Susan C. O'donnell Purchases 2,691 Shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB) Stock

Key Points

• Director Susan C. O'donnell purchased 2,691 shares of ConnectOne Bancorp at an average price of $22.30, increasing her total holdings to 8,523 shares.
• ConnectOne Bancorp announced a dividend of $0.18 per share to be paid on September 2nd, representing a 3.2% yield based on an annual dividend payout of $0.72.
• The company's quarterly earnings exceeded expectations, with an EPS of $0.55 against a consensus estimate of $0.52, along with reported revenue of $84.65 million.

ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Get Free Report) Director Susan C. O'donnell bought 2,691 shares of ConnectOne Bancorp stock in a transaction dated Friday, August 1st. The stock was purchased at an average price of $22.30 per share, for a total transaction of $60,009.30. Following the purchase, the director directly owned 8,523 shares in the company, valued at $190,062.90. This represents a 46.14% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink.

ConnectOne Bancorp Price Performance

NASDAQ CNOB traded up $0.22 on Monday, hitting $22.46. 42,449 shares of the company were exchanged, compared to its average volume of 238,974. The firm has a 50 day moving average of $23.60 and a two-hundred day moving average of $23.76. The company has a market cap of $864.04 million, a P/E ratio of 25.82 and a beta of 1.17. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.07. ConnectOne Bancorp, Inc. has a 1-year low of $20.08 and a 1-year high of $29.31.

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) last issued its quarterly earnings results 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. The business had revenue of $84.65 million for the quarter, compared to the consensus estimate of $72.80 million. ConnectOne Bancorp had a net margin of 6.85% and a return on equity of 7.51%. On average, equities analysts predict that ConnectOne Bancorp, Inc. will post 2.23 EPS for the current year.

ConnectOne Bancorp Announces Dividend

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. KLP Kapitalforvaltning AS acquired a new position in ConnectOne Bancorp during the 4th quarter valued at about $149,000. Vanguard Group Inc. lifted its position in ConnectOne Bancorp by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 2,166,557 shares of the financial services provider's stock valued at $49,636,000 after purchasing an additional 19,348 shares during the period. ExodusPoint Capital Management LP lifted its position in ConnectOne Bancorp by 524.4% during the 4th quarter. ExodusPoint Capital Management LP now owns 56,699 shares of the financial services provider's stock valued at $1,299,000 after purchasing an additional 47,619 shares during the period. Wells Fargo & Company MN lifted its position in ConnectOne Bancorp by 31.5% during the 4th quarter. Wells Fargo & Company MN now owns 158,132 shares of the financial services provider's stock valued at $3,623,000 after purchasing an additional 37,868 shares during the period. Finally, Envestnet Asset Management Inc. lifted its position in ConnectOne Bancorp by 36.1% during the 4th quarter. Envestnet Asset Management Inc. now owns 157,898 shares of the financial services provider's stock valued at $3,617,000 after purchasing an additional 41,917 shares during the period. Institutional investors and hedge funds own 67.70% of the company's stock.

Analysts Set New Price Targets

CNOB has been the topic of several recent analyst reports. Keefe, Bruyette & Woods reduced their target price on shares of ConnectOne Bancorp from $32.00 to $31.00 and set an "outperform" rating on the stock in a research note on Friday, April 25th. Hovde Group boosted their target price on shares of ConnectOne Bancorp from $29.00 to $29.50 and gave the company an "outperform" rating in a research note on Thursday, April 24th. Finally, Wall Street Zen upgraded shares of ConnectOne Bancorp from a "sell" rating to a "hold" rating in a research note on Saturday.

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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