JPMorgan Chase & Co. Reduces Stock Position in ConnectOne Bancorp, Inc. $CNOB

JPMorgan Chase & Co. reduced its position in ConnectOne Bancorp, Inc. (NASDAQ:CNOB) by 15.1% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 569,333 shares of the financial services provider’s stock after selling 101,394 shares during the period. JPMorgan Chase & Co. owned approximately 1.13% of ConnectOne Bancorp worth $14,125,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Osaic Holdings Inc. increased its holdings in ConnectOne Bancorp by 728.4% during the second quarter. Osaic Holdings Inc. now owns 1,781 shares of the financial services provider’s stock valued at $41,000 after buying an additional 1,566 shares during the last quarter. PNC Financial Services Group Inc. lifted its stake in shares of ConnectOne Bancorp by 107.9% during the 2nd quarter. PNC Financial Services Group Inc. now owns 1,842 shares of the financial services provider’s stock valued at $43,000 after buying an additional 956 shares in the last quarter. State of Alaska Department of Revenue bought a new stake in ConnectOne Bancorp during the third quarter valued at about $48,000. Ameritas Investment Partners Inc. grew its position in shares of ConnectOne Bancorp by 28.8% during the second quarter. Ameritas Investment Partners Inc. now owns 4,746 shares of the financial services provider’s stock worth $110,000 after purchasing an additional 1,061 shares in the last quarter. Finally, Tower Research Capital LLC TRC raised its position in shares of ConnectOne Bancorp by 707.0% during the second quarter. Tower Research Capital LLC TRC now owns 6,440 shares of the financial services provider’s stock valued at $149,000 after buying an additional 5,642 shares during the last quarter. Institutional investors own 67.70% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Wall Street Zen lowered ConnectOne Bancorp from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. Hovde Group reduced their target price on shares of ConnectOne Bancorp from $32.50 to $32.00 and set an “outperform” rating on the stock in a report on Friday, January 30th. Keefe, Bruyette & Woods boosted their price objective on ConnectOne Bancorp from $30.00 to $32.00 and gave the stock an “outperform” rating in a research note on Friday, January 30th. Weiss Ratings reissued a “hold (c)” rating on shares of ConnectOne Bancorp in a research report on Wednesday, January 21st. Finally, Piper Sandler began coverage on shares of ConnectOne Bancorp in a research report on Friday, November 7th. They set an “overweight” rating and a $28.00 price objective on the stock. Three investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $30.67.

ConnectOne Bancorp Stock Up 0.2%

Shares of NASDAQ CNOB opened at $26.61 on Thursday. The stock has a market capitalization of $1.34 billion, a PE ratio of 17.74 and a beta of 1.13. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.76. ConnectOne Bancorp, Inc. has a 12-month low of $20.61 and a 12-month high of $29.28. The stock’s fifty day simple moving average is $27.20 and its two-hundred day simple moving average is $25.91.

ConnectOne Bancorp (NASDAQ:CNOB) last announced its earnings results on Thursday, January 29th. The financial services provider reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.74 by $0.09. ConnectOne Bancorp had a net margin of 11.83% and a return on equity of 9.33%. The business had revenue of $114.63 million during the quarter, compared to the consensus estimate of $114.80 million. As a group, analysts expect that ConnectOne Bancorp, Inc. will post 2.23 EPS for the current fiscal year.

ConnectOne Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 2nd. Stockholders of record on Friday, February 13th were paid a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 2.7%. The ex-dividend date was Friday, February 13th. ConnectOne Bancorp’s dividend payout ratio (DPR) is presently 48.00%.

ConnectOne Bancorp Company Profile

ConnectOne Bancorp is a New Jersey‐based bank holding company whose primary subsidiary, ConnectOne Bank, offers a suite of commercial banking services to small and medium‐sized businesses, professionals and individuals. Established in 2005 and headquartered in Englewood Cliffs, New Jersey, the company seeks to deliver customized lending and deposit solutions through a network of branches across northern New Jersey and the New York metropolitan area.

The company’s lending portfolio centers on commercial real estate financing, construction lending, owner‐occupied real estate loans and working capital lines of credit.