Analysts forecast that ConnectOne Bancorp, Inc. (NASDAQ:CNOB) will post sales of $36.08 million for the current quarter, according to Zacks. Two analysts have made estimates for ConnectOne Bancorp’s earnings, with the highest sales estimate coming in at $36.30 million and the lowest estimate coming in at $35.85 million. ConnectOne Bancorp reported sales of $33.96 million in the same quarter last year, which would suggest a positive year over year growth rate of 6.2%. The business is expected to announce its next quarterly earnings report before the market opens on Thursday, July 27th.
On average, analysts expect that ConnectOne Bancorp will report full-year sales of $36.08 million for the current financial year, with estimates ranging from $146.70 million to $148.66 million. For the next financial year, analysts expect that the business will report sales of $170.02 million per share, with estimates ranging from $167.60 million to $172.43 million. Zacks Investment Research’s sales calculations are an average based on a survey of research analysts that follow ConnectOne Bancorp.
ConnectOne Bancorp (NASDAQ:CNOB) last posted its quarterly earnings results on Thursday, April 27th. The financial services provider reported $0.37 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.38 by $0.01. The company had revenue of $36.14 million for the quarter, compared to the consensus estimate of $35.64 million. ConnectOne Bancorp had a net margin of 18.56% and a return on equity of 9.27%.
A number of equities analysts have weighed in on the company. Keefe, Bruyette & Woods set a $33.00 target price on ConnectOne Bancorp and gave the stock a “buy” rating in a research report on Tuesday, April 4th. Zacks Investment Research lowered shares of ConnectOne Bancorp from a “hold” rating to a “sell” rating in a research report on Friday, April 28th.
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In related news, Chairman Frank Sorrentino III sold 2,445 shares of the business’s stock in a transaction that occurred on Tuesday, June 6th. The stock was sold at an average price of $21.85, for a total transaction of $53,423.25. Following the completion of the transaction, the chairman now directly owns 566,410 shares in the company, valued at approximately $12,376,058.50. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director William Thompson sold 4,350 shares of the business’s stock in a transaction that occurred on Saturday, May 27th. The shares were sold at an average price of $21.70, for a total value of $94,395.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 9,783 shares of company stock valued at $214,562. 7.63% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP bought a new position in shares of ConnectOne Bancorp during the fourth quarter worth about $27,664,000. Wellington Management Group LLP increased its position in shares of ConnectOne Bancorp by 41.8% in the first quarter. Wellington Management Group LLP now owns 2,872,566 shares of the financial services provider’s stock worth $69,659,000 after buying an additional 846,659 shares during the period. Hennessy Advisors Inc. bought a new position in shares of ConnectOne Bancorp during the first quarter worth about $5,820,000. Renaissance Technologies LLC increased its position in shares of ConnectOne Bancorp by 21.4% in the first quarter. Renaissance Technologies LLC now owns 1,031,676 shares of the financial services provider’s stock worth $25,018,000 after buying an additional 181,600 shares during the period. Finally, RMB Capital Management LLC bought a new position in shares of ConnectOne Bancorp during the fourth quarter worth about $3,472,000. Institutional investors own 68.17% of the company’s stock.
ConnectOne Bancorp (CNOB) traded down 1.34% during trading on Thursday, reaching $22.15. 116,950 shares of the company traded hands. ConnectOne Bancorp has a 52 week low of $16.43 and a 52 week high of $26.65. The firm has a market capitalization of $706.63 million, a price-to-earnings ratio of 21.18 and a beta of 0.97. The company’s 50-day moving average price is $22.79 and its 200 day moving average price is $23.64.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 1st. Stockholders of record on Monday, July 17th will be given a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 1.35%. The ex-dividend date of this dividend is Thursday, July 13th. ConnectOne Bancorp’s payout ratio is currently 28.57%.
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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