ConnectOne Bancorp Inc. (CNOB) Sets New 52-Week High on Analyst Upgrade
Shares of ConnectOne Bancorp Inc. (NASDAQ:CNOB) hit a new 52-week high on Thursday after FBR & Co raised their price target on the stock from $23.00 to $26.00. FBR & Co currently has an outperform rating on the stock. ConnectOne Bancorp traded as high as $22.45 and last traded at $22.45, with a volume of 38,867 shares. The stock had previously closed at $21.70.
Separately, Zacks Investment Research raised shares of ConnectOne Bancorp from a “sell” rating to a “hold” rating in a research note on Tuesday, August 2nd.
In other news, Chairman Frank Sorrentino III sold 6,417 shares of the company’s stock in a transaction dated Monday, November 7th. The shares were sold at an average price of $18.30, for a total transaction of $117,431.10. Following the transaction, the chairman now owns 564,446 shares in the company, valued at $10,329,361.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael W. Kempner sold 1,660 shares of the company’s stock in a transaction dated Thursday, November 10th. The shares were sold at an average price of $19.85, for a total transaction of $32,951.00. Following the transaction, the director now owns 373,926 shares in the company, valued at approximately $7,422,431.10. The disclosure for this sale can be found here. Company insiders own 8.30% of the company’s stock.
The company has a market cap of $721.71 million, a PE ratio of 16.95 and a beta of 0.75. The firm’s 50-day moving average is $18.77 and its 200 day moving average is $17.29.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, November 1st. Investors of record on Friday, October 14th were given a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 1.26%. The ex-dividend date of this dividend was Wednesday, October 12th. ConnectOne Bancorp’s payout ratio is presently 21.43%.
ConnectOne Bancorp Company Profile
ConnectOne Bancorp, Inc is a bank holding company of ConnectOne Bank (the Bank), a New Jersey-chartered commercial bank. The Company operates in community bank segment. The Bank offers a range of deposit and loan products, and services to the general public, small and middle-sized businesses, local professionals, and individuals residing, working and conducting business in its trade area.
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