Arrowstreet Capital Limited Partnership Purchases 264,016 Shares of ConnectOne Bancorp, Inc. $CNOB

Arrowstreet Capital Limited Partnership raised its position in ConnectOne Bancorp, Inc. (NASDAQ:CNOB) by 623.5% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 306,362 shares of the financial services provider’s stock after acquiring an additional 264,016 shares during the quarter. Arrowstreet Capital Limited Partnership owned approximately 0.80% of ConnectOne Bancorp worth $7,095,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in CNOB. Vanguard Group Inc. boosted its stake in shares of 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 worth $53,165,000 after acquiring an additional 20,408 shares during the period. Geode Capital Management LLC raised its holdings in ConnectOne Bancorp by 33.1% in the 2nd quarter. Geode Capital Management LLC now owns 1,160,058 shares of the financial services provider’s stock valued at $26,870,000 after acquiring an additional 288,530 shares during the period. American Century Companies Inc. raised its holdings in ConnectOne Bancorp by 24.5% in the 2nd quarter. American Century Companies Inc. now owns 983,452 shares of the financial services provider’s stock valued at $22,777,000 after acquiring an additional 193,692 shares during the period. Wellington Management Group LLP lifted its position in ConnectOne Bancorp by 52.6% during the first quarter. Wellington Management Group LLP now owns 641,171 shares of the financial services provider’s stock worth $15,587,000 after acquiring an additional 221,005 shares during the last quarter. Finally, Stieven Capital Advisors L.P. lifted its position in ConnectOne Bancorp by 3.6% during the second quarter. Stieven Capital Advisors L.P. now owns 542,067 shares of the financial services provider’s stock worth $12,554,000 after acquiring an additional 19,085 shares during the last quarter. 67.70% of the stock is owned by institutional investors and hedge funds.

ConnectOne Bancorp Trading Up 2.4%

Shares of CNOB opened at $27.32 on Thursday. ConnectOne Bancorp, Inc. has a 52-week low of $20.61 and a 52-week high of $27.77. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.03 and a current ratio of 1.03. The business’s fifty day moving average is $24.81 and its 200-day moving average is $24.37. The firm has a market cap of $1.37 billion, a price-to-earnings ratio of 22.03 and a beta of 1.15.

ConnectOne Bancorp (NASDAQ:CNOB) last issued its earnings results on Thursday, October 30th. The financial services provider reported $0.70 EPS for the quarter, topping the consensus estimate of $0.68 by $0.02. ConnectOne Bancorp had a return on equity of 8.22% and a net margin of 9.90%.The firm had revenue of $110.78 million during the quarter, compared to the consensus estimate of $111.20 million. Equities analysts anticipate 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 Monday, December 1st. Shareholders of record on Friday, November 14th were paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend was Friday, November 14th. ConnectOne Bancorp’s payout ratio is presently 58.06%.

Wall Street Analyst Weigh In

CNOB has been the subject of several research reports. Piper Sandler began coverage on ConnectOne Bancorp in a 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 research report on Wednesday, October 8th. Three research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $29.50.

ConnectOne Bancorp 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.