ConnectOne Bancorp (NASDAQ:CNOB) Insider Elizabeth Magennis Sells 6,900 Shares of Company Stock

ConnectOne Bancorp, Inc. (NASDAQ:CNOB) insider Elizabeth Magennis sold 6,900 shares of the firm’s stock in a transaction dated 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 in the company, valued at $4,488,302.61. The trade was a 4.78% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

ConnectOne Bancorp Stock Performance

ConnectOne Bancorp stock opened at $32.99 on Wednesday. ConnectOne Bancorp, Inc. has a fifty-two week low of $23.20 and a fifty-two week high of $34.14. The firm’s 50-day simple moving average is $31.31 and its 200 day simple moving average is $29.94.

ConnectOne Bancorp (NASDAQ:CNOB) last posted its earnings results on Thursday, October 22nd. The financial services provider reported $0.95 EPS for the quarter, topping the consensus estimate of $0.85 by $0.10. The firm had revenue of $127.23 million for the quarter, compared to the consensus estimate of $125.36 million. As a group, equities analysts expect that ConnectOne Bancorp, Inc. will post 3.42 earnings per share for the current fiscal year.

ConnectOne Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 1st. Investors of record on Friday, November 13th will be issued a dividend of $0.1950 per share. This represents a $0.78 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date is Friday, November 13th.

Institutional Investors Weigh In On ConnectOne Bancorp

Hedge funds have recently modified their holdings of the stock. BlackRock Inc. purchased a new position in ConnectOne Bancorp in the second quarter valued at approximately $159,462,000. Dimensional Fund Advisors LP increased its position in ConnectOne Bancorp by 1.3% in the first quarter. Dimensional Fund Advisors LP now owns 2,853,964 shares of the financial services provider’s stock worth $76,400,000 after buying an additional 37,657 shares during the last quarter. Bank of America Corp DE bought a new stake in shares of ConnectOne Bancorp in the second quarter valued at $29,505,000. The Manufacturers Life Insurance Company bought a new stake in shares of ConnectOne Bancorp in the second quarter valued at $9,952,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of ConnectOne Bancorp in the second quarter valued at $9,501,000. Institutional investors own 67.70% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CNOB. Weiss Ratings restated 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 target price on the stock in a research note on Monday. Five equities research analysts have rated the stock with a Buy rating. According to data from MarketBeat, ConnectOne Bancorp presently has an average rating of “Buy” and a consensus target price of $35.75.

About ConnectOne Bancorp

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.