ConnectOne Bancorp, Inc. $CNOB Stock Sold by Rosenthal Henry Capital Advisors Inc.

Key Points

• Rosenthal Henry Capital Advisors cut its ConnectOne Bancorp stake by 58% in the third quarter, selling 47,527 shares and retaining 34,366 shares valued at approximately $1.03 million. Institutional investors collectively own 67.7% of the company.
• ConnectOne Bancorp reported quarterly EPS of $0.95, exceeding analysts’ $0.85 estimate, while revenue reached $127.23 million. Shares opened at $32.57, near their 52-week high of $34.14.
• The company declared a quarterly dividend of $0.195 per share, representing an annualized payout of $0.78 and a 2.4% yield. Analysts maintain a consensus “Buy” rating with an average price target of $35.75.

Rosenthal Henry Capital Advisors Inc. trimmed its position in shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Free Report) by 58.0% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 34,366 shares of the financial services provider's stock after selling 47,527 shares during the period. Rosenthal Henry Capital Advisors Inc.'s holdings in ConnectOne Bancorp were worth $1,033,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Sterling Capital Management LLC boosted its position in shares of ConnectOne Bancorp by 45.4% during the third quarter. Sterling Capital Management LLC now owns 1,124 shares of the financial services provider's stock valued at $34,000 after buying an additional 351 shares during the period. Nisa Investment Advisors LLC raised its holdings in shares of ConnectOne Bancorp by 1,720.0% in the third quarter. Nisa Investment Advisors LLC now owns 1,638 shares of the financial services provider's stock worth $49,000 after buying an additional 1,548 shares during the period. Daytona Street Capital LLC raised its holdings in shares of ConnectOne Bancorp by 123.6% in the third quarter. Daytona Street Capital LLC now owns 23,700 shares of the financial services provider's stock worth $724,000 after buying an additional 13,100 shares during the period. GAMMA Investing LLC raised its holdings in shares of ConnectOne Bancorp by 13.8% in the third quarter. GAMMA Investing LLC now owns 4,653 shares of the financial services provider's stock worth $140,000 after buying an additional 566 shares during the period. Finally, Integrated Wealth Concepts LLC bought a new stake in shares of ConnectOne Bancorp during the 2nd quarter worth approximately $58,000. 67.70% of the stock is owned by hedge funds and other institutional investors.

ConnectOne Bancorp Price Performance

ConnectOne Bancorp stock opened at $32.57 on Thursday. The stock has a market cap of $1.64 billion, a price-to-earnings ratio of 11.39 and a beta of 1.08. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.04 and a quick ratio of 1.04. ConnectOne Bancorp, Inc. has a 1 year low of $23.20 and a 1 year high of $34.14. The firm has a 50-day moving average of $31.30 and a two-hundred day moving average of $29.97.

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) last issued its earnings results on Thursday, October 22nd. The financial services provider reported $0.95 EPS for the quarter, topping analysts' consensus estimates of $0.85 by $0.10. ConnectOne Bancorp had a net margin of 18.97% and a return on equity of 11.96%. The business had revenue of $127.23 million for the quarter, compared to analyst estimates of $125.36 million. On average, research analysts forecast that ConnectOne Bancorp, Inc. will post 3.42 earnings per share for the current year.

ConnectOne Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 1st. Investors of record on Friday, November 13th will be issued a $0.1950 dividend. The ex-dividend date is Friday, November 13th. This represents a $0.78 dividend on an annualized basis and a dividend yield of 2.4%. ConnectOne Bancorp's payout ratio is presently 27.27%.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on CNOB shares. Raymond James Financial upgraded ConnectOne Bancorp from a "market perform" rating to an "outperform" rating and set a $37.00 price objective for the company in a report on Monday. Weiss Ratings reiterated a "buy (b)" rating on shares of ConnectOne Bancorp in a research note on Monday, August 17th. Five analysts have rated the stock with a Buy rating. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $35.75.

Insider Transactions at ConnectOne Bancorp

In related news, insider Elizabeth Magennis sold 6,900 shares of the stock in a transaction that occurred on Monday, October 26th. The stock was sold at an average price of $32.67, for a total value of $225,423.00. Following the transaction, the insider owned 137,383 shares of the company's stock, valued at $4,488,302.61. This represents a 4.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 5.24% of the stock is currently owned by company insiders.

About ConnectOne Bancorp

ConnectOne Bancorp, Inc is the parent company of ConnectOne Bank, a full-service commercial bank headquartered in Englewood Cliffs, New Jersey. The bank primarily serves businesses, entrepreneurs, professionals, nonprofit organizations and individuals in the New York metropolitan area and surrounding communities.

ConnectOne Bank provides a range of commercial and personal banking products, including checking and savings accounts, certificates of deposit, commercial and industrial loans, commercial real estate financing, construction loans, residential mortgage loans and consumer lending.

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