ConnectOne Bancorp, Inc. $CNOB Stock Sold by Hennessy Advisors Inc.

Hennessy Advisors Inc. trimmed its position in shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB) by 14.5% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 118,000 shares of the financial services provider’s stock after selling 20,000 shares during the quarter. Hennessy Advisors Inc.’s holdings in ConnectOne Bancorp were worth $3,546,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the company. Sterling Capital Management LLC boosted its holdings in ConnectOne Bancorp by 45.4% during the third quarter. Sterling Capital Management LLC now owns 1,124 shares of the financial services provider’s stock worth $34,000 after buying an additional 351 shares in the last quarter. Allworth Financial LP increased its holdings in ConnectOne Bancorp by 32.4% in the second quarter. Allworth Financial LP now owns 1,557 shares of the financial services provider’s stock valued at $52,000 after buying an additional 381 shares in the last quarter. GAMMA Investing LLC increased its holdings in ConnectOne Bancorp by 13.8% in the third quarter. GAMMA Investing LLC now owns 4,653 shares of the financial services provider’s stock valued at $140,000 after buying an additional 566 shares in the last quarter. Nykredit A S purchased a new position in ConnectOne Bancorp in the second quarter valued at $39,000. Finally, Watershed Asset Management L.L.C. raised its position in shares of ConnectOne Bancorp by 8.4% in the first quarter. Watershed Asset Management L.L.C. now owns 16,379 shares of the financial services provider’s stock worth $438,000 after acquiring an additional 1,265 shares during the period. 67.70% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at ConnectOne Bancorp

In other ConnectOne Bancorp news, insider Elizabeth Magennis sold 6,900 shares of the stock in a transaction on Monday, October 26th. The shares were sold at an average price of $32.67, for a total transaction of $225,423.00. Following the transaction, the insider directly owned 137,383 shares of the company’s stock, valued at $4,488,302.61. This trade represents a 4.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 5.24% of the stock is currently owned by insiders.

ConnectOne Bancorp Trading Up 2.4%

Shares of CNOB stock opened at $32.87 on Tuesday. ConnectOne Bancorp, Inc. has a 1-year low of $23.20 and a 1-year high of $34.14. The company has a market cap of $1.65 billion, a price-to-earnings ratio of 9.55 and a beta of 1.08. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.04 and a quick ratio of 1.04. The stock has a 50 day simple moving average of $31.32 and a 200-day simple moving average of $30.06.

ConnectOne Bancorp (NASDAQ:CNOB) last released its quarterly earnings results on Thursday, October 22nd. The financial services provider reported $0.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.85 by $0.10. The firm had revenue of $127.23 million for the quarter, compared to analysts’ expectations of $125.36 million. ConnectOne Bancorp had a net margin of 18.97% and a return on equity of 11.96%. On average, equities research analysts expect that ConnectOne Bancorp, Inc. will post 3.42 EPS for the current fiscal year.

ConnectOne Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Shareholders of record on Friday, November 13th will be given a dividend of $0.1950 per share. The ex-dividend date is Friday, November 13th. This represents a $0.78 dividend on an annualized basis and a yield of 2.4%. ConnectOne Bancorp’s dividend payout ratio is currently 27.27%.

Wall Street Analysts Forecast Growth

CNOB has been the topic of several recent analyst reports. Weiss Ratings reissued a “buy (b)” rating on shares of ConnectOne Bancorp in a research note on Monday, August 17th. Raymond James Financial upgraded ConnectOne Bancorp from a “market perform” rating to an “outperform” rating and set a $37.00 price target for the company in a research note on Monday, October 26th. Five research analysts have rated the stock with a Buy rating. Based on data from MarketBeat, ConnectOne Bancorp presently has a consensus rating of “Buy” and a consensus price target of $35.75.

ConnectOne Bancorp Profile

ConnectOne Bancorp, Inc is the parent company of ConnectOne Bank, a full-service commercial bank headquartered in Englewood Cliffs, New Jersey. The bank primarily serves businesses, entrepreneurs, professionals, nonprofit organizations and individuals in the New York metropolitan area and surrounding communities.

ConnectOne Bank provides a range of commercial and personal banking products, including checking and savings accounts, certificates of deposit, commercial and industrial loans, commercial real estate financing, construction loans, residential mortgage loans and consumer lending.