Algert Global LLC Reduces Stock Holdings in ConnectOne Bancorp, Inc. (NASDAQ:CNOB)

Algert Global LLC lowered its stake in shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB) by 1.0% during the second quarter, Holdings Channel reports. The fund owned 45,496 shares of the financial services provider’s stock after selling 478 shares during the quarter. Algert Global LLC’s holdings in ConnectOne Bancorp were worth $859,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in shares of ConnectOne Bancorp by 2.6% during the first 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 during the last quarter. Kennedy Capital Management LLC boosted its stake in shares of ConnectOne Bancorp by 698.1% during the first quarter. Kennedy Capital Management LLC now owns 676,791 shares of the financial services provider’s stock valued at $13,197,000 after acquiring an additional 591,995 shares during the last quarter. American Century Companies Inc. boosted its stake in shares of ConnectOne Bancorp by 15.6% during the second quarter. American Century Companies Inc. now owns 633,599 shares of the financial services provider’s stock valued at $11,969,000 after acquiring an additional 85,437 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of ConnectOne Bancorp by 2.4% during the second quarter. Bank of New York Mellon Corp now owns 218,936 shares of the financial services provider’s stock valued at $4,136,000 after acquiring an additional 5,186 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its stake in shares of ConnectOne Bancorp by 7.2% during the second quarter. Renaissance Technologies LLC now owns 209,487 shares of the financial services provider’s stock valued at $3,957,000 after acquiring an additional 14,124 shares during the last quarter. Institutional investors and hedge funds own 67.70% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on CNOB shares. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $26.00 price objective (up previously from $22.00) on shares of ConnectOne Bancorp in a research note on Friday, July 26th. Piper Sandler raised their price target on ConnectOne Bancorp from $22.00 to $25.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Two equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, ConnectOne Bancorp presently has an average rating of “Moderate Buy” and a consensus target price of $25.00.

ConnectOne Bancorp Stock Up 2.7 %

Shares of NASDAQ CNOB opened at $25.08 on Friday. The stock has a market capitalization of $961.39 million, a PE ratio of 13.27 and a beta of 1.25. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.07. The firm has a fifty day moving average of $23.89 and a 200-day moving average of $20.90. ConnectOne Bancorp, Inc. has a 52-week low of $14.51 and a 52-week high of $26.53.

ConnectOne Bancorp (NASDAQ:CNOB) last posted its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.40 by $0.06. The firm had revenue of $134.41 million during the quarter, compared to the consensus estimate of $64.62 million. ConnectOne Bancorp had a return on equity of 7.13% and a net margin of 14.56%. During the same quarter in the previous year, the business earned $0.51 earnings per share. On average, analysts anticipate that ConnectOne Bancorp, Inc. will post 1.76 EPS for the current year.

ConnectOne Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Thursday, August 15th were issued a $0.18 dividend. The ex-dividend date was Thursday, August 15th. This represents a $0.72 annualized dividend and a yield of 2.87%. ConnectOne Bancorp’s payout ratio is 38.10%.

About ConnectOne Bancorp

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.