SG Americas Securities LLC Makes New $246,000 Investment in ConnectOne Bancorp, Inc. (NASDAQ:CNOB)

SG Americas Securities LLC acquired a new position in ConnectOne Bancorp, Inc. (NASDAQ:CNOB) in the third quarter, HoldingsChannel.com reports. The fund acquired 9,834 shares of the financial services provider’s stock, valued at approximately $246,000.

A number of other large investors have also modified their holdings of CNOB. Principal Financial Group Inc. acquired a new position in shares of ConnectOne Bancorp during the 1st quarter worth about $381,000. BNP Paribas Financial Markets grew its stake in ConnectOne Bancorp by 19.8% during the 1st quarter. BNP Paribas Financial Markets now owns 48,504 shares of the financial services provider’s stock valued at $946,000 after acquiring an additional 8,026 shares in the last quarter. GSA Capital Partners LLP purchased a new stake in ConnectOne Bancorp during the 1st quarter valued at about $461,000. Empowered Funds LLC grew its stake in ConnectOne Bancorp by 43.1% during the 1st quarter. Empowered Funds LLC now owns 120,644 shares of the financial services provider’s stock valued at $2,353,000 after acquiring an additional 36,325 shares in the last quarter. Finally, Vanguard Group Inc. grew its stake in ConnectOne Bancorp by 2.6% during the 1st quarter. Vanguard Group Inc. now owns 2,143,706 shares of the financial services provider’s stock valued at $41,802,000 after acquiring an additional 53,563 shares in the last quarter. Institutional investors and hedge funds own 67.70% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on CNOB. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $26.00 price target (up previously from $22.00) on shares of ConnectOne Bancorp in a research note on Friday, July 26th. Piper Sandler increased their price target on shares of ConnectOne Bancorp from $22.00 to $25.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Two research analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $26.33.

ConnectOne Bancorp Stock Performance

NASDAQ:CNOB opened at $25.38 on Tuesday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.01 and a current ratio of 1.01. The stock has a market capitalization of $972.89 million, a P/E ratio of 13.43 and a beta of 1.25. The company has a 50 day moving average price of $24.58 and a 200 day moving average price of $21.41. ConnectOne Bancorp, Inc. has a fifty-two week low of $14.51 and a fifty-two week high of $27.13.

ConnectOne Bancorp (NASDAQ:CNOB) last posted its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.40 by $0.06. The firm had revenue of $134.41 million during the quarter, compared to analysts’ expectations of $64.62 million. ConnectOne Bancorp had a net margin of 14.56% and a return on equity of 7.13%. During the same quarter last year, the company posted $0.51 EPS. Equities research analysts forecast that ConnectOne Bancorp, Inc. will post 1.78 EPS for the current year.

ConnectOne Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Thursday, August 15th were issued a dividend of $0.18 per share. The ex-dividend date was Thursday, August 15th. This represents a $0.72 dividend on an annualized basis and a yield of 2.84%. ConnectOne Bancorp’s dividend payout ratio (DPR) is presently 38.10%.

ConnectOne Bancorp Profile

ConnectOne Bancorp, Inc operates as the bank holding company for ConnectOne Bank that provides commercial banking products and services for small and mid-sized businesses, local professionals, and individuals in the New York Metropolitan area and South Florida market. The company offers personal and business checking, money market, and time and savings accounts; credit cards, wire transfers, safe deposit boxes, automated teller services and telephone, and internet and mobile banking.