Piper Sandler Provides Opinion on ConnectOne Bancorp, Inc.’s First Quarter 2022 Results (NASDAQ:CNOB)
ConnectOne Bancorp, Inc. (NASDAQ:CNOB) – Piper Sandler equity researchers raised their first-quarter 2022 earnings estimates for ConnectOne Bancorp in a report released Thursday, January 27. Piper Sandler analyst F. Schiraldi now expects the financial services provider to post earnings per share of $0.73 for the quarter, up from its previous forecast of $0.72. . Piper Sandler also released estimates for ConnectOne Bancorp Q2 2022 earnings at $0.74 EPS, FY2022 earnings at $3.01 EPS, Q2 2023 earnings at $0.80 EPS, Q3 2023 earnings at $0.83 EPS, Q4 2023 earnings at $0.84 EPS and FY2023 earnings at $3.25 EPS. ConnectOne Bancorp (NASDAQ:CNOB) last released quarterly earnings data on Wednesday, January 26. The financial services provider reported earnings per share of $0.79 for the quarter, beating the Zacks consensus estimate of $0.76 by $0.03. ConnectOne Bancorp had a net margin of 39.20% and a return on equity of 12.93%. During the same period last year, the company posted EPS of $0.64.
Separately, Zacks Investment Research upgraded ConnectOne Bancorp shares from a “hold” rating to a “buy” rating and set a price target of $38.00 on the stock in a Monday research report. November 22.
ConnectOne Bancorp stock opened at $33.73 on Monday. The company has a debt ratio of 0.41, a current ratio of 1.09 and a quick ratio of 1.09. ConnectOne Bancorp has a 1 year minimum of $20.95 and a 1 year maximum of $37.00. The stock has a market capitalization of $1.34 billion, a price/earnings ratio of 10.99 and a beta of 1.32. The stock has a 50-day moving average price of $33.75.
Several hedge funds and other institutional investors have recently increased or reduced their stake in the company. Macquarie Group Ltd. increased its stake in shares of ConnectOne Bancorp by 11.4% during the third quarter. Macquarie Group Ltd. now owns 2,894 shares of the financial services provider valued at $87,000 after buying an additional 297 shares last quarter. Knights of Columbus Asset Advisors LLC increased its stake in ConnectOne Bancorp by 0.4% in the third quarter. Knights of Columbus Asset Advisors LLC now owns 115,949 shares of the financial services provider valued at $3,480,000 after acquiring 434 additional shares in the last quarter. Janney Montgomery Scott LLC increased its stake in ConnectOne Bancorp by 0.6% in the third quarter. Janney Montgomery Scott LLC now owns 80,833 shares of the financial services provider valued at $2,426,000 after acquiring an additional 500 shares last quarter. Price T Rowe Associates Inc. MD increased its stake in ConnectOne Bancorp by 2.3% in the second quarter. Price T Rowe Associates Inc. MD now owns 24,837 shares of the financial services provider valued at $650,000 after acquiring 548 additional shares in the last quarter. Finally, Palouse Capital Management Inc. increased its stake in ConnectOne Bancorp by 6.0% in the third quarter. Palouse Capital Management Inc. now owns 12,551 shares of the financial services provider valued at $377,000 after acquiring 715 additional shares in the last quarter. Hedge funds and other institutional investors hold 66.82% of the company’s shares.
In other ConnectOne Bancorp news, Director Joseph Jr. Parisi sold 25,200 shares of the company in a trade dated Wednesday, Nov. 10. The shares were sold at an average price of $34.77, for a total value of $876,204.00. The sale was disclosed in a filing with the SEC, which is available via this link. Additionally, CEO Frank Sorrentino III sold 30,000 shares of the company in a trade dated Tuesday, November 2. The stock was sold at an average price of $34.12, for a total transaction of $1,023,600.00. The disclosure of this sale can be found here. Insiders sold a total of 70,200 shares of the company worth $2,421,054 in the past 90 days. Insiders hold 7.05% of the shares of the company.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 1. Shareholders of record on Monday, February 14 will receive a dividend of $0.13. The ex-date of this dividend is Friday, February 11. This represents a dividend of $0.52 on an annualized basis and a yield of 1.54%. ConnectOne Bancorp’s dividend payout ratio is currently 16.94%.
About ConnectOne Bancorp
ConnectOne Bancorp, Inc is a holding company that owns and operates ConnectOne Bank. It offers personal and commercial business loans on a secured and unsecured basis, revolving lines of credit, commercial mortgages and residential mortgages. The company was founded on November 12, 1982 and is based in Englewood Cliffs, NJ.
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