Banc Funds Co. LLC reduced its position in shares of ConnectOne Bancorp Inc (NASDAQ:CNOB) by 11.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 603,863 shares of the financial services provider’s stock after selling 75,290 shares during the period. Banc Funds Co. LLC owned about 1.87% of ConnectOne Bancorp worth $14,342,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Stevens Capital Management LP acquired a new stake in shares of ConnectOne Bancorp in the third quarter valued at $210,000. United Services Automobile Association raised its stake in shares of ConnectOne Bancorp by 34.1% in the second quarter. United Services Automobile Association now owns 11,474 shares of the financial services provider’s stock valued at $286,000 after acquiring an additional 2,917 shares in the last quarter. Alpine Woods Capital Investors LLC acquired a new stake in shares of ConnectOne Bancorp in the second quarter valued at $299,000. BlueMountain Capital Management LLC raised its stake in shares of ConnectOne Bancorp by 245.5% in the second quarter. BlueMountain Capital Management LLC now owns 16,283 shares of the financial services provider’s stock valued at $405,000 after acquiring an additional 11,570 shares in the last quarter. Finally, Gator Capital Management LLC acquired a new stake in shares of ConnectOne Bancorp in the third quarter valued at $522,000. Institutional investors and hedge funds own 66.11% of the company’s stock.
ConnectOne Bancorp stock opened at $19.95 on Friday. ConnectOne Bancorp Inc has a 1-year low of $19.30 and a 1-year high of $31.40. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.00 and a current ratio of 1.00. The firm has a market capitalization of $646.09 million, a price-to-earnings ratio of 11.40 and a beta of 0.93.
ConnectOne Bancorp (NASDAQ:CNOB) last posted its earnings results on Thursday, October 25th. The financial services provider reported $0.57 EPS for the quarter, topping the Zacks’ consensus estimate of $0.55 by $0.02. ConnectOne Bancorp had a return on equity of 12.07% and a net margin of 24.26%. The business had revenue of $41.39 million for the quarter, compared to analysts’ expectations of $41.52 million. As a group, analysts anticipate that ConnectOne Bancorp Inc will post 2.17 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, November 1st. Stockholders of record on Monday, October 15th were given a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.50%. The ex-dividend date of this dividend was Friday, October 12th. ConnectOne Bancorp’s dividend payout ratio (DPR) is currently 17.14%.
In other news, EVP Laura Criscione sold 4,700 shares of ConnectOne Bancorp stock in a transaction dated Wednesday, November 7th. The stock was sold at an average price of $21.45, for a total transaction of $100,815.00. Following the sale, the executive vice president now owns 57,384 shares in the company, valued at $1,230,886.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Frank Huttle III sold 4,250 shares of ConnectOne Bancorp stock in a transaction dated Tuesday, November 20th. The stock was sold at an average price of $20.02, for a total value of $85,085.00. Following the sale, the director now owns 194,849 shares in the company, valued at approximately $3,900,876.98. The disclosure for this sale can be found here. Insiders have sold 14,600 shares of company stock worth $307,149 in the last quarter. Insiders own 7.67% of the company’s stock.
A number of analysts have weighed in on CNOB shares. BidaskClub upgraded ConnectOne Bancorp from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 11th. Zacks Investment Research cut ConnectOne Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, November 6th. Finally, ValuEngine cut ConnectOne Bancorp from a “sell” rating to a “strong sell” rating in a research note on Monday, October 22nd. Three research analysts have rated the stock with a sell rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $35.33.
About ConnectOne Bancorp
ConnectOne Bancorp, Inc operates as the bank holding company for ConnectOne Bank, a state chartered bank that provides various commercial banking products and services. The company offers a range of deposit products, including personal and business checking accounts, retirement accounts, money market accounts, time and savings accounts, and NOW accounts.
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