $0.55 for the quarter, exceeding analysts' estimates and achieving revenue of $84.65 million.
• The company declared a quarterly dividend of $0.18 per share, indicating an annualized dividend yield of 2.8% with a current payout ratio of 82.76%.

Hennessy Advisors Inc. lifted its holdings in shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Free Report) by 42.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 135,000 shares of the financial services provider's stock after buying an additional 40,000 shares during the period. Hennessy Advisors Inc. owned approximately 0.35% of ConnectOne Bancorp worth $3,127,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the business. Webster Bank N. A. acquired a new position in ConnectOne Bancorp during the 2nd quarter worth $31,000. Farther Finance Advisors LLC raised its stake in shares of ConnectOne Bancorp by 275.3% during the second quarter. Farther Finance Advisors LLC now owns 1,471 shares of the financial services provider's stock valued at $34,000 after purchasing an additional 1,079 shares in the last quarter. Quarry LP acquired a new stake in ConnectOne Bancorp in the first quarter worth about $88,000. GAMMA Investing LLC lifted its holdings in ConnectOne Bancorp by 16.8% in the first quarter. GAMMA Investing LLC now owns 4,002 shares of the financial services provider's stock worth $97,000 after purchasing an additional 575 shares during the period. Finally, Efficient Advisors LLC bought a new position in ConnectOne Bancorp in the 1st quarter valued at about $202,000. 67.70% of the stock is currently owned by institutional investors and hedge funds.

ConnectOne Bancorp Stock Performance

Shares of ConnectOne Bancorp stock opened at $25.45 on Friday. ConnectOne Bancorp, Inc. has a 12 month low of $20.61 and a 12 month high of $29.31. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.20. The stock has a market cap of $1.28 billion, a PE ratio of 29.25 and a beta of 1.14. The business has a fifty day simple moving average of $24.62 and a 200-day simple moving average of $23.75.

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The financial services provider reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.03. ConnectOne Bancorp had a return on equity of 7.12% and a net margin of 6.85%.The firm had revenue of $84.65 million during the quarter, compared to the consensus estimate of $72.80 million. On average, sell-side analysts anticipate that ConnectOne Bancorp, Inc. will post 2.23 EPS for the current fiscal year.

ConnectOne Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Friday, August 15th were given a dividend of $0.18 per share. The ex-dividend date of this dividend was Friday, August 15th. This represents a $0.72 dividend on an annualized basis and a yield of 2.8%. ConnectOne Bancorp's payout ratio is presently 82.76%.

Insider Buying and Selling at ConnectOne Bancorp

In other news, EVP Joseph T. Javitz sold 1,700 shares of the business's stock in a transaction on Wednesday, September 3rd. The shares were sold at an average price of $25.46, for a total transaction of $43,282.00. Following the transaction, the executive vice president directly owned 21,146 shares in the company, valued at $538,377.16. The trade was a 7.44% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Susan C. O'donnell purchased 2,691 shares of the company's stock in a transaction dated Friday, August 1st. The stock was bought at an average cost of $22.30 per share, for a total transaction of $60,009.30. Following the completion of the purchase, the director directly owned 8,523 shares of the company's stock, valued at $190,062.90. The trade was a 46.14% increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 10,391 shares of company stock worth $231,210. 6.24% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

CNOB has been the topic of a number of recent analyst reports. Weiss Ratings restated a "hold (c)" rating on shares of ConnectOne Bancorp in a research report on Saturday, September 27th. Wall Street Zen upgraded shares of ConnectOne Bancorp from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Two equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, ConnectOne Bancorp currently has a consensus rating of "Moderate Buy" and an average target price of $30.25.

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.

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