CenterBook Partners LP Increases Stock Holdings in ConnectOne Bancorp, Inc. $CNOB

CenterBook Partners LP increased its holdings in shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB) by 116.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 117,868 shares of the financial services provider’s stock after buying an additional 63,519 shares during the quarter. CenterBook Partners LP owned 0.23% of ConnectOne Bancorp worth $3,090,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Investors Towarzystwo Funduszy Inwestycyjnych Spolka Akcyjna purchased a new position in ConnectOne Bancorp during the 4th quarter worth $305,000. State of Wyoming purchased a new position in ConnectOne Bancorp during the 4th quarter worth $73,000. Anchor Capital Advisors LLC grew its stake in ConnectOne Bancorp by 9.2% during the 4th quarter. Anchor Capital Advisors LLC now owns 108,415 shares of the financial services provider’s stock worth $2,843,000 after buying an additional 9,162 shares during the last quarter. BW Gestao de Investimentos Ltda. purchased a new position in ConnectOne Bancorp during the 4th quarter worth $4,261,000. Finally, Endeavour Capital Advisors Inc. grew its stake in ConnectOne Bancorp by 79.0% during the 4th quarter. Endeavour Capital Advisors Inc. now owns 128,972 shares of the financial services provider’s stock worth $3,382,000 after buying an additional 56,936 shares during the last quarter. 67.70% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CNOB has been the topic of several research analyst reports. Hovde Group boosted their price target on ConnectOne Bancorp from $32.00 to $34.00 and gave the company an “outperform” rating in a research note on Friday, April 24th. Raymond James Financial reiterated a “strong-buy” rating and set a $34.00 price target on shares of ConnectOne Bancorp in a research note on Monday, April 27th. Piper Sandler initiated coverage on ConnectOne Bancorp in a research note on Monday, March 16th. They set an “overweight” rating and a $31.00 price target on the stock. Keefe, Bruyette & Woods boosted their price target on ConnectOne Bancorp from $32.00 to $34.00 and gave the company an “outperform” rating in a research note on Friday, April 24th. Finally, Weiss Ratings upgraded ConnectOne Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, May 20th. Two research analysts have rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company. Based on data from MarketBeat, ConnectOne Bancorp has an average rating of “Buy” and a consensus price target of $33.25.

ConnectOne Bancorp Stock Up 1.6%

Shares of CNOB opened at $31.15 on Tuesday. ConnectOne Bancorp, Inc. has a 52 week low of $21.79 and a 52 week high of $31.33. 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 company has a market capitalization of $1.57 billion, a price-to-earnings ratio of 18.01 and a beta of 1.06. The stock’s 50-day moving average price is $28.96 and its 200-day moving average price is $27.51.

ConnectOne Bancorp (NASDAQ:CNOB) last issued its earnings results on Thursday, April 23rd. The financial services provider reported $0.79 EPS for the quarter, topping analysts’ consensus estimates of $0.73 by $0.06. ConnectOne Bancorp had a return on equity of 10.17% and a net margin of 13.21%.The firm had revenue of $116.64 million for the quarter, compared to the consensus estimate of $119.59 million. On average, sell-side analysts predict that ConnectOne Bancorp, Inc. will post 3.3 EPS for the current year.

ConnectOne Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 15th were issued a $0.195 dividend. This represents a $0.78 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend was Friday, May 15th. This is a positive change from ConnectOne Bancorp’s previous quarterly dividend of $0.18. ConnectOne Bancorp’s payout ratio is currently 45.09%.

ConnectOne Bancorp Profile

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.