ConnectOne Bancorp, Inc. (NASDAQ:CNOB) Shares Sold by Earnest Partners LLC

Earnest Partners LLC lessened its holdings in shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB) by 2.7% in the first quarter, according to its most recent filing with the SEC. The firm owned 209,255 shares of the financial services provider’s stock after selling 5,854 shares during the quarter. Earnest Partners LLC owned about 0.55% of ConnectOne Bancorp worth $4,080,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Parallel Advisors LLC grew its holdings in shares of ConnectOne Bancorp by 206.8% in the 4th quarter. Parallel Advisors LLC now owns 1,123 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 757 shares during the last quarter. GAMMA Investing LLC acquired a new position in ConnectOne Bancorp during the fourth quarter worth $80,000. Quest Partners LLC bought a new position in ConnectOne Bancorp during the fourth quarter valued at about $165,000. Bryn Mawr Capital Management LLC acquired a new stake in shares of ConnectOne Bancorp in the fourth quarter worth about $207,000. Finally, Certuity LLC bought a new stake in ConnectOne Bancorp during the fourth quarter worth approximately $209,000. Institutional investors own 67.70% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on CNOB shares. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $26.00 price objective (up from $22.00) on shares of ConnectOne Bancorp in a research report on Friday. Piper Sandler raised their price objective on ConnectOne Bancorp from $22.00 to $25.00 and gave the stock an “overweight” rating in a research report on Friday. Finally, StockNews.com upgraded ConnectOne Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, May 10th. Two investment analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $25.00.

ConnectOne Bancorp Price Performance

NASDAQ CNOB traded up $0.16 during trading on Tuesday, reaching $24.21. 21,756 shares of the company traded hands, compared to its average volume of 174,790. ConnectOne Bancorp, Inc. has a 1-year low of $14.51 and a 1-year high of $25.53. 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’s 50 day moving average price is $19.54 and its two-hundred day moving average price is $19.88. The company has a market cap of $927.97 million, a price-to-earnings ratio of 12.81 and a beta of 1.27.

ConnectOne Bancorp (NASDAQ:CNOB) last announced its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.46 EPS for the quarter, beating the consensus estimate of $0.40 by $0.06. The business had revenue of $134.41 million for the quarter, compared to analyst estimates of $64.62 million. ConnectOne Bancorp had a return on equity of 7.16% and a net margin of 14.56%. During the same quarter in the previous year, the firm earned $0.51 EPS. As a group, analysts anticipate that ConnectOne Bancorp, Inc. will post 1.66 EPS for the current year.

ConnectOne Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Thursday, August 15th will be given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.97%. The ex-dividend date of this dividend is Thursday, August 15th. ConnectOne Bancorp’s dividend payout ratio (DPR) is currently 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.