SG Americas Securities LLC Decreases Stock Holdings in ConnectOne Bancorp, Inc. $CNOB

SG Americas Securities LLC lowered its position in shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB) by 57.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 257,401 shares of the financial services provider’s stock after selling 341,834 shares during the period. SG Americas Securities LLC owned 0.51% of ConnectOne Bancorp worth $6,891,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Clearstead Advisors LLC raised its stake in ConnectOne Bancorp by 195.6% in the fourth quarter. Clearstead Advisors LLC now owns 1,330 shares of the financial services provider’s stock valued at $35,000 after buying an additional 880 shares in the last quarter. Osaic Holdings Inc. increased its holdings in shares of ConnectOne Bancorp by 728.4% in the 2nd quarter. Osaic Holdings Inc. now owns 1,781 shares of the financial services provider’s stock valued at $41,000 after acquiring an additional 1,566 shares during the last quarter. State of Wyoming purchased a new position in shares of ConnectOne Bancorp in the 4th quarter valued at about $73,000. Farther Finance Advisors LLC raised its position in shares of ConnectOne Bancorp by 129.1% during the 4th quarter. Farther Finance Advisors LLC now owns 3,475 shares of the financial services provider’s stock worth $91,000 after acquiring an additional 1,958 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its position in shares of ConnectOne Bancorp by 791.0% during the 3rd quarter. Russell Investments Group Ltd. now owns 4,553 shares of the financial services provider’s stock worth $113,000 after acquiring an additional 4,042 shares in the last quarter. Hedge funds and other institutional investors own 67.70% of the company’s stock.

ConnectOne Bancorp Stock Performance

NASDAQ:CNOB opened at $33.23 on Monday. ConnectOne Bancorp, Inc. has a 12-month low of $22.07 and a 12-month high of $33.66. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.14. The stock’s 50 day simple moving average is $30.39 and its 200-day simple moving average is $28.23. The firm has a market cap of $1.67 billion, a P/E ratio of 19.21 and a beta of 1.06.

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

ConnectOne Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Friday, May 15th were paid a $0.195 dividend. This is a boost from ConnectOne Bancorp’s previous quarterly dividend of $0.18. The ex-dividend date was Friday, May 15th. This represents a $0.78 annualized dividend and a dividend yield of 2.3%. ConnectOne Bancorp’s dividend payout ratio (DPR) is 45.09%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on CNOB. Keefe, Bruyette & Woods upped their price target on ConnectOne Bancorp from $32.00 to $34.00 and gave the company an “outperform” rating in a report on Friday, April 24th. Hovde Group raised their price objective on shares of ConnectOne Bancorp from $32.00 to $34.00 and gave the stock an “outperform” rating in a report on Friday, April 24th. Raymond James Financial restated a “strong-buy” rating and set a $34.00 price objective on shares of ConnectOne Bancorp in a research report on Monday, April 27th. Piper Sandler upped their target price on shares of ConnectOne Bancorp from $34.00 to $38.00 and gave the company an “overweight” rating in a report on Friday. Finally, Weiss Ratings raised shares of ConnectOne Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, May 20th. One investment analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $35.00.

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.