ConnectOne Bancorp, Inc. $CNOB Shares Acquired by KLP Kapitalforvaltning AS

KLP Kapitalforvaltning AS lifted its position in shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB) by 50.8% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 9,800 shares of the financial services provider’s stock after buying an additional 3,300 shares during the quarter. KLP Kapitalforvaltning AS’s holdings in ConnectOne Bancorp were worth $227,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Webster Bank N. A. purchased a new stake in ConnectOne Bancorp during the 2nd quarter worth about $31,000. Farther Finance Advisors LLC increased its position in ConnectOne Bancorp by 275.3% during the 2nd quarter. Farther Finance Advisors LLC now owns 1,471 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 1,079 shares in the last quarter. Quarry LP purchased a new stake in ConnectOne Bancorp during the 1st quarter worth about $88,000. GAMMA Investing LLC increased its position in ConnectOne Bancorp by 16.8% during the 1st quarter. GAMMA Investing LLC now owns 4,002 shares of the financial services provider’s stock worth $97,000 after purchasing an additional 575 shares in the last quarter. Finally, Efficient Advisors LLC purchased a new stake in ConnectOne Bancorp during the 1st quarter worth about $202,000. Hedge funds and other institutional investors own 67.70% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently commented on CNOB shares. Wall Street Zen upgraded ConnectOne Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, August 2nd. Weiss Ratings reissued a “hold (c)” rating on shares of ConnectOne Bancorp in a research note on Wednesday, October 8th. Two analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, ConnectOne Bancorp has a consensus rating of “Moderate Buy” and an average price target of $30.25.

ConnectOne Bancorp Trading Up 3.4%

Shares of ConnectOne Bancorp stock opened at $24.26 on Tuesday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.20. The firm has a market cap of $1.22 billion, a price-to-earnings ratio of 27.89 and a beta of 1.14. The business has a fifty day simple moving average of $25.02 and a 200-day simple moving average of $23.84. ConnectOne Bancorp, Inc. has a fifty-two week low of $20.61 and a fifty-two week high of $29.31.

ConnectOne Bancorp (NASDAQ:CNOB) last announced 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. The business had revenue of $84.65 million during the quarter, compared to analyst estimates of $72.80 million. ConnectOne Bancorp had a return on equity of 7.12% and a net margin of 6.85%. On average, equities analysts forecast 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. Stockholders of record on Friday, August 15th were issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend was Friday, August 15th. ConnectOne Bancorp’s dividend payout ratio is currently 82.76%.

Insider Activity

In related news, Director Stephen T. Boswell bought 6,200 shares of ConnectOne Bancorp stock in a transaction dated Friday, August 1st. The stock was acquired at an average cost of $22.23 per share, with a total value of $137,826.00. Following the completion of the acquisition, the director directly owned 280,467 shares in the company, valued at approximately $6,234,781.41. This trade represents a 2.26% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Joseph T. Javitz sold 1,700 shares of the company’s stock in a transaction on Wednesday, September 3rd. The shares were sold at an average price of $25.46, for a total value of $43,282.00. Following the sale, the executive vice president directly owned 21,146 shares of the company’s stock, valued at approximately $538,377.16. This represents a 7.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders purchased a total of 10,391 shares of company stock valued at $231,210 over the last three months. Insiders own 6.35% of the company’s stock.

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.