ConnectOne Bancorp (NASDAQ:CNOB) Posts Quarterly Earnings Results, Beats Estimates By $0.02 EPS

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) issued its earnings results on Thursday. The financial services provider reported $0.70 earnings per share for the quarter, topping analysts' consensus estimates of $0.68 by $0.02, Zacks reports. The firm had revenue of $110.78 million during the quarter, compared to analysts' expectations of $111.20 million. ConnectOne Bancorp had a net margin of 6.85% and a return on equity of 7.12%.

ConnectOne Bancorp Price Performance

• The 5 top-rated dividend stocks by analysts

Shares of NASDAQ CNOB traded up $0.26 during trading on Friday, reaching $24.17. The company had a trading volume of 130,907 shares, compared to its average volume of 251,502. ConnectOne Bancorp has a 52 week low of $20.61 and a 52 week high of $29.31. The stock has a market cap of $1.22 billion, a PE ratio of 27.79 and a beta of 1.14. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.97 and a current ratio of 0.97. The business's 50 day moving average price is $25.03 and its 200-day moving average price is $23.96.

ConnectOne Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Shareholders of record on Friday, November 14th will be paid a $0.18 dividend. The ex-dividend date of this dividend is Friday, November 14th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.0%. ConnectOne Bancorp's payout ratio is currently 82.76%.

Insider Activity at ConnectOne Bancorp

In other news, EVP Joseph T. Javitz sold 1,700 shares of ConnectOne Bancorp stock in a transaction that occurred 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 completion of the sale, the executive vice president owned 21,146 shares in the company, valued at $538,377.16. The trade was a 7.44% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 6.24% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of CNOB. Bridgeway Capital Management LLC grew its holdings in ConnectOne Bancorp by 21.8% during the second quarter. Bridgeway Capital Management LLC now owns 306,160 shares of the financial services provider's stock valued at $7,091,000 after purchasing an additional 54,761 shares during the period. Jane Street Group LLC grew its holdings in ConnectOne Bancorp by 374.7% during the first quarter. Jane Street Group LLC now owns 64,537 shares of the financial services provider's stock valued at $1,569,000 after purchasing an additional 50,942 shares during the period. Ameriprise Financial Inc. grew its holdings in ConnectOne Bancorp by 32.2% during the second quarter. Ameriprise Financial Inc. now owns 195,738 shares of the financial services provider's stock valued at $4,533,000 after purchasing an additional 47,674 shares during the period. Mendon Capital Advisors Corp acquired a new position in ConnectOne Bancorp during the second quarter valued at approximately $579,000. Finally, Curi Capital LLC acquired a new position in ConnectOne Bancorp during the second quarter valued at approximately $579,000. Institutional investors and hedge funds own 67.70% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Wall Street Zen upgraded shares of ConnectOne Bancorp from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Weiss Ratings reiterated a "hold (c)" rating on shares of ConnectOne Bancorp in a research report on Wednesday, October 8th. Two analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $30.25.

Check Out Our Latest Stock Report on ConnectOne Bancorp

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.

Further Reading

• Five stocks we like better than ConnectOne Bancorp
• How Investors Can Find the Best Cheap Dividend Stocks
• Equinix Stock Rises Despite Lower Revenue Guidance
• Overbought Stocks Explained: Should You Trade Them?
• MongoDB: It’s No Trick, This AI Play Is a Treat
• Consumer Staples Stocks, Explained
• $14B Japanese Facility Signals TSMC's Bold AI Strategy

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.

Should You Invest $1,000 in ConnectOne Bancorp Right Now?

Before you consider ConnectOne Bancorp, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and ConnectOne Bancorp wasn't on the list.

While ConnectOne Bancorp currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here