Insider Buying: ConnectOne Bancorp, Inc. (NASDAQ:CNOB) Director Purchases 1,000 Shares of Stock

ConnectOne Bancorp, Inc. (NASDAQ:CNOBGet Rating) Director William Thompson acquired 1,000 shares of the business’s stock in a transaction on Thursday, November 17th. The stock was acquired at an average price of $24.82 per share, with a total value of $24,820.00. Following the acquisition, the director now owns 92,482 shares in the company, valued at approximately $2,295,403.24. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

ConnectOne Bancorp Stock Performance

ConnectOne Bancorp stock opened at $25.20 on Monday. The firm has a 50 day simple moving average of $24.37 and a 200-day simple moving average of $25.47. The stock has a market cap of $988.92 million, a price-to-earnings ratio of 8.34 and a beta of 1.21. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.01 and a quick ratio of 1.01. ConnectOne Bancorp, Inc. has a 1-year low of $22.55 and a 1-year high of $37.00.

ConnectOne Bancorp (NASDAQ:CNOBGet Rating) last released its quarterly earnings data on Thursday, October 27th. The financial services provider reported $0.70 EPS for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.07). The business had revenue of $81.48 million during the quarter, compared to analyst estimates of $79.27 million. ConnectOne Bancorp had a net margin of 35.52% and a return on equity of 12.23%. On average, analysts expect that ConnectOne Bancorp, Inc. will post 3.06 EPS for the current year.

ConnectOne Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 1st. Investors of record on Monday, November 14th will be given a dividend of $0.155 per share. This represents a $0.62 dividend on an annualized basis and a dividend yield of 2.46%. The ex-dividend date is Thursday, November 10th. ConnectOne Bancorp’s payout ratio is 20.53%.

Institutional Trading of ConnectOne Bancorp

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Jane Street Group LLC purchased a new position in ConnectOne Bancorp during the third quarter worth about $207,000. BNP Paribas Arbitrage SNC boosted its position in shares of ConnectOne Bancorp by 5.6% during the 3rd quarter. BNP Paribas Arbitrage SNC now owns 13,747 shares of the financial services provider’s stock worth $317,000 after purchasing an additional 727 shares during the period. Algert Global LLC increased its holdings in ConnectOne Bancorp by 12.0% in the 3rd quarter. Algert Global LLC now owns 29,654 shares of the financial services provider’s stock valued at $684,000 after purchasing an additional 3,185 shares during the last quarter. Thrivent Financial for Lutherans raised its position in ConnectOne Bancorp by 672.8% in the third quarter. Thrivent Financial for Lutherans now owns 73,400 shares of the financial services provider’s stock valued at $1,692,000 after purchasing an additional 63,902 shares during the period. Finally, Vanguard Group Inc. lifted its stake in ConnectOne Bancorp by 0.6% during the third quarter. Vanguard Group Inc. now owns 1,892,237 shares of the financial services provider’s stock worth $43,635,000 after purchasing an additional 12,193 shares in the last quarter. 68.14% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on CNOB. Stephens upped their price target on ConnectOne Bancorp from $31.00 to $32.00 and gave the company an “overweight” rating in a research report on Tuesday, August 2nd. Piper Sandler dropped their target price on ConnectOne Bancorp to $29.00 in a report on Wednesday, October 5th. Finally, StockNews.com raised ConnectOne Bancorp from a “hold” rating to a “buy” rating in a research note on Friday, November 11th.

About ConnectOne Bancorp

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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 Northern New Jersey and New York Metropolitan area, and South Florida market. The company offers personal and business checking, retirement, money market, and time and savings accounts.

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