Hsbc Holdings PLC Takes $983,000 Position in ConnectOne Bancorp, Inc. $CNOB

Hsbc Holdings PLC bought a new position in ConnectOne Bancorp, Inc. (NASDAQ:CNOB) during the 1st quarter, HoldingsChannel reports. The firm bought 36,744 shares of the financial services provider’s stock, valued at approximately $983,000.

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

ConnectOne Bancorp Trading Up 0.9%

NASDAQ:CNOB opened at $33.10 on Wednesday. The company has a market cap of $1.66 billion, a P/E ratio of 10.85 and a beta of 1.05. ConnectOne Bancorp, Inc. has a twelve month low of $22.07 and a twelve month high of $34.14. The business has a 50 day moving average price of $31.96 and a two-hundred day moving average price of $29.12. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.14.

ConnectOne Bancorp (NASDAQ:CNOB) last posted its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.82 by $0.02. The company had revenue of $122.77 million for the quarter, compared to the consensus estimate of $121.55 million. ConnectOne Bancorp had a net margin of 20.21% and a return on equity of 11.35%. As a group, analysts expect that ConnectOne Bancorp, Inc. will post 3.28 EPS for the current fiscal year.

ConnectOne Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th will be paid a $0.195 dividend. This represents a $0.78 annualized dividend and a yield of 2.4%. The ex-dividend date is Friday, August 14th. ConnectOne Bancorp’s payout ratio is presently 25.57%.

Analyst Upgrades and Downgrades

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

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.