Schwab Charles Investment Management Inc. Cuts Stake in ConnectOne Bancorp Inc (CNOB)

Schwab Charles Investment Management Inc. lessened its position in shares of ConnectOne Bancorp Inc (NASDAQ:CNOB) by 9.6% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 126,142 shares of the financial services provider’s stock after selling 13,450 shares during the quarter. Schwab Charles Investment Management Inc. owned approximately 0.39% of ConnectOne Bancorp worth $3,104,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Goldman Sachs Group Inc. raised its stake in ConnectOne Bancorp by 7.5% in the 2nd quarter. Goldman Sachs Group Inc. now owns 1,358,490 shares of the financial services provider’s stock valued at $30,634,000 after purchasing an additional 94,746 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in ConnectOne Bancorp by 12.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,356,084 shares of the financial services provider’s stock valued at $30,580,000 after purchasing an additional 152,549 shares during the last quarter. Vanguard Group Inc. raised its stake in ConnectOne Bancorp by 5.6% in the 2nd quarter. Vanguard Group Inc. now owns 1,310,949 shares of the financial services provider’s stock valued at $29,561,000 after purchasing an additional 69,802 shares during the last quarter. Banc Funds Co. LLC raised its stake in ConnectOne Bancorp by 6.8% in the 2nd quarter. Banc Funds Co. LLC now owns 784,153 shares of the financial services provider’s stock valued at $17,683,000 after purchasing an additional 50,000 shares during the last quarter. Finally, State Street Corp raised its stake in ConnectOne Bancorp by 8.9% in the 2nd quarter. State Street Corp now owns 570,520 shares of the financial services provider’s stock valued at $12,868,000 after purchasing an additional 46,590 shares during the last quarter. 68.57% of the stock is owned by hedge funds and other institutional investors.

ConnectOne Bancorp Inc (NASDAQ CNOB) opened at $28.50 on Tuesday. ConnectOne Bancorp Inc has a one year low of $21.04 and a one year high of $29.00. The firm has a market cap of $912.44, a PE ratio of 30.00 and a beta of 0.96. The company has a quick ratio of 0.95, a current ratio of 0.98 and a debt-to-equity ratio of 0.10.

ConnectOne Bancorp (NASDAQ:CNOB) last announced its earnings results on Thursday, October 26th. The financial services provider reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.33 by $0.13. ConnectOne Bancorp had a net margin of 16.97% and a return on equity of 9.64%. equities analysts expect that ConnectOne Bancorp Inc will post 1.42 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, February 1st. Shareholders of record on Monday, January 15th will be issued a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 1.05%. The ex-dividend date is Thursday, January 11th. ConnectOne Bancorp’s dividend payout ratio (DPR) is 31.58%.

Several brokerages recently weighed in on CNOB. BidaskClub downgraded shares of ConnectOne Bancorp from a “buy” rating to a “hold” rating in a research note on Thursday, December 21st. Piper Jaffray Companies reissued a “buy” rating and issued a $30.50 target price on shares of ConnectOne Bancorp in a research note on Wednesday, November 1st. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $32.00 target price on shares of ConnectOne Bancorp in a research note on Thursday, October 26th. Finally, Zacks Investment Research raised shares of ConnectOne Bancorp from a “sell” rating to a “hold” rating and set a $30.00 target price for the company in a research note on Monday, October 30th.

In other ConnectOne Bancorp news, EVP Laura Criscione sold 4,300 shares of ConnectOne Bancorp stock in a transaction dated Thursday, December 14th. The stock was sold at an average price of $26.49, for a total value of $113,907.00. Following the completion of the sale, the executive vice president now owns 56,536 shares in the company, valued at approximately $1,497,638.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Frank Sorrentino III sold 5,848 shares of ConnectOne Bancorp stock in a transaction dated Thursday, December 14th. The shares were sold at an average price of $26.49, for a total value of $154,913.52. Following the completion of the sale, the chief executive officer now owns 560,562 shares of the company’s stock, valued at approximately $14,849,287.38. The disclosure for this sale can be found here. 7.63% of the stock is owned by insiders.

WARNING: This report was reported by Dispatch Tribunal and is the sole property of of Dispatch Tribunal. If you are viewing this report on another domain, it was illegally copied and reposted in violation of US & international trademark & copyright legislation. The legal version of this report can be accessed at https://www.dispatchtribunal.com/2018/01/16/schwab-charles-investment-management-inc-cuts-stake-in-connectone-bancorp-inc-cnob.html.

ConnectOne Bancorp Profile

ConnectOne Bancorp, Inc is a bank holding company of ConnectOne Bank (the Bank). The Bank is a community-based, full-service New Jersey-chartered commercial bank. The Bank offers a range of deposit and loan products. In addition, to attract the business of consumer and business customers, it also provides an array of other banking services.

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

Receive News & Ratings for ConnectOne Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ConnectOne Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply