Elizabeth Park Capital Advisors Ltd. Acquires Shares of 95,219 ConnectOne Bancorp, Inc. $CNOB

Elizabeth Park Capital Advisors Ltd. acquired a new stake in shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 95,219 shares of the financial services provider’s stock, valued at approximately $2,205,000. Elizabeth Park Capital Advisors Ltd. owned 0.25% of ConnectOne Bancorp as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in ConnectOne Bancorp by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 2,186,965 shares of the financial services provider’s stock valued at $53,165,000 after buying an additional 20,408 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of ConnectOne Bancorp by 21.9% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 59,239 shares of the financial services provider’s stock valued at $1,440,000 after acquiring an additional 10,643 shares during the period. Nuveen LLC bought a new position in shares of ConnectOne Bancorp during the first quarter valued at about $8,311,000. HighTower Advisors LLC purchased a new stake in shares of ConnectOne Bancorp during the first quarter worth about $281,000. Finally, Persistent Asset Partners Ltd grew its stake in shares of ConnectOne Bancorp by 29.0% in the first quarter. Persistent Asset Partners Ltd now owns 84,172 shares of the financial services provider’s stock worth $2,046,000 after purchasing an additional 18,937 shares during the last quarter. 67.70% of the stock is owned by hedge funds and other institutional investors.

ConnectOne Bancorp Stock Down 1.0%

CNOB stock opened at $26.18 on Friday. ConnectOne Bancorp, Inc. has a fifty-two week low of $20.61 and a fifty-two week high of $27.77. The company has a market capitalization of $1.32 billion, a price-to-earnings ratio of 21.11 and a beta of 1.15. The business’s 50 day moving average price is $24.68 and its two-hundred day moving average price is $24.28. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.03 and a current ratio of 1.03.

ConnectOne Bancorp (NASDAQ:CNOB) last released its earnings results on Thursday, October 30th. The financial services provider reported $0.70 EPS for the quarter, beating analysts’ consensus estimates of $0.68 by $0.02. ConnectOne Bancorp had a return on equity of 8.22% and a net margin of 9.90%.The company had revenue of $110.78 million during the quarter, compared to analysts’ expectations of $111.20 million. As a group, analysts forecast that ConnectOne Bancorp, Inc. will post 2.23 earnings per share for the current fiscal year.

ConnectOne Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 1st. Stockholders of record on Friday, November 14th were issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date was Friday, November 14th. ConnectOne Bancorp’s payout ratio is 58.06%.

Analysts Set New Price Targets

A number of research firms have commented on CNOB. Piper Sandler assumed coverage on ConnectOne Bancorp in a research report on Friday, November 7th. They set an “overweight” rating and a $28.00 price target for the company. Weiss Ratings restated a “hold (c)” rating on shares of ConnectOne Bancorp in a report on Wednesday, October 8th. Three analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $29.50.

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.