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Compared to Estimates, ConnectOne (CNOB) Q2 Earnings: A Look at Key Metrics
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ConnectOne Bancorp (CNOB - Free Report) reported $67.28 million in revenue for the quarter ended June 2023, representing a year-over-year decline of 14.8%. EPS of $0.51 for the same period compares to $0.78 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $68.96 million, representing a surprise of -2.44%. The company delivered an EPS surprise of -3.77%, with the consensus EPS estimate being $0.53.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how ConnectOne performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Efficiency Ratio: 51.4% versus the two-analyst average estimate of 50.5%.
Average Balance - Total interest-earning assets: $9.23 billion compared to the $9.50 billion average estimate based on two analysts.
Net Interest Margin (GAAP): 2.81% versus the two-analyst average estimate of 2.8%.
Deposit, loan and other income: $1.55 million versus $1.88 million estimated by two analysts on average.
Income on bank owned life insurance: $1.55 million compared to the $1.79 million average estimate based on two analysts.
Total Noninterest Income: $3.44 million versus the two-analyst average estimate of $2.88 million.
Shares of ConnectOne have returned +17.8% over the past month versus the Zacks S&P 500 composite's +5.6% change. The stock currently has a Zacks Rank #5 (Strong Sell), indicating that it could underperform the broader market in the near term.
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Compared to Estimates, ConnectOne (CNOB) Q2 Earnings: A Look at Key Metrics
ConnectOne Bancorp (CNOB - Free Report) reported $67.28 million in revenue for the quarter ended June 2023, representing a year-over-year decline of 14.8%. EPS of $0.51 for the same period compares to $0.78 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $68.96 million, representing a surprise of -2.44%. The company delivered an EPS surprise of -3.77%, with the consensus EPS estimate being $0.53.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how ConnectOne performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Efficiency Ratio: 51.4% versus the two-analyst average estimate of 50.5%.
- Average Balance - Total interest-earning assets: $9.23 billion compared to the $9.50 billion average estimate based on two analysts.
- Net Interest Margin (GAAP): 2.81% versus the two-analyst average estimate of 2.8%.
- Deposit, loan and other income: $1.55 million versus $1.88 million estimated by two analysts on average.
- Income on bank owned life insurance: $1.55 million compared to the $1.79 million average estimate based on two analysts.
- Total Noninterest Income: $3.44 million versus the two-analyst average estimate of $2.88 million.
View all Key Company Metrics for ConnectOne here>>>Shares of ConnectOne have returned +17.8% over the past month versus the Zacks S&P 500 composite's +5.6% change. The stock currently has a Zacks Rank #5 (Strong Sell), indicating that it could underperform the broader market in the near term.