Genesis Financial Group LLC Buys New Shares in ConnectOne Bancorp, Inc. $CNOB

Genesis Financial Group LLC purchased a new position in shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 20,392 shares of the financial services provider’s stock, valued at approximately $535,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CNOB. SG Americas Securities LLC bought a new stake in shares of ConnectOne Bancorp during the 4th quarter worth about $15,712,000. Millennium Management LLC bought a new position in shares of ConnectOne Bancorp in the third quarter worth $4,180,000. Boothbay Fund Management LLC raised its position in shares of ConnectOne Bancorp by 1.6% in the 3rd quarter. Boothbay Fund Management LLC now owns 438,384 shares of the financial services provider’s stock valued at $10,876,000 after buying an additional 6,907 shares in the last quarter. Alliancebernstein L.P. raised its position in ConnectOne Bancorp by 1.2% during the third quarter. Alliancebernstein L.P. now owns 262,100 shares of the financial services provider’s stock valued at $6,503,000 after purchasing an additional 3,000 shares in the last quarter. Finally, Creative Planning raised its holdings in shares of ConnectOne Bancorp by 19.2% during the 3rd quarter. Creative Planning now owns 52,239 shares of the financial services provider’s stock worth $1,296,000 after buying an additional 8,397 shares in the last quarter. 67.70% of the stock is owned by institutional investors.

ConnectOne Bancorp Price Performance

Shares of NASDAQ CNOB opened at $27.03 on Friday. ConnectOne Bancorp, Inc. has a fifty-two week low of $20.61 and a fifty-two week high of $29.28. The stock has a market cap of $1.36 billion, a price-to-earnings ratio of 18.02 and a beta of 1.08. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.04 and a current ratio of 1.04. The firm’s 50-day simple moving average is $26.93 and its 200 day simple moving average is $26.05.

ConnectOne Bancorp (NASDAQ:CNOB) last issued its quarterly earnings data 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. The firm had revenue of $114.63 million during the quarter, compared to analyst estimates of $114.80 million. ConnectOne Bancorp had a return on equity of 9.33% and a net margin of 11.83%. As a group, research analysts anticipate that ConnectOne Bancorp, Inc. will post 2.23 earnings per share for the current fiscal year.

ConnectOne Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 2nd. Investors of record on Friday, February 13th were issued a dividend of $0.18 per share. The ex-dividend date was Friday, February 13th. This represents a $0.72 annualized dividend and a yield of 2.7%. ConnectOne Bancorp’s dividend payout ratio is 48.00%.

Wall Street Analyst Weigh In

CNOB has been the subject of a number of research reports. Hovde Group dropped their price objective on shares of ConnectOne Bancorp from $32.50 to $32.00 and set an “outperform” rating for the company in a report on Friday, January 30th. Wall Street Zen lowered ConnectOne Bancorp from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. Weiss Ratings restated a “hold (c)” rating on shares of ConnectOne Bancorp in a report on Wednesday, January 21st. Keefe, Bruyette & Woods upped their price objective on shares of ConnectOne Bancorp from $30.00 to $32.00 and gave the company an “outperform” rating in a report on Friday, January 30th. Finally, Piper Sandler initiated coverage on shares of ConnectOne Bancorp in a research report on Monday, March 16th. They set an “overweight” rating and a $31.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $31.67.

About ConnectOne Bancorp

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.