Joseph Javitz Sells 1,700 Shares of ConnectOne Bancorp (NASDAQ:CNOB) Stock

Key Points

• Joseph Javitz, EVP of ConnectOne Bancorp, sold 1,700 shares of the company's stock for a total of $43,282, reducing his ownership by 7.44% and leaving him with 21,146 shares.
• ConnectOne Bancorp's stock experienced a 1.8% decline in trading, closing at $24.94, with a market cap of $1.25 billion.
• The company recently declared a quarterly dividend of $0.18 per share, resulting in a 2.9% dividend yield and a payout ratio of 82.76%.

ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Get Free Report) EVP Joseph Javitz sold 1,700 shares of ConnectOne Bancorp stock in a transaction that occurred on Wednesday, September 3rd. The stock was sold at an average price of $25.46, for a total transaction of $43,282.00. Following the completion of the sale, the executive vice president directly owned 21,146 shares of the company's stock, valued at $538,377.16. The trade was a 7.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

ConnectOne Bancorp Trading Down 1.8%

CNOB stock traded down $0.46 during midday trading on Wednesday, hitting $24.94. The stock had a trading volume of 39,304 shares, compared to its average volume of 242,247. The firm has a market cap of $1.25 billion, a PE ratio of 28.65 and a beta of 1.17. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.97 and a quick ratio of 0.97. ConnectOne Bancorp, Inc. has a 12-month low of $20.61 and a 12-month high of $29.31. The company's 50-day moving average price is $24.30 and its 200 day moving average price is $23.64.

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) last released 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. The firm had revenue of $84.65 million during the quarter, compared to analysts' expectations of $72.80 million. ConnectOne Bancorp had a net margin of 6.85% and a return on equity of 7.12%. On average, equities research analysts predict that ConnectOne Bancorp, Inc. will post 2.23 earnings per share for the current fiscal year.

ConnectOne Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Friday, August 15th were paid a dividend of $0.18 per share. The ex-dividend date of this dividend was Friday, August 15th. This represents a $0.72 annualized dividend and a dividend yield of 2.9%. ConnectOne Bancorp's payout ratio is currently 82.76%.

Hedge Funds Weigh In On ConnectOne Bancorp

Several hedge funds and other institutional investors have recently made changes to their positions in CNOB. Nuveen LLC acquired a new position in shares of ConnectOne Bancorp during the 1st quarter valued at $8,311,000. Geode Capital Management LLC lifted 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 valued at $26,870,000 after acquiring an additional 288,530 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in shares of ConnectOne Bancorp by 623.5% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 306,362 shares of the financial services provider's stock valued at $7,095,000 after acquiring an additional 264,016 shares in the last quarter. Wellington Management Group LLP lifted 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 valued at $15,587,000 after acquiring an additional 221,005 shares in the last quarter. Finally, American Century Companies Inc. lifted its holdings in ConnectOne Bancorp by 24.5% in the 2nd quarter. American Century Companies Inc. now owns 983,452 shares of the financial services provider's stock worth $22,777,000 after buying an additional 193,692 shares in the last quarter. Institutional investors and hedge funds own 67.70% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen raised shares of ConnectOne Bancorp from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Two investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $30.25.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.