ConnectOne Bancorp, Inc. (NASDAQ:CNOB) Director Stephen T. Boswell Purchases 6,200 Shares

Key Points

• Director Stephen T. Boswell purchased 6,200 shares of ConnectOne Bancorp (NASDAQ:CNOB) stock for an average price of $22.23, increasing his total ownership to 280,467 shares.
• ConnectOne Bancorp reported $0.55 EPS for the quarter, exceeding analyst expectations of $0.52, with quarterly revenue of $84.65 million.
• The company announced a quarterly dividend of $0.18 per share, payable on September 2, with a current dividend yield of 3.2%.

ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Get Free Report) Director Stephen T. Boswell bought 6,200 shares of the firm's stock in a transaction on Friday, August 1st. The shares were purchased at an average cost of $22.23 per share, with a total value of $137,826.00. Following the transaction, the director directly owned 280,467 shares in the company, valued at approximately $6,234,781.41. This trade represents a 2.26% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

ConnectOne Bancorp Trading Down 0.5%

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

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 analysts' consensus estimates of $0.52 by $0.03. ConnectOne Bancorp had a return on equity of 7.51% and a net margin of 6.85%. The company had revenue of $84.65 million during the quarter, compared to analyst estimates of $72.80 million. On average, sell-side analysts predict that ConnectOne Bancorp, Inc. will post 2.23 earnings per share for the current fiscal year.

ConnectOne Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Friday, August 15th will be given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend is Friday, August 15th. ConnectOne Bancorp's dividend payout ratio is presently 82.76%.

Institutional Trading of ConnectOne Bancorp

Institutional investors and hedge funds have recently modified their holdings of the company. Sterling Capital Management LLC boosted its position in ConnectOne Bancorp by 792.3% during the fourth quarter. Sterling Capital Management LLC now owns 1,160 shares of the financial services provider's stock valued at $27,000 after purchasing an additional 1,030 shares during the last quarter. Webster Bank N. A. purchased a new position in shares of ConnectOne Bancorp in the 2nd quarter worth about $31,000. Farther Finance Advisors LLC boosted 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 purchasing an additional 1,079 shares during the period. Aquatic Capital Management LLC purchased a new position in shares of ConnectOne Bancorp in the 4th quarter worth about $62,000. Finally, Quarry LP purchased a new position in shares of ConnectOne Bancorp during the 1st quarter worth approximately $88,000. 67.70% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

CNOB has been the topic of several research analyst reports. Wall Street Zen upgraded ConnectOne Bancorp from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Keefe, Bruyette & Woods cut their price target 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. Finally, Hovde Group upped their price target on shares of ConnectOne Bancorp from $29.00 to $29.50 and gave the stock an "outperform" rating in a research report on Thursday, April 24th.

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.