Strs Ohio Trims Position in ConnectOne Bancorp, Inc. (NASDAQ:CNOB)

Strs Ohio lessened its stake in shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB) by 10.6% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 30,500 shares of the financial services provider’s stock after selling 3,600 shares during the quarter. Strs Ohio’s holdings in ConnectOne Bancorp were worth $698,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. grew its holdings in ConnectOne Bancorp by 16.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 397,188 shares of the financial services provider’s stock valued at $7,082,000 after buying an additional 55,682 shares in the last quarter. B. Riley Wealth Advisors Inc. purchased a new position in shares of ConnectOne Bancorp during the third quarter worth about $1,086,000. Swiss National Bank grew its holdings in shares of ConnectOne Bancorp by 1.2% during the third quarter. Swiss National Bank now owns 81,900 shares of the financial services provider’s stock worth $1,460,000 after purchasing an additional 1,000 shares in the last quarter. FMR LLC grew its holdings in shares of ConnectOne Bancorp by 27.0% during the third quarter. FMR LLC now owns 3,500,507 shares of the financial services provider’s stock worth $62,414,000 after purchasing an additional 743,209 shares in the last quarter. Finally, Vanguard Group Inc. grew its holdings in shares of ConnectOne Bancorp by 0.7% during the third quarter. Vanguard Group Inc. now owns 2,045,578 shares of the financial services provider’s stock worth $36,473,000 after purchasing an additional 14,564 shares in the last quarter. Hedge funds and other institutional investors own 67.70% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on CNOB. Raymond James boosted their price objective on ConnectOne Bancorp from $26.00 to $28.00 and gave the stock a “strong-buy” rating in a report on Monday, January 29th. StockNews.com downgraded ConnectOne Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday. Piper Sandler boosted their target price on ConnectOne Bancorp from $24.00 to $25.00 and gave the stock an “overweight” rating in a research report on Friday, January 26th. Finally, Keefe, Bruyette & Woods boosted their target price on ConnectOne Bancorp from $25.00 to $27.00 and gave the stock an “outperform” rating in a research report on Friday, January 26th. One research analyst has rated the stock with a sell rating, three have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, ConnectOne Bancorp currently has an average rating of “Moderate Buy” and a consensus target price of $25.25.

ConnectOne Bancorp Stock Performance

Shares of CNOB stock opened at $18.46 on Friday. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.14 and a current ratio of 1.14. ConnectOne Bancorp, Inc. has a fifty-two week low of $13.11 and a fifty-two week high of $24.44. The stock has a 50 day moving average price of $19.21 and a two-hundred day moving average price of $20.06. The company has a market capitalization of $707.57 million, a P/E ratio of 8.92 and a beta of 1.25.

ConnectOne Bancorp (NASDAQ:CNOB) last issued its quarterly earnings results on Thursday, January 25th. The financial services provider reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.03. The company had revenue of $66.03 million for the quarter, compared to analysts’ expectations of $65.50 million. ConnectOne Bancorp had a return on equity of 8.14% and a net margin of 17.26%. Analysts expect that ConnectOne Bancorp, Inc. will post 1.76 earnings per share for the current year.

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.