Clover Partners L.P. lowered its position in ConnectOne Bancorp Inc (NASDAQ:CNOB) by 62.8% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 137,337 shares of the financial services provider’s stock after selling 232,044 shares during the quarter. ConnectOne Bancorp comprises 3.4% of Clover Partners L.P.’s investment portfolio, making the stock its 13th largest holding. Clover Partners L.P. owned approximately 0.43% of ConnectOne Bancorp worth $3,536,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. SG Americas Securities LLC purchased a new stake in ConnectOne Bancorp in the 3rd quarter worth about $112,000. Private Advisor Group LLC purchased a new stake in ConnectOne Bancorp in the 4th quarter worth about $258,000. Teacher Retirement System of Texas bought a new position in ConnectOne Bancorp in the 4th quarter worth about $270,000. Virginia Retirement Systems ET AL bought a new position in ConnectOne Bancorp in the 3rd quarter worth about $293,000. Finally, Aperio Group LLC boosted its stake in ConnectOne Bancorp by 26.9% in the 3rd quarter. Aperio Group LLC now owns 14,649 shares of the financial services provider’s stock worth $360,000 after purchasing an additional 3,107 shares during the period. 66.54% of the stock is owned by institutional investors.
Several brokerages have commented on CNOB. BidaskClub downgraded ConnectOne Bancorp from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, December 12th. Zacks Investment Research upgraded ConnectOne Bancorp from a “hold” rating to a “strong-buy” rating and set a $36.00 target price for the company in a research note on Tuesday. Keefe, Bruyette & Woods restated a “buy” rating and issued a $36.00 target price on shares of ConnectOne Bancorp in a research note on Tuesday, February 27th. Finally, ValuEngine upgraded ConnectOne Bancorp from a “hold” rating to a “buy” rating in a research note on Thursday, March 1st. Four investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $34.17.
ConnectOne Bancorp (NASDAQ:CNOB) last issued its earnings results on Thursday, January 25th. The financial services provider reported $0.51 EPS for the quarter, topping the consensus estimate of $0.40 by $0.11. ConnectOne Bancorp had a return on equity of 10.22% and a net margin of 22.80%. The business had revenue of $41.83 million during the quarter, compared to the consensus estimate of $39.55 million. equities analysts expect that ConnectOne Bancorp Inc will post 2.21 earnings per share for the current year.
In other news, EVP Laura Criscione sold 4,300 shares of ConnectOne Bancorp stock in a transaction dated Thursday, December 14th. The stock was sold at an average price of $26.49, for a total transaction of $113,907.00. Following the completion of the sale, the executive vice president now owns 56,536 shares in the company, valued at approximately $1,497,638.64. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Frank Sorrentino III sold 5,848 shares of ConnectOne Bancorp stock in a transaction dated Thursday, December 14th. The shares were sold at an average price of $26.49, for a total value of $154,913.52. Following the sale, the chief executive officer now owns 560,562 shares of the company’s stock, valued at approximately $14,849,287.38. The disclosure for this sale can be found here. In the last 90 days, insiders sold 14,131 shares of company stock valued at $382,547. 7.63% of the stock is owned by corporate insiders.
About ConnectOne Bancorp
ConnectOne Bancorp, Inc is a bank holding company of ConnectOne Bank (the Bank). The Bank is a community-based, full-service New Jersey-chartered commercial bank. The Bank offers a range of deposit and loan products. In addition, to attract the business of consumer and business customers, it also provides an array of other banking services.
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