Monarch Partners Asset Management LLC grew its holdings in shares of ConnectOne Bancorp Inc (NASDAQ:CNOB) by 11.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 359,605 shares of the financial services provider’s stock after acquiring an additional 37,095 shares during the quarter. Monarch Partners Asset Management LLC’s holdings in ConnectOne Bancorp were worth $8,541,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also modified their holdings of CNOB. Dimensional Fund Advisors LP raised its stake in ConnectOne Bancorp by 11.5% during the second quarter. Dimensional Fund Advisors LP now owns 1,937,492 shares of the financial services provider’s stock worth $48,244,000 after acquiring an additional 200,215 shares in the last quarter. Millennium Management LLC raised its stake in ConnectOne Bancorp by 61.6% during the second quarter. Millennium Management LLC now owns 282,953 shares of the financial services provider’s stock worth $7,046,000 after acquiring an additional 107,863 shares in the last quarter. BlackRock Inc. increased its stake in shares of ConnectOne Bancorp by 6.1% in the second quarter. BlackRock Inc. now owns 1,878,862 shares of the financial services provider’s stock valued at $46,783,000 after buying an additional 107,680 shares during the period. First Trust Advisors LP increased its stake in shares of ConnectOne Bancorp by 141.8% in the second quarter. First Trust Advisors LP now owns 159,828 shares of the financial services provider’s stock valued at $3,980,000 after buying an additional 93,738 shares during the period. Finally, Renaissance Technologies LLC increased its stake in shares of ConnectOne Bancorp by 9.3% in the second quarter. Renaissance Technologies LLC now owns 1,047,576 shares of the financial services provider’s stock valued at $26,085,000 after buying an additional 89,300 shares during the period. 66.88% of the stock is owned by hedge funds and other institutional investors.
In related news, Director Nicholas Minoia bought 5,000 shares of ConnectOne Bancorp stock in a transaction that occurred on Tuesday, August 7th. The shares were acquired at an average cost of $24.77 per share, for a total transaction of $123,850.00. Following the completion of the acquisition, the director now directly owns 75,102 shares of the company’s stock, valued at approximately $1,860,276.54. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Stephen T. Boswell bought 15,000 shares of ConnectOne Bancorp stock in a transaction that occurred on Monday, October 29th. The stock was bought at an average price of $20.83 per share, for a total transaction of $312,450.00. The disclosure for this purchase can be found here. Corporate insiders own 7.67% of the company’s stock.
Several research analysts have recently issued reports on CNOB shares. BidaskClub raised ConnectOne Bancorp from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 11th. ValuEngine downgraded ConnectOne Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, July 25th. Finally, Zacks Investment Research downgraded ConnectOne Bancorp from a “hold” rating to a “sell” rating in a research note on Monday, July 16th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating, one has given a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $35.33.
ConnectOne Bancorp stock opened at $21.55 on Monday. ConnectOne Bancorp Inc has a 1 year low of $19.30 and a 1 year high of $31.40. The company has a debt-to-equity ratio of 1.31, a current ratio of 1.16 and a quick ratio of 1.16. The company has a market capitalization of $693.58 million, a PE ratio of 12.31 and a beta of 0.93.
ConnectOne Bancorp (NASDAQ:CNOB) last released its quarterly earnings data on Thursday, October 25th. The financial services provider reported $0.57 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.55 by $0.02. ConnectOne Bancorp had a return on equity of 12.20% and a net margin of 24.26%. The company had revenue of $41.39 million during the quarter, compared to the consensus estimate of $41.52 million. On average, sell-side analysts predict that ConnectOne Bancorp Inc will post 2.16 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, November 1st. Investors of record on Monday, October 15th were issued a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 1.39%. The ex-dividend date was Friday, October 12th. ConnectOne Bancorp’s payout ratio is presently 17.14%.
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, time and savings accounts, and NOW accounts.
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