BW Gestao de Investimentos Ltda. Buys Shares of 162,500 ConnectOne Bancorp, Inc. $CNOB

BW Gestao de Investimentos Ltda. bought a new stake in ConnectOne Bancorp, Inc. (NASDAQ:CNOB) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 162,500 shares of the financial services provider’s stock, valued at approximately $4,261,000. BW Gestao de Investimentos Ltda. owned 0.32% of ConnectOne Bancorp as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Wellington Management Group LLP raised its stake in shares of ConnectOne Bancorp by 76.8% in the third quarter. Wellington Management Group LLP now owns 2,882,584 shares of the financial services provider’s stock worth $71,517,000 after buying an additional 1,252,614 shares during the period. Kennedy Capital Management LLC bought a new position in shares of ConnectOne Bancorp in the third quarter worth about $18,974,000. UBS Group AG raised its stake in shares of ConnectOne Bancorp by 579.2% in the fourth quarter. UBS Group AG now owns 705,119 shares of the financial services provider’s stock worth $18,488,000 after buying an additional 601,310 shares during the period. SG Americas Securities LLC bought a new position in shares of ConnectOne Bancorp in the fourth quarter worth about $15,712,000. Finally, Algebris UK Ltd. raised its stake in shares of ConnectOne Bancorp by 36.5% in the fourth quarter. Algebris UK Ltd. now owns 846,865 shares of the financial services provider’s stock worth $22,215,000 after buying an additional 226,523 shares during the period. Institutional investors own 67.70% of the company’s stock.

ConnectOne Bancorp Trading Up 2.3%

Shares of NASDAQ CNOB opened at $30.36 on Wednesday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.14. The business has a fifty day simple moving average of $28.55 and a two-hundred day simple moving average of $27.28. The firm has a market cap of $1.53 billion, a PE ratio of 17.55 and a beta of 1.06. ConnectOne Bancorp, Inc. has a twelve month low of $21.79 and a twelve month high of $30.65.

ConnectOne Bancorp (NASDAQ:CNOB) last issued its earnings results on Thursday, April 23rd. The financial services provider reported $0.79 earnings per share for the quarter, beating analysts’ consensus estimates of $0.73 by $0.06. The business had revenue of $116.64 million during the quarter, compared to analyst estimates of $119.59 million. ConnectOne Bancorp had a return on equity of 10.17% and a net margin of 13.21%. Analysts expect that ConnectOne Bancorp, Inc. will post 3.3 earnings per share for the current fiscal year.

ConnectOne Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 15th were given a dividend of $0.195 per share. This is a boost from ConnectOne Bancorp’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend was Friday, May 15th. This represents a $0.78 dividend on an annualized basis and a yield of 2.6%. ConnectOne Bancorp’s dividend payout ratio is presently 45.09%.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on CNOB. Keefe, Bruyette & Woods raised their price objective on ConnectOne Bancorp from $32.00 to $34.00 and gave the stock an “outperform” rating in a research note on Friday, April 24th. Piper Sandler began coverage on ConnectOne Bancorp in a research note on Monday, March 16th. They set an “overweight” rating and a $31.00 target price on the stock. Weiss Ratings raised ConnectOne Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, May 20th. Raymond James Financial reaffirmed a “strong-buy” rating and issued a $34.00 price objective on shares of ConnectOne Bancorp in a research note on Monday, April 27th. Finally, Hovde Group boosted their price objective on ConnectOne Bancorp from $32.00 to $34.00 and gave the company an “outperform” rating in a report on Friday, April 24th. Two equities research analysts have rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company’s stock. According to data from MarketBeat, ConnectOne Bancorp presently has a consensus rating of “Buy” and a consensus price target of $33.25.

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.