Algebris UK Ltd. Invests $15.38 Million in ConnectOne Bancorp, Inc. $CNOB

Algebris UK Ltd. acquired a new stake in shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 620,342 shares of the financial services provider’s stock, valued at approximately $15,379,000. ConnectOne Bancorp makes up 1.7% of Algebris UK Ltd.’s investment portfolio, making the stock its 24th largest position. Algebris UK Ltd. owned approximately 1.23% of ConnectOne Bancorp at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of the business. Anchor Capital Advisors LLC raised its holdings in ConnectOne Bancorp by 14.8% during the 3rd quarter. Anchor Capital Advisors LLC now owns 99,253 shares of the financial services provider’s stock worth $2,462,000 after buying an additional 12,831 shares during the period. State of Alaska Department of Revenue bought a new stake in shares of ConnectOne Bancorp during the third quarter worth $48,000. Hennessy Advisors Inc. raised its holdings in shares of ConnectOne Bancorp by 7.4% during the third quarter. Hennessy Advisors Inc. now owns 145,000 shares of the financial services provider’s stock worth $3,597,000 after acquiring an additional 10,000 shares during the period. Osaic Holdings Inc. lifted its position in ConnectOne Bancorp by 728.4% in the 2nd quarter. Osaic Holdings Inc. now owns 1,781 shares of the financial services provider’s stock valued at $41,000 after acquiring an additional 1,566 shares in the last quarter. Finally, Thrivent Financial for Lutherans lifted its position in ConnectOne Bancorp by 162.7% in the 2nd quarter. Thrivent Financial for Lutherans now owns 24,586 shares of the financial services provider’s stock valued at $570,000 after acquiring an additional 15,227 shares in the last quarter. 67.70% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

CNOB has been the subject of a number of research reports. Wall Street Zen cut ConnectOne Bancorp from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. Weiss Ratings reiterated a “hold (c)” rating on shares of ConnectOne Bancorp in a report on Wednesday. Finally, Piper Sandler assumed coverage on ConnectOne Bancorp in a research report on Friday, November 7th. They issued an “overweight” rating and a $28.00 target price on the stock. Three analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $29.50.

ConnectOne Bancorp Stock Down 2.9%

NASDAQ:CNOB opened at $27.93 on Monday. ConnectOne Bancorp, Inc. has a twelve month low of $20.61 and a twelve month high of $29.28. The firm has a market capitalization of $1.40 billion, a price-to-earnings ratio of 22.53 and a beta of 1.13. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.73. The stock’s 50 day moving average price is $26.38 and its two-hundred day moving average price is $25.24.

ConnectOne Bancorp (NASDAQ:CNOB) last posted its quarterly earnings results on Thursday, October 30th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.68 by $0.02. ConnectOne Bancorp had a net margin of 9.90% and a return on equity of 8.22%. The firm had revenue of $110.78 million for the quarter, compared to analyst estimates of $111.20 million. Equities research analysts expect that ConnectOne Bancorp, Inc. will post 2.23 earnings per share for the current fiscal year.

ConnectOne Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 1st. Investors of record on Friday, November 14th were paid a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 2.6%. The ex-dividend date was Friday, November 14th. ConnectOne Bancorp’s dividend payout ratio (DPR) is 58.06%.

ConnectOne Bancorp Profile

ConnectOne Bancorp is a New Jersey‐based bank holding company whose primary subsidiary, ConnectOne Bank, offers a suite of commercial banking services to small and medium‐sized businesses, professionals and individuals. Established in 2005 and headquartered in Englewood Cliffs, New Jersey, the company seeks to deliver customized lending and deposit solutions through a network of branches across northern New Jersey and the New York metropolitan area.

The company’s lending portfolio centers on commercial real estate financing, construction lending, owner‐occupied real estate loans and working capital lines of credit.