ConnectOne Q3 Adjusted EPS of $1.04 Tops Estimates, But Revenue Falls Short
CNOB sits 40% above its 52-week low of $23.2.
Summary
ConnectOne posted Q3 adjusted EPS of $1.04, well above the 85-cent consensus and last year's 70 cents. Revenue rose 15.5% to $115.44 million but came in below the $120.56 million analysts expected. GAAP EPS was only 59 cents and net income $29.89 million, dragged by the $23.0 million pretax charge disclosed in this morning's 8-K tied to selling up to roughly $750 million of multifamily loans. The adjusted beat against a revenue miss leaves the quarter mixed; the charge is the item that separates the headline number from the operating result. Shares are near a 52-week high, up 17.8% year to date.
At the time of this announcement, CNOB was trading at $32.50 on NASDAQ in the Finance sector, with a market capitalization of approximately $1.6B. The 52-week trading range was $23.20 to $34.14. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Reuters.