Algebris UK Ltd. Takes Position in ConnectOne Bancorp, Inc. $CNOB

Algebris UK Ltd. bought a new position in shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB) in the 3rd quarter, Holdings Channel.com reports. The institutional investor bought 620,342 shares of the financial services provider’s stock, valued at approximately $15,379,000. ConnectOne Bancorp comprises 1.7% of Algebris UK Ltd.’s investment portfolio, making the stock its 24th biggest holding.

A number of other large investors have also added to or reduced their stakes in the business. Anchor Capital Advisors LLC lifted 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 valued at $2,462,000 after purchasing an additional 12,831 shares during the last quarter. State of Alaska Department of Revenue acquired a new position in shares of ConnectOne Bancorp in the third quarter valued at $48,000. Hennessy Advisors Inc. raised its position in shares of ConnectOne Bancorp by 7.4% in the third quarter. Hennessy Advisors Inc. now owns 145,000 shares of the financial services provider’s stock valued at $3,597,000 after purchasing an additional 10,000 shares during the period. Osaic Holdings Inc. raised its position in shares of ConnectOne Bancorp by 728.4% in 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 period. Finally, Thrivent Financial for Lutherans lifted its stake in shares of ConnectOne Bancorp by 162.7% during the 2nd quarter. Thrivent Financial for Lutherans now owns 24,586 shares of the financial services provider’s stock worth $570,000 after buying an additional 15,227 shares during the last quarter. Institutional investors own 67.70% of the company’s stock.

ConnectOne Bancorp Price Performance

ConnectOne Bancorp stock opened at $27.93 on Monday. The firm has a market cap of $1.40 billion, a PE ratio of 22.53 and a beta of 1.13. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.03 and a quick ratio of 1.03. The stock’s fifty day moving average price is $26.38 and its two-hundred day moving average price is $25.24. ConnectOne Bancorp, Inc. has a one year low of $20.61 and a one year high of $29.28.

ConnectOne Bancorp (NASDAQ:CNOB) last released its 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 return on equity of 8.22% and a net margin of 9.90%.The company had revenue of $110.78 million for the quarter, compared to analyst estimates of $111.20 million. As a group, research analysts expect that ConnectOne Bancorp, Inc. will post 2.23 EPS for the current fiscal year.

ConnectOne Bancorp Dividend Announcement

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

Analysts Set New Price Targets

A number of brokerages recently commented on CNOB. Weiss Ratings reiterated a “hold (c)” rating on shares of ConnectOne Bancorp in a research note on Wednesday. Piper Sandler started coverage on ConnectOne Bancorp in a report on Friday, November 7th. They set an “overweight” rating and a $28.00 price objective for the company. Finally, Wall Street Zen lowered ConnectOne Bancorp from a “buy” rating to a “hold” rating in a research note on Saturday, January 10th. Three research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $29.50.

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.