Kennedy Capital Management LLC Purchases New Position in ConnectOne Bancorp, Inc. $CNOB

Kennedy Capital Management LLC acquired a new position in ConnectOne Bancorp, Inc. (NASDAQ:CNOB) in the 3rd quarter, Holdings Channel reports. The firm acquired 764,755 shares of the financial services provider’s stock, valued at approximately $18,974,000.

Several other large investors have also bought and sold shares of CNOB. Geode Capital Management LLC grew its holdings in shares of ConnectOne Bancorp by 33.1% during the 2nd quarter. Geode Capital Management LLC now owns 1,160,058 shares of the financial services provider’s stock worth $26,870,000 after acquiring an additional 288,530 shares during the period. American Century Companies Inc. boosted its position in shares of ConnectOne Bancorp by 24.5% during the second quarter. American Century Companies Inc. now owns 983,452 shares of the financial services provider’s stock valued at $22,777,000 after purchasing an additional 193,692 shares in the last quarter. Algebris UK Ltd. bought a new stake in shares of ConnectOne Bancorp during the third quarter valued at approximately $15,379,000. Stieven Capital Advisors L.P. grew its stake in ConnectOne Bancorp by 3.6% in the second quarter. Stieven Capital Advisors L.P. now owns 542,067 shares of the financial services provider’s stock worth $12,554,000 after purchasing an additional 19,085 shares during the period. Finally, Boothbay Fund Management LLC grew its stake in ConnectOne Bancorp by 0.5% in the second quarter. Boothbay Fund Management LLC now owns 431,477 shares of the financial services provider’s stock worth $9,993,000 after purchasing an additional 2,084 shares during the period. 67.70% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have commented on CNOB. Hovde Group lowered their price objective on ConnectOne Bancorp from $32.50 to $32.00 and set an “outperform” rating for the company in a research report on Friday, January 30th. Wall Street Zen downgraded shares of ConnectOne Bancorp from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. Weiss Ratings reiterated a “hold (c)” rating on shares of ConnectOne Bancorp in a research note on Wednesday, January 21st. Finally, Keefe, Bruyette & Woods lifted their price target on shares of ConnectOne Bancorp from $30.00 to $32.00 and gave the company an “outperform” rating in a research report on Friday, January 30th. Three research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $30.67.

ConnectOne Bancorp Stock Up 0.2%

NASDAQ:CNOB traded up $0.05 during trading hours on Friday, reaching $25.48. 16,027 shares of the company traded hands, compared to its average volume of 281,719. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.76. The business’s 50-day moving average price is $27.09 and its two-hundred day moving average price is $25.96. ConnectOne Bancorp, Inc. has a 1 year low of $20.61 and a 1 year high of $29.28. The stock has a market capitalization of $1.28 billion, a P/E ratio of 17.00 and a beta of 1.13.

ConnectOne Bancorp (NASDAQ:CNOB) last released 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 return on equity of 9.33% and a net margin of 11.83%.The firm had revenue of $114.63 million for the quarter, compared to analysts’ expectations of $114.80 million. Analysts predict that ConnectOne Bancorp, Inc. will post 2.23 earnings per share for the current year.

ConnectOne Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 2nd. Shareholders of record on Friday, February 13th were paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date was Friday, February 13th. ConnectOne Bancorp’s dividend payout ratio (DPR) is currently 48.00%.

ConnectOne Bancorp 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.