Belpointe Asset Management LLC Makes New $57,000 Investment in ConnectOne Bancorp, Inc. (NASDAQ:CNOB)

Belpointe Asset Management LLC acquired a new stake in ConnectOne Bancorp, Inc. (NASDAQ:CNOB – Get Rating) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 2,335 shares of the financial services provider’s stock, valued at approximately $57,000.

Several other institutional investors have also recently added to or reduced their stakes in CNOB. BlackRock Inc. increased its stake in shares of ConnectOne Bancorp by 1.5% during the 3rd quarter. BlackRock Inc. now owns 2,967,739 shares of the financial services provider’s stock valued at $68,435,000 after acquiring an additional 44,894 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of ConnectOne Bancorp by 1.9% in the 3rd quarter. Dimensional Fund Advisors LP now owns 2,537,109 shares of the financial services provider’s stock valued at $58,507,000 after purchasing an additional 47,150 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of ConnectOne Bancorp by 0.6% during the 3rd quarter. Vanguard Group Inc. now owns 1,892,237 shares of the financial services provider’s stock valued at $43,635,000 after buying an additional 12,193 shares during the period. State Street Corp increased its holdings in shares of ConnectOne Bancorp by 9.6% during the 1st quarter. State Street Corp now owns 1,067,558 shares of the financial services provider’s stock worth $34,173,000 after buying an additional 93,377 shares during the last quarter. Finally, Nuveen Asset Management LLC raised its position in shares of ConnectOne Bancorp by 5.6% in the 3rd quarter. Nuveen Asset Management LLC now owns 1,033,012 shares of the financial services provider’s stock worth $23,822,000 after buying an additional 54,344 shares during the period. 67.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on CNOB shares. Keefe, Bruyette & Woods decreased their price target on shares of ConnectOne Bancorp from $31.00 to $26.00 and set an “outperform” rating for the company in a research report on Thursday, April 6th. Stephens lowered their price target on shares of ConnectOne Bancorp from $31.00 to $28.00 and set an “overweight” rating for the company in a report on Monday, January 30th. TheStreet cut shares of ConnectOne Bancorp from a “b-” rating to a “c+” rating in a report on Friday, May 5th. StockNews.com initiated coverage on shares of ConnectOne Bancorp in a report on Thursday, May 18th. They issued a “hold” rating on the stock. Finally, Piper Sandler cut their price target on shares of ConnectOne Bancorp from $21.00 to $19.00 in a report on Friday, April 28th. Two equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, ConnectOne Bancorp currently has an average rating of “Moderate Buy” and a consensus price target of $25.25.

Insider Buying and Selling

In other news, Director Stephen T. Boswell purchased 10,000 shares of the business’s stock in a transaction dated Friday, March 10th. The stock was bought at an average cost of $20.95 per share, with a total value of $209,500.00. Following the purchase, the director now directly owns 254,084 shares of the company’s stock, valued at $5,323,059.80. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other ConnectOne Bancorp news, Director Stephen T. Boswell bought 10,000 shares of the stock in a transaction on Friday, March 10th. The shares were purchased at an average cost of $20.95 per share, with a total value of $209,500.00. Following the completion of the transaction, the director now directly owns 254,084 shares of the company’s stock, valued at approximately $5,323,059.80. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Michael W. Kempner sold 41,000 shares of the stock in a transaction dated Thursday, March 2nd. The shares were sold at an average price of $24.01, for a total value of $984,410.00. Following the transaction, the director now directly owns 319,585 shares in the company, valued at approximately $7,673,235.85. The disclosure for this sale can be found here. In the last ninety days, insiders acquired 10,531 shares of company stock valued at $217,963. Corporate insiders own 6.18% of the company’s stock.

ConnectOne Bancorp Stock Up 3.2 %

CNOB stock opened at $14.38 on Tuesday. ConnectOne Bancorp, Inc. has a 52 week low of $13.11 and a 52 week high of $28.68. The company has a market capitalization of $563.41 million, a price-to-earnings ratio of 5.03 and a beta of 1.11. The firm’s 50-day moving average is $16.27 and its two-hundred day moving average is $21.60. 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 (NASDAQ:CNOB – Get Rating) last released its earnings results on Thursday, April 27th. The financial services provider reported $0.59 EPS for the quarter, missing the consensus estimate of $0.72 by ($0.13). ConnectOne Bancorp had a net margin of 28.02% and a return on equity of 11.26%. The business had revenue of $69.88 million for the quarter, compared to analyst estimates of $79.90 million. On average, analysts forecast that ConnectOne Bancorp, Inc. will post 2.36 earnings per share for the current fiscal year.

ConnectOne Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 1st. Stockholders of record on Monday, May 15th will be issued a dividend of $0.17 per share. The ex-dividend date is Friday, May 12th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.73%. This is a positive change from ConnectOne Bancorp’s previous quarterly dividend of $0.16. ConnectOne Bancorp’s payout ratio is currently 23.78%.

About ConnectOne Bancorp

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ConnectOne Bancorp, Inc is a holding company, which engages in the provision of modern financial services. The firm offers commercial, commercial real estate, commercial construction, residential real estate, and consumer loans. The company was founded on November 12, 1982 and is headquartered in Englewood Cliffs, NJ.