Earnest Partners LLC Trims Stake in ConnectOne Bancorp, Inc. (NASDAQ:CNOB)

Earnest Partners LLC lessened its holdings in shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB) by 2.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 209,255 shares of the financial services provider’s stock after selling 5,854 shares during the quarter. Earnest Partners LLC’s holdings in ConnectOne Bancorp were worth $4,080,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the business. Parallel Advisors LLC lifted its holdings in ConnectOne Bancorp by 206.8% during the fourth quarter. Parallel Advisors LLC now owns 1,123 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 757 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in ConnectOne Bancorp by 4.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 36,860 shares of the financial services provider’s stock valued at $719,000 after acquiring an additional 1,535 shares during the period. Trexquant Investment LP lifted its position in shares of ConnectOne Bancorp by 11.2% in the fourth quarter. Trexquant Investment LP now owns 21,936 shares of the financial services provider’s stock valued at $503,000 after acquiring an additional 2,206 shares in the last quarter. Salzhauer Michael grew its position in shares of ConnectOne Bancorp by 3.9% during the first quarter. Salzhauer Michael now owns 65,656 shares of the financial services provider’s stock worth $1,280,000 after purchasing an additional 2,480 shares in the last quarter. Finally, GAMMA Investing LLC bought a new stake in ConnectOne Bancorp during the 4th quarter valued at approximately $80,000. Institutional investors own 67.70% of the company’s stock.

ConnectOne Bancorp Trading Up 0.7 %

Shares of CNOB stock traded up $0.16 on Tuesday, reaching $24.21. 21,756 shares of the company’s stock were exchanged, compared to its average volume of 174,790. The company’s fifty day simple moving average is $19.54 and its 200 day simple moving average is $19.88. The stock has a market capitalization of $927.97 million, a PE ratio of 12.81 and a beta of 1.27. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.07. ConnectOne Bancorp, Inc. has a 52 week low of $14.51 and a 52 week high of $25.53.

ConnectOne Bancorp (NASDAQ:CNOB) last posted its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.46 EPS for the quarter, topping the consensus estimate of $0.40 by $0.06. The company had revenue of $134.41 million for the quarter, compared to the consensus estimate of $64.62 million. ConnectOne Bancorp had a net margin of 14.56% and a return on equity of 7.16%. During the same quarter last year, the firm posted $0.51 EPS. As a group, analysts forecast that ConnectOne Bancorp, Inc. will post 1.66 EPS for the current year.

ConnectOne Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Thursday, August 15th will be issued a $0.18 dividend. The ex-dividend date is Thursday, August 15th. This represents a $0.72 annualized dividend and a dividend yield of 2.97%. ConnectOne Bancorp’s payout ratio is currently 38.10%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Piper Sandler increased their price objective on shares of ConnectOne Bancorp from $22.00 to $25.00 and gave the company an “overweight” rating in a report on Friday. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $26.00 price objective (up previously from $22.00) on shares of ConnectOne Bancorp in a report on Friday. Finally, StockNews.com upgraded shares of ConnectOne Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, May 10th. Two investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, ConnectOne Bancorp presently has an average rating of “Moderate Buy” and a consensus target price of $25.00.

ConnectOne Bancorp Company 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.