Envestnet Asset Management Inc. Raises Stock Holdings in ConnectOne Bancorp, Inc. (NASDAQ:CNOB)

Envestnet Asset Management Inc. boosted its holdings in ConnectOne Bancorp, Inc. (NASDAQ:CNOB) by 36.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 157,898 shares of the financial services provider’s stock after purchasing an additional 41,917 shares during the period. Envestnet Asset Management Inc. owned about 0.41% of ConnectOne Bancorp worth $3,617,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. Wells Fargo & Company MN boosted its holdings in shares of ConnectOne Bancorp by 31.5% in the 4th quarter. Wells Fargo & Company MN now owns 158,132 shares of the financial services provider’s stock worth $3,623,000 after buying an additional 37,868 shares during the last quarter. ExodusPoint Capital Management LP boosted its stake in ConnectOne Bancorp by 524.4% in the fourth quarter. ExodusPoint Capital Management LP now owns 56,699 shares of the financial services provider’s stock valued at $1,299,000 after acquiring an additional 47,619 shares during the last quarter. Vanguard Group Inc. boosted its stake in ConnectOne Bancorp by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 2,166,557 shares of the financial services provider’s stock valued at $49,636,000 after acquiring an additional 19,348 shares during the last quarter. KLP Kapitalforvaltning AS bought a new position in shares of ConnectOne Bancorp during the 4th quarter valued at approximately $149,000. Finally, American Century Companies Inc. increased its stake in shares of ConnectOne Bancorp by 6.9% during the 4th quarter. American Century Companies Inc. now owns 771,714 shares of the financial services provider’s stock worth $17,680,000 after purchasing an additional 49,943 shares during the last quarter. Institutional investors own 67.70% of the company’s stock.

Wall Street Analysts Forecast Growth

CNOB has been the topic of several research analyst reports. Hovde Group upped their price objective on ConnectOne Bancorp from $29.00 to $29.50 and gave the company an “outperform” rating in a research note on Thursday. Keefe, Bruyette & Woods upgraded ConnectOne Bancorp from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $31.00 to $32.00 in a research note on Wednesday, March 26th.

ConnectOne Bancorp Stock Up 2.0 %

ConnectOne Bancorp stock opened at $22.80 on Friday. The firm has a 50 day simple moving average of $23.39 and a 200 day simple moving average of $24.63. 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 1-year low of $17.07 and a 1-year high of $29.31. The firm has a market capitalization of $877.12 million, a price-to-earnings ratio of 12.88 and a beta of 1.09.

ConnectOne Bancorp (NASDAQ:CNOB) last announced its quarterly earnings results on Thursday, April 24th. The financial services provider reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.05. ConnectOne Bancorp had a return on equity of 6.77% and a net margin of 13.80%. On average, analysts predict that ConnectOne Bancorp, Inc. will post 2.23 earnings per share for the current year.

ConnectOne Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Tuesday, February 18th were issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.16%. The ex-dividend date of this dividend was Tuesday, February 18th. ConnectOne Bancorp’s payout ratio is 40.68%.

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.