ConnectOne Bancorp (NASDAQ:CNOB) Director Michael Kempner Sells 67,800 Shares

ConnectOne Bancorp, Inc. (NASDAQ:CNOB) Director Michael Kempner sold 67,800 shares of the company’s stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $14.75, for a total transaction of $1,000,050.00. Following the sale, the director directly owned 214,370 shares of the company’s stock, valued at approximately $3,161,957.50. This represents a 24.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

ConnectOne Bancorp Stock Performance

Shares of ConnectOne Bancorp stock traded up $0.23 on Thursday, hitting $25.78. 221,075 shares of the company’s stock were exchanged, compared to its average volume of 300,290. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.04 and a current ratio of 1.04. The stock has a market capitalization of $1.30 billion, a PE ratio of 17.13 and a beta of 1.13. ConnectOne Bancorp, Inc. has a 1 year low of $20.61 and a 1 year high of $29.28. The company has a 50-day simple moving average of $27.05 and a 200-day simple moving average of $25.97.

ConnectOne Bancorp (NASDAQ:CNOB) last released its earnings results on Thursday, January 29th. The financial services provider reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.09. The company had revenue of $114.63 million for the quarter, compared to the consensus estimate of $114.80 million. ConnectOne Bancorp had a return on equity of 9.33% and a net margin of 11.83%. As a group, equities analysts anticipate that ConnectOne Bancorp, Inc. will post 2.23 EPS for the current year.

ConnectOne Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 2nd. Shareholders of record on Friday, February 13th were paid a dividend of $0.18 per share. The ex-dividend date was Friday, February 13th. This represents a $0.72 dividend on an annualized basis and a yield of 2.8%. ConnectOne Bancorp’s dividend payout ratio (DPR) is presently 48.00%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on CNOB. Wall Street Zen downgraded shares of ConnectOne Bancorp from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. Piper Sandler began coverage on ConnectOne Bancorp in a research report on Monday. They issued an “overweight” rating and a $31.00 price objective on the stock. Hovde Group cut their target price on ConnectOne Bancorp from $32.50 to $32.00 and set an “outperform” rating for the company in a research report on Friday, January 30th. Keefe, Bruyette & Woods boosted their price target on ConnectOne Bancorp from $30.00 to $32.00 and gave the stock an “outperform” rating in a report on Friday, January 30th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of ConnectOne Bancorp in a report on Wednesday, January 21st. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, ConnectOne Bancorp currently has an average rating of “Buy” and a consensus price target of $31.67.

Institutional Trading of ConnectOne Bancorp

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CNOB. AQR Capital Management LLC raised its holdings in shares of ConnectOne Bancorp by 7.6% in the 1st quarter. AQR Capital Management LLC now owns 74,053 shares of the financial services provider’s stock worth $1,800,000 after acquiring an additional 5,205 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of ConnectOne Bancorp by 4.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,537 shares of the financial services provider’s stock valued at $524,000 after buying an additional 914 shares during the last quarter. 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 worth $1,569,000 after buying an additional 50,942 shares in the last quarter. Bank of Montreal Can purchased a new stake in ConnectOne Bancorp in the 2nd quarter valued at $266,000. Finally, Bank of New York Mellon Corp lifted its stake in ConnectOne Bancorp by 39.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 340,974 shares of the financial services provider’s stock valued at $7,897,000 after acquiring an additional 97,132 shares in the last quarter. 67.70% of the stock is owned by institutional investors.

ConnectOne Bancorp Company Profile

ConnectOne Bancorp is a New Jersey?based bank holding company whose primary subsidiary, ConnectOne Bank, offers a suite of commercial banking services to small and medium?sized businesses, professionals and individuals. Established in 2005 and headquartered in Englewood Cliffs, New Jersey, the company seeks to deliver customized lending and deposit solutions through a network of branches across northern New Jersey and the New York metropolitan area.

The company’s lending portfolio centers on commercial real estate financing, construction lending, owner?occupied real estate loans and working capital lines of credit.