ConnectOne Bancorp, Inc. $CNOB Position Increased by First Trust Advisors LP

First Trust Advisors LP increased its stake in ConnectOne Bancorp, Inc. (NASDAQ:CNOB) by 40.2% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 81,570 shares of the financial services provider’s stock after acquiring an additional 23,375 shares during the quarter. First Trust Advisors LP owned approximately 0.16% of ConnectOne Bancorp worth $2,184,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Clearstead Advisors LLC grew its position in ConnectOne Bancorp by 195.6% during the 4th quarter. Clearstead Advisors LLC now owns 1,330 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 880 shares in the last quarter. Osaic Holdings Inc. raised its stake in shares of ConnectOne Bancorp by 728.4% during the 2nd quarter. Osaic Holdings Inc. now owns 1,781 shares of the financial services provider’s stock worth $41,000 after purchasing an additional 1,566 shares in the last quarter. State of Wyoming bought a new position in ConnectOne Bancorp during the fourth quarter valued at approximately $73,000. Farther Finance Advisors LLC raised its holdings in shares of ConnectOne Bancorp by 129.1% during the 4th quarter. Farther Finance Advisors LLC now owns 3,475 shares of the financial services provider’s stock valued at $91,000 after purchasing an additional 1,958 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its holdings in ConnectOne Bancorp by 791.0% during the third quarter. Russell Investments Group Ltd. now owns 4,553 shares of the financial services provider’s stock valued at $113,000 after buying an additional 4,042 shares in the last quarter. 67.70% of the stock is owned by hedge funds and other institutional investors.

ConnectOne Bancorp Stock Performance

Shares of NASDAQ:CNOB opened at $32.82 on Friday. The business has a 50-day moving average price of $32.48 and a two-hundred day moving average price of $29.48. ConnectOne Bancorp, Inc. has a 1-year low of $22.54 and a 1-year high of $34.14. The stock has a market capitalization of $1.65 billion, a P/E ratio of 10.76 and a beta of 1.05. The company has a current ratio of 1.04, a quick ratio of 0.97 and a debt-to-equity ratio of 0.61.

ConnectOne Bancorp (NASDAQ:CNOB) last released its earnings results on Thursday, July 23rd. The financial services provider reported $0.84 EPS for the quarter, topping analysts’ consensus estimates of $0.82 by $0.02. ConnectOne Bancorp had a net margin of 20.21% and a return on equity of 11.24%. The firm had revenue of $121.57 million during the quarter, compared to analyst estimates of $121.55 million. Equities analysts predict that ConnectOne Bancorp, Inc. will post 3.37 earnings per share for the current year.

ConnectOne Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be paid a dividend of $0.195 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $0.78 annualized dividend and a yield of 2.4%. ConnectOne Bancorp’s dividend payout ratio (DPR) is presently 25.57%.

Analyst Upgrades and Downgrades

CNOB has been the subject of a number of analyst reports. Weiss Ratings upgraded shares of ConnectOne Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, May 20th. Keefe, Bruyette & Woods lifted their price objective on ConnectOne Bancorp from $32.00 to $34.00 and gave the stock an “outperform” rating in a report on Friday, April 24th. Raymond James Financial reissued a “market perform” rating on shares of ConnectOne Bancorp in a research note on Wednesday, July 1st. Piper Sandler upped their price target on ConnectOne Bancorp from $34.00 to $38.00 and gave the company an “overweight” rating in a research report on Friday, June 26th. Finally, Hovde Group raised their price objective on shares of ConnectOne Bancorp from $32.00 to $34.00 and gave the stock an “outperform” rating in a report on Friday, April 24th. Four equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $35.00.

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.