BW Gestao de Investimentos Ltda. purchased a new position in ConnectOne Bancorp, Inc. (NASDAQ:CNOB – Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 162,500 shares of the financial services provider’s stock, valued at approximately $4,261,000.
Several other large investors have also recently made changes to their positions in CNOB. Wellington Management Group LLP raised its position in shares of ConnectOne Bancorp by 76.8% in the 3rd quarter. Wellington Management Group LLP now owns 2,882,584 shares of the financial services provider’s stock worth $71,517,000 after acquiring an additional 1,252,614 shares in the last quarter. Kennedy Capital Management LLC bought a new position in shares of ConnectOne Bancorp in the 3rd quarter worth $18,974,000. UBS Group AG raised its position in shares of ConnectOne Bancorp by 579.2% in the 4th quarter. UBS Group AG now owns 705,119 shares of the financial services provider’s stock worth $18,488,000 after acquiring an additional 601,310 shares in the last quarter. SG Americas Securities LLC bought a new position in shares of ConnectOne Bancorp in the 4th quarter worth $15,712,000. Finally, Algebris UK Ltd. raised its position in shares of ConnectOne Bancorp by 36.5% in the 4th quarter. Algebris UK Ltd. now owns 846,865 shares of the financial services provider’s stock worth $22,215,000 after acquiring an additional 226,523 shares in the last quarter. 67.70% of the stock is owned by institutional investors.
ConnectOne Bancorp Stock Up 2.3%
Shares of CNOB stock opened at $30.36 on Wednesday. The stock’s 50-day simple moving average is $28.55 and its 200-day simple moving average is $27.28. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.97 and a current ratio of 0.97. The firm has a market capitalization of $1.53 billion, a PE ratio of 17.55 and a beta of 1.06. ConnectOne Bancorp, Inc. has a fifty-two week low of $21.79 and a fifty-two week high of $30.65.
ConnectOne Bancorp Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 15th were given a dividend of $0.195 per share. The ex-dividend date of this dividend was Friday, May 15th. This represents a $0.78 annualized dividend and a yield of 2.6%. This is an increase from ConnectOne Bancorp’s previous quarterly dividend of $0.18. ConnectOne Bancorp’s payout ratio is 45.09%.
Wall Street Analysts Forecast Growth
Several research analysts have recently commented on CNOB shares. Piper Sandler started coverage on ConnectOne Bancorp in a research report on Monday, March 16th. They issued an “overweight” rating and a $31.00 price target for the company. Weiss Ratings raised ConnectOne Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, May 20th. Raymond James Financial reissued a “strong-buy” rating and issued a $34.00 price target on shares of ConnectOne Bancorp in a research report on Monday, April 27th. Keefe, Bruyette & Woods boosted their price target on ConnectOne Bancorp from $32.00 to $34.00 and gave the stock an “outperform” rating in a research report on Friday, April 24th. Finally, Hovde Group boosted their price target on ConnectOne Bancorp from $32.00 to $34.00 and gave the stock an “outperform” rating in a research report on Friday, April 24th. Two analysts have rated the stock with a Strong Buy rating and three have issued a Buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $33.25.
Get Our Latest Stock Analysis on CNOB
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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