American Century Companies Inc. increased its position in ConnectOne Bancorp, Inc. (NASDAQ:CNOB – Free Report) by 8.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,660,175 shares of the financial services provider’s stock after purchasing an additional 122,923 shares during the quarter. American Century Companies Inc. owned approximately 4.25% of ConnectOne Bancorp worth $29,352,000 at the end of the most recent quarter.
Several other institutional investors have also made changes to their positions in CNOB. Advisor Group Holdings Inc. boosted its holdings in shares of ConnectOne Bancorp by 1,290.9% in the 1st quarter. Advisor Group Holdings Inc. now owns 2,142 shares of the financial services provider’s stock worth $69,000 after acquiring an additional 1,988 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in ConnectOne Bancorp by 12.6% in the first quarter. Bank of New York Mellon Corp now owns 232,553 shares of the financial services provider’s stock worth $7,444,000 after purchasing an additional 25,967 shares during the period. Group One Trading L.P. bought a new position in shares of ConnectOne Bancorp during the 1st quarter valued at about $32,000. HighTower Advisors LLC boosted its holdings in shares of ConnectOne Bancorp by 73.2% in the first quarter. HighTower Advisors LLC now owns 14,133 shares of the financial services provider’s stock valued at $457,000 after buying an additional 5,974 shares during the period. Finally, MetLife Investment Management LLC lifted its holdings in shares of ConnectOne Bancorp by 54.0% in the first quarter. MetLife Investment Management LLC now owns 21,220 shares of the financial services provider’s stock valued at $679,000 after purchasing an additional 7,440 shares in the last quarter. 68.34% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of research firms recently issued reports on CNOB. Piper Sandler lifted their target price on ConnectOne Bancorp from $19.00 to $23.00 in a research report on Friday, July 28th. TheStreet raised ConnectOne Bancorp from a “c+” rating to a “b-” rating in a report on Tuesday, August 15th. Raymond James raised ConnectOne Bancorp from a “market perform” rating to a “strong-buy” rating and set a $26.00 price objective for the company in a report on Monday, July 31st. Finally, StockNews.com assumed coverage on ConnectOne Bancorp in a research note on Thursday, August 17th. They issued a “hold” rating on the stock. One investment analyst has rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, ConnectOne Bancorp presently has a consensus rating of “Buy” and a consensus price target of $25.75.
Insider Transactions at ConnectOne Bancorp
In related news, Director William Thompson acquired 2,000 shares of the firm’s stock in a transaction dated Tuesday, August 15th. The stock was purchased at an average cost of $20.25 per share, with a total value of $40,500.00. Following the completion of the acquisition, the director now directly owns 100,850 shares of the company’s stock, valued at $2,042,212.50. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other ConnectOne Bancorp news, Director Michael W. Kempner sold 47,500 shares of the company’s stock in a transaction that occurred on Wednesday, August 9th. The stock was sold at an average price of $20.70, for a total transaction of $983,250.00. Following the sale, the director now directly owns 276,338 shares in the company, valued at $5,720,196.60. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director William Thompson acquired 2,000 shares of the firm’s stock in a transaction on Tuesday, August 15th. The stock was purchased at an average cost of $20.25 per share, with a total value of $40,500.00. Following the purchase, the director now owns 100,850 shares of the company’s stock, valued at $2,042,212.50. The disclosure for this purchase can be found here. Insiders own 6.58% of the company’s stock.
ConnectOne Bancorp Stock Performance
Shares of CNOB opened at $19.08 on Wednesday. ConnectOne Bancorp, Inc. has a 1 year low of $13.11 and a 1 year high of $26.55. The firm has a market cap of $742.98 million, a PE ratio of 7.37 and a beta of 1.20. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.01 and a quick ratio of 1.01. The stock’s fifty day moving average price is $18.55 and its two-hundred day moving average price is $18.05.
ConnectOne Bancorp (NASDAQ:CNOB – Get Free Report) last issued its quarterly earnings results on Thursday, July 27th. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.53 by ($0.02). ConnectOne Bancorp had a return on equity of 10.09% and a net margin of 23.44%. The firm had revenue of $67.28 million for the quarter, compared to the consensus estimate of $68.96 million. On average, equities research analysts forecast that ConnectOne Bancorp, Inc. will post 2.06 EPS for the current year.
ConnectOne Bancorp Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Tuesday, August 15th will be issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 3.56%. The ex-dividend date of this dividend is Monday, August 14th. ConnectOne Bancorp’s dividend payout ratio (DPR) is presently 26.25%.
ConnectOne Bancorp Profile
ConnectOne Bancorp, Inc operates as the bank holding company for ConnectOne Bank that provides commercial banking products and services for small and mid-sized businesses, local professionals, and individuals in the New York Metropolitan area and South Florida market. The company offers personal and business checking, money market, and time and savings accounts; credit cards, wire transfers, safe deposit boxes, automated teller services and telephone, and internet and mobile banking.
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