SG Americas Securities LLC Invests $15.71 Million in ConnectOne Bancorp, Inc. $CNOB

SG Americas Securities LLC acquired a new position in ConnectOne Bancorp, Inc. (NASDAQ:CNOB) during the 4th quarter, HoldingsChannel reports. The fund acquired 599,235 shares of the financial services provider’s stock, valued at approximately $15,712,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Algebris UK Ltd. acquired a new position in shares of ConnectOne Bancorp in the third quarter worth about $15,379,000. Stieven Capital Advisors L.P. grew its position in shares of ConnectOne Bancorp by 29.3% during the 3rd quarter. Stieven Capital Advisors L.P. now owns 700,739 shares of the financial services provider’s stock valued at $17,385,000 after acquiring an additional 158,672 shares during the period. Elizabeth Park Capital Advisors Ltd. purchased a new position in shares of ConnectOne Bancorp in the 2nd quarter valued at about $2,205,000. Endeavour Capital Advisors Inc. purchased a new position in shares of ConnectOne Bancorp in the 3rd quarter valued at about $1,787,000. Finally, Arrowstreet Capital Limited Partnership raised its holdings in ConnectOne Bancorp by 623.5% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 306,362 shares of the financial services provider’s stock worth $7,095,000 after purchasing an additional 264,016 shares during the period. Institutional investors and hedge funds own 67.70% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Wall Street Zen downgraded 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 research report on Wednesday, January 21st. Hovde Group reduced their target price on ConnectOne Bancorp from $32.50 to $32.00 and set an “outperform” rating for the company in a research note on Friday, January 30th. Piper Sandler assumed coverage on ConnectOne Bancorp in a research report on Monday, March 16th. They set an “overweight” rating and a $31.00 target price on the stock. 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 note on Friday, January 30th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $31.67.

ConnectOne Bancorp Trading Down 1.7%

Shares of CNOB opened at $26.03 on Friday. ConnectOne Bancorp, Inc. has a 52-week low of $20.61 and a 52-week high of $29.28. The stock has a market cap of $1.31 billion, a PE ratio of 17.35 and a beta of 1.13. The firm’s fifty day moving average is $27.02 and its two-hundred day moving average is $26.00. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.76.

ConnectOne Bancorp (NASDAQ:CNOB) last posted its quarterly earnings results on Thursday, January 29th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating 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 business had revenue of $114.63 million during the quarter, compared to analyst estimates of $114.80 million. Research analysts forecast that ConnectOne Bancorp, Inc. will post 2.23 earnings per share for the current fiscal year.

ConnectOne Bancorp Dividend Announcement

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