Hennessy Advisors Inc. Cuts Holdings in ConnectOne Bancorp Inc (NASDAQ:CNOB)

Hennessy Advisors Inc. trimmed its holdings in shares of ConnectOne Bancorp Inc (NASDAQ:CNOB) by 11.8% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 225,000 shares of the financial services provider’s stock after selling 30,000 shares during the period. Hennessy Advisors Inc. owned approximately 0.64% of ConnectOne Bancorp worth $5,787,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. State Street Corp lifted its holdings in shares of ConnectOne Bancorp by 3.2% during the 3rd quarter. State Street Corp now owns 741,049 shares of the financial services provider’s stock valued at $16,451,000 after buying an additional 23,144 shares during the period. California Public Employees Retirement System lifted its holdings in shares of ConnectOne Bancorp by 120.8% during the 3rd quarter. California Public Employees Retirement System now owns 85,112 shares of the financial services provider’s stock valued at $1,889,000 after buying an additional 46,564 shares during the period. Mackay Shields LLC lifted its holdings in shares of ConnectOne Bancorp by 43.0% during the 3rd quarter. Mackay Shields LLC now owns 87,800 shares of the financial services provider’s stock valued at $1,949,000 after buying an additional 26,400 shares during the period. California State Teachers Retirement System lifted its holdings in shares of ConnectOne Bancorp by 1.2% during the 3rd quarter. California State Teachers Retirement System now owns 51,618 shares of the financial services provider’s stock valued at $1,146,000 after buying an additional 616 shares during the period. Finally, Metropolitan Life Insurance Co NY lifted its holdings in shares of ConnectOne Bancorp by 29.4% during the 3rd quarter. Metropolitan Life Insurance Co NY now owns 12,392 shares of the financial services provider’s stock valued at $275,000 after buying an additional 2,814 shares during the period. Institutional investors and hedge funds own 62.28% of the company’s stock.

Several research firms have recently weighed in on CNOB. Stephens increased their price target on ConnectOne Bancorp from $28.00 to $29.50 and gave the company an “overweight” rating in a report on Thursday, January 2nd. Zacks Investment Research raised ConnectOne Bancorp from a “sell” rating to a “hold” rating in a report on Monday, January 6th. ValuEngine raised ConnectOne Bancorp from a “strong sell” rating to a “sell” rating in a report on Monday, December 16th. Finally, BidaskClub cut ConnectOne Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and one has issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $28.25.

NASDAQ CNOB opened at $25.13 on Wednesday. The business’s fifty day moving average price is $25.52 and its 200-day moving average price is $23.21. The stock has a market capitalization of $888.97 million, a price-to-earnings ratio of 11.27 and a beta of 0.98. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.12 and a quick ratio of 1.11. ConnectOne Bancorp Inc has a 1-year low of $18.81 and a 1-year high of $26.50.

ConnectOne Bancorp (NASDAQ:CNOB) last announced its earnings results on Thursday, October 24th. The financial services provider reported $0.60 EPS for the quarter, topping the Zacks’ consensus estimate of $0.57 by $0.03. ConnectOne Bancorp had a return on equity of 11.43% and a net margin of 26.60%. The company had revenue of $50.52 million for the quarter, compared to analysts’ expectations of $49.01 million. Equities research analysts anticipate that ConnectOne Bancorp Inc will post 2.28 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Investors of record on Monday, January 13th will be issued a $0.09 dividend. The ex-dividend date is Friday, January 10th. This represents a $0.36 dividend on an annualized basis and a yield of 1.43%. ConnectOne Bancorp’s dividend payout ratio is currently 16.14%.

ConnectOne Bancorp Company Profile

ConnectOne Bancorp, Inc operates as the bank holding company for ConnectOne Bank, a state chartered bank that provides various commercial banking products and services. The company offers a range of deposit products, including personal and business checking accounts, retirement accounts, money market accounts, and time and savings accounts.

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Institutional Ownership by Quarter for ConnectOne Bancorp (NASDAQ:CNOB)

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