CenterBook Partners LP Acquires 24,813 Shares of ConnectOne Bancorp, Inc. $CNOB

CenterBook Partners LP raised its stake in shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB) by 84.0% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 54,349 shares of the financial services provider’s stock after acquiring an additional 24,813 shares during the period. CenterBook Partners LP owned approximately 0.11% of ConnectOne Bancorp worth $1,348,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. Osaic Holdings Inc. raised its holdings in shares of ConnectOne Bancorp by 728.4% during the second quarter. Osaic Holdings Inc. now owns 1,781 shares of the financial services provider’s stock valued at $41,000 after purchasing an additional 1,566 shares during the last quarter. PNC Financial Services Group Inc. raised its stake in ConnectOne Bancorp by 107.9% during the 2nd quarter. PNC Financial Services Group Inc. now owns 1,842 shares of the financial services provider’s stock valued at $43,000 after buying an additional 956 shares during the last quarter. State of Alaska Department of Revenue bought a new position in shares of ConnectOne Bancorp during the 3rd quarter valued at $48,000. Ameritas Investment Partners Inc. lifted its holdings in shares of ConnectOne Bancorp by 28.8% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 4,746 shares of the financial services provider’s stock valued at $110,000 after buying an additional 1,061 shares during the period. Finally, Tower Research Capital LLC TRC boosted its stake in shares of ConnectOne Bancorp by 707.0% in the 2nd quarter. Tower Research Capital LLC TRC now owns 6,440 shares of the financial services provider’s stock worth $149,000 after buying an additional 5,642 shares during the last quarter. Hedge funds and other institutional investors own 67.70% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently commented on CNOB. Weiss Ratings reiterated a “hold (c)” rating on shares of ConnectOne Bancorp in a research report on Wednesday, January 21st. Piper Sandler assumed coverage on shares of ConnectOne Bancorp in a research note on Friday, November 7th. They issued an “overweight” rating and a $28.00 price objective on the stock. Wall Street Zen downgraded shares of ConnectOne Bancorp from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. Hovde Group reduced their target price on shares of ConnectOne Bancorp from $32.50 to $32.00 and set an “outperform” rating for the company in a report on Friday, January 30th. Finally, Keefe, Bruyette & Woods increased their price target on shares of ConnectOne Bancorp from $30.00 to $32.00 and gave the stock an “outperform” rating in a research report on Friday, January 30th. Three research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $30.67.

ConnectOne Bancorp Stock Up 1.7%

CNOB stock opened at $27.96 on Friday. The business’s 50-day moving average price is $27.28 and its 200-day moving average price is $25.70. The stock has a market cap of $1.41 billion, a P/E ratio of 18.64 and a beta of 1.15. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.73. ConnectOne Bancorp, Inc. has a twelve month low of $20.61 and a twelve month high of $29.28.

ConnectOne Bancorp (NASDAQ:CNOB) last released its earnings results on Thursday, January 29th. The financial services provider reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.74 by $0.09. ConnectOne Bancorp had a net margin of 11.83% and a return on equity of 9.59%. The company had revenue of $114.63 million for the quarter, compared to analysts’ expectations of $114.80 million. On average, equities research analysts forecast that ConnectOne Bancorp, Inc. will post 2.23 EPS for the current year.

ConnectOne Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 2nd. Investors of record on Friday, February 13th will be paid a dividend of $0.18 per share. The ex-dividend date is Friday, February 13th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.6%. ConnectOne Bancorp’s payout ratio is 48.00%.

About ConnectOne Bancorp

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.