Creative Planning Sells 25,745 Shares of ConnectOne Bancorp, Inc. $CNOB

Creative Planning lessened its position in shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB) by 37.0% in the second quarter, Holdings Channel.com reports. The firm owned 43,842 shares of the financial services provider’s stock after selling 25,745 shares during the period. Creative Planning’s holdings in ConnectOne Bancorp were worth $1,015,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Nuveen LLC acquired a new position in shares of ConnectOne Bancorp during the first quarter worth about $8,311,000. Geode Capital Management LLC lifted its stake 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 in the last quarter. Wellington Management Group LLP lifted its stake in ConnectOne Bancorp by 52.6% in the 1st quarter. Wellington Management Group LLP now owns 641,171 shares of the financial services provider’s stock valued at $15,587,000 after acquiring an additional 221,005 shares in the last quarter. Boothbay Fund Management LLC boosted its position in ConnectOne Bancorp by 48.9% during the 1st quarter. Boothbay Fund Management LLC now owns 429,393 shares of the financial services provider’s stock worth $10,439,000 after acquiring an additional 141,030 shares during the last quarter. Finally, Hussman Strategic Advisors Inc. bought a new position in shares of ConnectOne Bancorp during the 2nd quarter worth approximately $2,432,000. Institutional investors and hedge funds own 67.70% of the company’s stock.

ConnectOne Bancorp Price Performance

Shares of CNOB opened at $25.28 on Monday. The company has a market cap of $1.27 billion, a price-to-earnings ratio of 29.05 and a beta of 1.18. ConnectOne Bancorp, Inc. has a 1-year low of $20.61 and a 1-year high of $28.24. The company’s fifty day simple moving average is $24.60 and its 200 day simple moving average is $24.21. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.20.

ConnectOne Bancorp (NASDAQ:CNOB) last announced its quarterly earnings results on Thursday, October 30th. The financial services provider reported $0.70 EPS for the quarter, beating analysts’ consensus estimates of $0.68 by $0.02. The firm had revenue of $110.78 million during the quarter, compared to analysts’ expectations of $111.20 million. ConnectOne Bancorp had a net margin of 6.85% and a return on equity of 7.12%. On average, research analysts forecast that ConnectOne Bancorp, Inc. will post 2.23 earnings per share for the current fiscal year.

ConnectOne Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 1st. Shareholders of record on Friday, November 14th will be given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend is Friday, November 14th. ConnectOne Bancorp’s payout ratio is 58.06%.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the stock. Weiss Ratings reissued a “hold (c)” rating on shares of ConnectOne Bancorp in a research report on Wednesday, October 8th. Piper Sandler started coverage on shares of ConnectOne Bancorp in a research note on Friday, November 7th. They issued an “overweight” rating and a $28.00 price target on the stock. Three investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $29.50.

Insider Transactions at ConnectOne Bancorp

In other ConnectOne Bancorp news, EVP Joseph T. Javitz sold 1,700 shares of the company’s stock in a transaction that occurred on Wednesday, September 3rd. The stock was sold at an average price of $25.46, for a total value of $43,282.00. Following the sale, the executive vice president owned 21,146 shares in the company, valued at $538,377.16. This represents a 7.44% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 6.24% of the stock is owned by corporate insiders.

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.