ConnectOne Bancorp (CNOB) Announces Earnings Results, Beats Expectations By $0.11 EPS
ConnectOne Bancorp (NASDAQ:CNOB) issued its quarterly earnings results on Thursday. The financial services provider reported $0.51 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.40 by $0.11, Bloomberg Earnings reports. ConnectOne Bancorp had a net margin of 16.97% and a return on equity of 9.64%.
Shares of ConnectOne Bancorp (NASDAQ CNOB) opened at $29.15 on Friday. ConnectOne Bancorp has a 52 week low of $21.04 and a 52 week high of $29.20. The company has a market cap of $901.22, a price-to-earnings ratio of 17.06 and a beta of 0.96. The company has a quick ratio of 0.95, a current ratio of 0.98 and a debt-to-equity ratio of 0.10.
The company also recently announced a quarterly dividend, which will be paid on Thursday, February 1st. Stockholders of record on Monday, January 15th will be paid a $0.075 dividend. This represents a $0.30 annualized dividend and a dividend yield of 1.03%. The ex-dividend date is Thursday, January 11th. ConnectOne Bancorp’s dividend payout ratio (DPR) is presently 31.58%.
In other news, CEO Frank Sorrentino III sold 5,848 shares of the firm’s stock in a transaction on Thursday, December 14th. The shares were sold at an average price of $26.49, for a total value of $154,913.52. Following the completion of the sale, the chief executive officer now owns 560,562 shares in the company, valued at approximately $14,849,287.38. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Laura Criscione sold 4,300 shares of the firm’s stock in a transaction on Thursday, December 14th. The stock was sold at an average price of $26.49, for a total transaction of $113,907.00. Following the completion of the sale, the executive vice president now owns 56,536 shares of the company’s stock, valued at approximately $1,497,638.64. The disclosure for this sale can be found here. 7.63% of the stock is currently owned by company insiders.
Several hedge funds have recently added to or reduced their stakes in the company. Hennessy Advisors Inc. lifted its stake in shares of ConnectOne Bancorp by 2.0% in the 4th quarter. Hennessy Advisors Inc. now owns 255,000 shares of the financial services provider’s stock worth $6,566,000 after acquiring an additional 5,000 shares during the period. Schwab Charles Investment Management Inc. lifted its stake in shares of ConnectOne Bancorp by 2.4% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 129,121 shares of the financial services provider’s stock worth $3,325,000 after acquiring an additional 2,979 shares during the period. Susquehanna International Group LLP lifted its stake in shares of ConnectOne Bancorp by 79.3% in the 3rd quarter. Susquehanna International Group LLP now owns 61,680 shares of the financial services provider’s stock worth $1,517,000 after acquiring an additional 27,279 shares during the period. Maltese Capital Management LLC lifted its stake in shares of ConnectOne Bancorp by 103.5% in the 3rd quarter. Maltese Capital Management LLC now owns 111,900 shares of the financial services provider’s stock worth $2,753,000 after acquiring an additional 56,900 shares during the period. Finally, Stifel Financial Corp lifted its stake in shares of ConnectOne Bancorp by 94.4% in the 3rd quarter. Stifel Financial Corp now owns 23,940 shares of the financial services provider’s stock worth $592,000 after acquiring an additional 11,628 shares during the period. Institutional investors own 68.57% of the company’s stock.
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About ConnectOne Bancorp
ConnectOne Bancorp, Inc is a bank holding company of ConnectOne Bank (the Bank). The Bank is a community-based, full-service New Jersey-chartered commercial bank. The Bank offers a range of deposit and loan products. In addition, to attract the business of consumer and business customers, it also provides an array of other banking services.
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