Kennedy Capital Management LLC Raises Stock Position in ConnectOne Bancorp, Inc. (NASDAQ:CNOB)

Kennedy Capital Management LLC grew its holdings in ConnectOne Bancorp, Inc. (NASDAQ:CNOB) by 698.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 676,791 shares of the financial services provider’s stock after acquiring an additional 591,995 shares during the period. Kennedy Capital Management LLC owned about 1.77% of ConnectOne Bancorp worth $13,197,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. BNP Paribas Financial Markets grew its holdings 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 purchasing an additional 8,026 shares in the last quarter. Knights of Columbus Asset Advisors LLC grew its holdings in ConnectOne Bancorp by 118.2% during the 4th quarter. Knights of Columbus Asset Advisors LLC now owns 246,232 shares of the financial services provider’s stock worth $5,641,000 after acquiring an additional 133,384 shares in the last quarter. GAMMA Investing LLC acquired a new position in ConnectOne Bancorp during the 4th quarter worth $80,000. Dimensional Fund Advisors LP grew its holdings in ConnectOne Bancorp by 2.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,270,093 shares of the financial services provider’s stock worth $52,009,000 after acquiring an additional 58,277 shares in the last quarter. Finally, Pacific Ridge Capital Partners LLC grew its holdings in ConnectOne Bancorp by 13.0% during the 4th quarter. Pacific Ridge Capital Partners LLC now owns 80,296 shares of the financial services provider’s stock worth $1,840,000 after acquiring an additional 9,243 shares in the last quarter. 67.70% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

ConnectOne Bancorp Stock Performance

Shares of NASDAQ CNOB traded up $0.25 during midday trading on Tuesday, hitting $24.30. The company’s stock had a trading volume of 257,449 shares, compared to its average volume of 176,416. ConnectOne Bancorp, Inc. has a 1-year low of $14.51 and a 1-year high of $25.53. The firm’s fifty day moving average price is $19.54 and its 200-day moving average price is $19.88. 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 firm has a market cap of $931.42 million, a P/E ratio of 12.84 and a beta of 1.27.

ConnectOne Bancorp (NASDAQ:CNOB) last posted 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. ConnectOne Bancorp had a net margin of 14.56% and a return on equity of 7.16%. The business had revenue of $134.41 million during the quarter, compared to analyst estimates of $64.62 million. During the same period in the previous year, the business posted $0.51 EPS. On average, sell-side analysts forecast that ConnectOne Bancorp, Inc. will post 1.66 EPS for the current fiscal year.

ConnectOne Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Thursday, August 15th will be given a $0.18 dividend. The ex-dividend date is Thursday, August 15th. This represents a $0.72 annualized dividend and a yield of 2.96%. ConnectOne Bancorp’s dividend payout ratio 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.