ConnectOne Bancorp, Inc. $CNOB Shares Sold by Hsbc Holdings PLC

Hsbc Holdings PLC cut its position in ConnectOne Bancorp, Inc. (NASDAQ:CNOB) by 47.9% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 10,666 shares of the financial services provider’s stock after selling 9,801 shares during the quarter. Hsbc Holdings PLC’s holdings in ConnectOne Bancorp were worth $259,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in CNOB. Nuveen LLC purchased a new stake in ConnectOne Bancorp during the 1st quarter valued at approximately $8,311,000. Wellington Management Group LLP raised its stake in shares of ConnectOne Bancorp by 52.6% during the 1st quarter. Wellington Management Group LLP now owns 641,171 shares of the financial services provider’s stock worth $15,587,000 after buying an additional 221,005 shares in the last quarter. Bank of America Corp DE raised its stake in shares of ConnectOne Bancorp by 23.2% during the 4th quarter. Bank of America Corp DE now owns 826,463 shares of the financial services provider’s stock worth $18,934,000 after buying an additional 155,573 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of ConnectOne Bancorp by 2,738.9% during the 1st quarter. GAMMA Investing LLC now owns 97,289 shares of the financial services provider’s stock worth $2,365,000 after buying an additional 93,862 shares in the last quarter. Finally, Gator Capital Management LLC raised its stake in shares of ConnectOne Bancorp by 39.1% during the 1st quarter. Gator Capital Management LLC now owns 210,724 shares of the financial services provider’s stock worth $5,123,000 after buying an additional 59,201 shares in the last quarter. 67.70% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, Wall Street Zen raised ConnectOne Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, August 2nd. Two investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, ConnectOne Bancorp presently has a consensus rating of “Buy” and an average target price of $30.25.

ConnectOne Bancorp Stock Performance

NASDAQ CNOB opened at $25.58 on Friday. ConnectOne Bancorp, Inc. has a 1-year low of $20.61 and a 1-year high of $29.31. The company has a market capitalization of $1.29 billion, a P/E ratio of 29.40 and a beta of 1.17. The business has a 50 day moving average price of $24.40 and a 200 day moving average price of $23.64. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.97 and a quick ratio of 0.97.

ConnectOne Bancorp (NASDAQ:CNOB) last released its quarterly earnings data on Tuesday, July 29th. The financial services provider reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.03. ConnectOne Bancorp had a return on equity of 7.12% and a net margin of 6.85%.The firm had revenue of $84.65 million during the quarter, compared to the consensus estimate of $72.80 million. Sell-side analysts expect that ConnectOne Bancorp, Inc. will post 2.23 EPS for the current fiscal year.

ConnectOne Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Friday, August 15th were issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date was Friday, August 15th. ConnectOne Bancorp’s dividend payout ratio is 82.76%.

Insider Buying and Selling at ConnectOne Bancorp

In related news, Director Stephen T. Boswell bought 6,200 shares of the stock in a transaction on Friday, August 1st. The shares were purchased at an average price of $22.23 per share, for a total transaction of $137,826.00. Following the acquisition, the director owned 280,467 shares in the company, valued at $6,234,781.41. This represents a 2.26% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Susan C. O’donnell bought 2,691 shares of the stock in a transaction on Friday, August 1st. The shares were bought at an average price of $22.30 per share, for a total transaction of $60,009.30. Following the acquisition, the director owned 8,523 shares in the company, valued at $190,062.90. The trade was a 46.14% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 10,391 shares of company stock worth $231,210. 6.24% of the stock is owned by insiders.

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.