ConnectOne Bancorp, Inc. $CNOB Position Lessened by Franklin Resources Inc.

Franklin Resources Inc. reduced its stake in shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB) by 3.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 210,575 shares of the financial services provider’s stock after selling 6,440 shares during the quarter. Franklin Resources Inc. owned about 0.55% of ConnectOne Bancorp worth $4,877,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Webster Bank N. A. acquired a new position in shares of ConnectOne Bancorp during the second quarter valued at $31,000. Farther Finance Advisors LLC lifted its position in ConnectOne Bancorp by 275.3% in the 2nd quarter. Farther Finance Advisors LLC now owns 1,471 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 1,079 shares during the last quarter. PNC Financial Services Group Inc. boosted its stake in ConnectOne Bancorp by 107.9% during the 2nd quarter. PNC Financial Services Group Inc. now owns 1,842 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 956 shares during the period. Quarry LP bought a new position in ConnectOne Bancorp in the 1st quarter worth about $88,000. Finally, CWM LLC increased its stake in shares of ConnectOne Bancorp by 530.0% in the second quarter. CWM LLC now owns 7,623 shares of the financial services provider’s stock valued at $177,000 after purchasing an additional 6,413 shares during the period. 67.70% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, EVP Joseph T. Javitz sold 1,700 shares of the firm’s stock in a transaction that occurred on Wednesday, September 3rd. The shares were sold at an average price of $25.46, for a total transaction of $43,282.00. Following the completion of the sale, the executive vice president directly owned 21,146 shares in the company, valued at approximately $538,377.16. This trade represents a 7.44% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 6.24% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

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

ConnectOne Bancorp Stock Up 2.3%

Shares of CNOB stock opened at $25.85 on Tuesday. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.97 and a current ratio of 0.97. The stock has a market cap of $1.30 billion, a PE ratio of 29.71 and a beta of 1.18. The business’s fifty day moving average is $24.61 and its 200-day moving average is $24.22. ConnectOne Bancorp, Inc. has a 1 year low of $20.61 and a 1 year high of $28.16.

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

ConnectOne Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, December 1st. Investors of record on Friday, November 14th were issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date was Friday, November 14th. ConnectOne Bancorp’s payout ratio is presently 58.06%.

ConnectOne Bancorp Company 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.