Vanguard Group Inc. grew its holdings in shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB – Free Report) by 2.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,914,268 shares of the financial services provider’s stock after acquiring an additional 63,214 shares during the period. Vanguard Group Inc. owned 5.80% of ConnectOne Bancorp worth $76,412,000 as of its most recent SEC filing.
A number of other large investors have also recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in ConnectOne Bancorp by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,537 shares of the financial services provider’s stock worth $524,000 after acquiring an additional 914 shares during the period. EJF Capital LLC grew its holdings in ConnectOne Bancorp by 3.7% during the 3rd quarter. EJF Capital LLC now owns 30,214 shares of the financial services provider’s stock worth $750,000 after acquiring an additional 1,066 shares during the period. Osaic Holdings Inc. grew its holdings in ConnectOne Bancorp by 728.4% during the 2nd quarter. Osaic Holdings Inc. now owns 1,781 shares of the financial services provider’s stock worth $41,000 after acquiring an additional 1,566 shares during the period. Swiss National Bank grew its holdings in ConnectOne Bancorp by 1.9% during the 3rd quarter. Swiss National Bank now owns 92,500 shares of the financial services provider’s stock worth $2,295,000 after acquiring an additional 1,700 shares during the period. Finally, Farther Finance Advisors LLC boosted its position in shares of ConnectOne Bancorp by 129.1% during the 4th quarter. Farther Finance Advisors LLC now owns 3,475 shares of the financial services provider’s stock worth $91,000 after purchasing an additional 1,958 shares in the last quarter. 67.70% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
CNOB has been the subject of several research reports. Hovde Group raised their target price on ConnectOne Bancorp from $32.00 to $34.00 and gave the company an “outperform” rating in a research note on Friday, April 24th. Raymond James Financial restated a “strong-buy” rating and issued a $34.00 target price on shares of ConnectOne Bancorp in a research note on Monday, April 27th. Keefe, Bruyette & Woods raised their target price on ConnectOne Bancorp from $32.00 to $34.00 and gave the company an “outperform” rating in a research note on Friday, April 24th. Piper Sandler initiated coverage on ConnectOne Bancorp in a research note on Monday, March 16th. They issued an “overweight” rating and a $31.00 target price for the company. Finally, Weiss Ratings upgraded ConnectOne Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, May 6th. Two analysts have rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company’s stock. Based on data from MarketBeat.com, ConnectOne Bancorp has a consensus rating of “Buy” and an average target price of $33.25.
ConnectOne Bancorp Stock Performance
CNOB opened at $29.59 on Friday. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.14. The company’s fifty day moving average price is $27.63 and its two-hundred day moving average price is $26.82. ConnectOne Bancorp, Inc. has a 1-year low of $21.79 and a 1-year high of $30.65. The company has a market cap of $1.49 billion, a price-to-earnings ratio of 17.10 and a beta of 1.06.
ConnectOne Bancorp (NASDAQ:CNOB – Get Free Report) last announced its quarterly earnings results on Thursday, April 23rd. The financial services provider reported $0.79 earnings per share for the quarter, beating the consensus estimate of $0.73 by $0.06. ConnectOne Bancorp had a net margin of 13.21% and a return on equity of 10.17%. The business had revenue of $116.64 million for the quarter, compared to analysts’ expectations of $119.59 million. On average, analysts expect that ConnectOne Bancorp, Inc. will post 3.3 EPS for the current fiscal year.
ConnectOne Bancorp Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Friday, May 15th will be given a $0.195 dividend. This represents a $0.78 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend is Friday, May 15th. This is a positive change from ConnectOne Bancorp’s previous quarterly dividend of $0.18. ConnectOne Bancorp’s payout ratio is 41.62%.
ConnectOne Bancorp Profile
ConnectOne Bancorp is a New Jersey‐based bank holding company whose primary subsidiary, ConnectOne Bank, offers a suite of commercial banking services to small and medium‐sized businesses, professionals and individuals. Established in 2005 and headquartered in Englewood Cliffs, New Jersey, the company seeks to deliver customized lending and deposit solutions through a network of branches across northern New Jersey and the New York metropolitan area.
The company’s lending portfolio centers on commercial real estate financing, construction lending, owner‐occupied real estate loans and working capital lines of credit.
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