Earnest Partners LLC Sells 4,302 Shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB)

Earnest Partners LLC decreased its stake in shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB) by 2.1% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 204,953 shares of the financial services provider’s stock after selling 4,302 shares during the quarter. Earnest Partners LLC owned about 0.53% of ConnectOne Bancorp worth $3,872,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Kennedy Capital Management LLC boosted its stake in ConnectOne Bancorp by 698.1% during the first quarter. Kennedy Capital Management LLC now owns 676,791 shares of the financial services provider’s stock worth $13,197,000 after acquiring an additional 591,995 shares in the last quarter. Thrivent Financial for Lutherans acquired a new position in shares of ConnectOne Bancorp during the second quarter valued at about $1,648,000. American Century Companies Inc. boosted its position in shares of ConnectOne Bancorp by 15.6% during the 2nd quarter. American Century Companies Inc. now owns 633,599 shares of the financial services provider’s stock worth $11,969,000 after purchasing an additional 85,437 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of ConnectOne Bancorp by 2.6% in the 1st quarter. Vanguard Group Inc. now owns 2,143,706 shares of the financial services provider’s stock valued at $41,802,000 after buying an additional 53,563 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its position in ConnectOne Bancorp by 10.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 438,198 shares of the financial services provider’s stock valued at $10,039,000 after buying an additional 41,010 shares in the last quarter. Institutional investors own 67.70% of the company’s stock.

ConnectOne Bancorp Price Performance

CNOB stock opened at $24.48 on Friday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.01 and a current ratio of 1.01. The business has a 50-day simple moving average of $23.81 and a two-hundred day simple moving average of $20.69. The company has a market capitalization of $938.39 million, a P/E ratio of 12.95 and a beta of 1.25. ConnectOne Bancorp, Inc. has a 52-week low of $14.51 and a 52-week high of $26.53.

ConnectOne Bancorp (NASDAQ:CNOB) last announced its earnings results on Thursday, July 25th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.06. The company had revenue of $134.41 million for the quarter, compared to analysts’ expectations of $64.62 million. ConnectOne Bancorp had a return on equity of 7.13% and a net margin of 14.56%. During the same quarter in the previous year, the firm earned $0.51 earnings per share. Research analysts expect that ConnectOne Bancorp, Inc. will post 1.76 EPS for the current fiscal year.

ConnectOne Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Thursday, August 15th were paid a $0.18 dividend. The ex-dividend date was Thursday, August 15th. This represents a $0.72 annualized dividend and a dividend yield of 2.94%. ConnectOne Bancorp’s payout ratio is 38.10%.

Analyst Upgrades and Downgrades

CNOB has been the subject of a number of research reports. Piper Sandler raised their price objective on ConnectOne Bancorp from $22.00 to $25.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $26.00 target price (up from $22.00) on shares of ConnectOne Bancorp in a report on Friday, July 26th. Two 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, the stock has a consensus rating of “Moderate Buy” and a consensus price target 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.