Kennedy Capital Management LLC Acquires 591,995 Shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB)

Kennedy Capital Management LLC raised its holdings in ConnectOne Bancorp, Inc. (NASDAQ:CNOB) by 698.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 676,791 shares of the financial services provider’s stock after buying an additional 591,995 shares during the quarter. Kennedy Capital Management LLC’s holdings in ConnectOne Bancorp were worth $13,197,000 as of its most recent SEC filing.

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

ConnectOne Bancorp Price Performance

NASDAQ:CNOB traded up $0.25 during mid-day trading on Tuesday, reaching $24.30. 257,449 shares of the company were exchanged, compared to its average volume of 176,416. ConnectOne Bancorp, Inc. has a 12 month low of $14.51 and a 12 month high of $25.53. The company has a fifty day moving average of $19.54 and a 200 day moving average of $19.88. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.07. The stock has a market cap of $931.42 million, a PE ratio of 12.84 and a beta of 1.27.

ConnectOne Bancorp (NASDAQ:CNOB) last issued its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.40 by $0.06. ConnectOne Bancorp had a net margin of 14.56% and a return on equity of 7.16%. The firm had revenue of $134.41 million for the quarter, compared to analyst estimates of $64.62 million. During the same quarter in the prior year, the firm earned $0.51 EPS. On average, research analysts anticipate that ConnectOne Bancorp, Inc. will post 1.66 EPS for the current fiscal year.

ConnectOne Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Thursday, August 15th will be given a dividend of $0.18 per share. The ex-dividend date is Thursday, August 15th. This represents a $0.72 dividend on an annualized basis and a yield of 2.96%. ConnectOne Bancorp’s payout ratio is presently 38.10%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on CNOB. Piper Sandler upped their target price on shares of ConnectOne Bancorp from $22.00 to $25.00 and gave the stock an “overweight” rating in a report on Friday. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $26.00 target price (up previously from $22.00) on shares of ConnectOne Bancorp in a report on Friday. Finally, StockNews.com raised shares of ConnectOne Bancorp from a “sell” rating to a “hold” rating in a report on Friday, May 10th. Two research 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 data from MarketBeat.com, ConnectOne Bancorp presently has an average rating of “Moderate Buy” and a consensus price target of $25.00.

About ConnectOne Bancorp

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.