Raymond James Financial Inc. Purchases Shares of 56,862 ConnectOne Bancorp, Inc. (NASDAQ:CNOB)

Raymond James Financial Inc. bought a new position in ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Free Report) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor bought 56,862 shares of the financial services provider's stock, valued at approximately $1,303,000. Raymond James Financial Inc. owned 0.15% of ConnectOne Bancorp at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in CNOB. KLP Kapitalforvaltning AS bought a new stake in ConnectOne Bancorp during the fourth quarter valued at approximately $149,000. Quantbot Technologies LP bought a new position in shares of ConnectOne Bancorp during the fourth quarter valued at approximately $205,000. Serenus Wealth Advisors LLC purchased a new stake in ConnectOne Bancorp in the 4th quarter valued at about $209,000. Wilmington Savings Fund Society FSB purchased a new position in shares of ConnectOne Bancorp during the third quarter valued at $305,000. Finally, SG Americas Securities LLC lifted its holdings in ConnectOne Bancorp by 52.5% during the fourth quarter. SG Americas Securities LLC now owns 14,992 shares of the financial services provider's stock worth $343,000 after buying an additional 5,158 shares during the period. 67.70% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have commented on CNOB shares. Hovde Group lifted their price target on ConnectOne Bancorp from $29.00 to $29.50 and gave the stock an "outperform" rating in a research report on Thursday, April 24th. Keefe, Bruyette & Woods lowered their price target on ConnectOne Bancorp from $32.00 to $31.00 and set an "outperform" rating on the stock in a research report on Friday, April 25th.

ConnectOne Bancorp Stock Up 0.7 %

Shares of CNOB stock traded up $0.17 during trading on Wednesday, reaching $23.37. The company's stock had a trading volume of 176,220 shares, compared to its average volume of 199,694. ConnectOne Bancorp, Inc. has a 1-year low of $17.07 and a 1-year high of $29.31. The stock's 50-day moving average price is $22.97 and its 200 day moving average price is $24.46. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.01 and a quick ratio of 1.01. The company has a market capitalization of $899.04 million, a price-to-earnings ratio of 13.20 and a beta of 1.12.

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) last announced its quarterly earnings results on Thursday, April 24th. The financial services provider reported $0.51 EPS for the quarter, beating the consensus estimate of $0.46 by $0.05. ConnectOne Bancorp had a net margin of 13.80% and a return on equity of 6.77%. The company had revenue of $70.21 million for the quarter, compared to analyst estimates of $67.90 million. On average, research analysts anticipate that ConnectOne Bancorp, Inc. will post 2.23 EPS for the current year.

ConnectOne Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 2nd. Stockholders of record on Thursday, May 15th will be paid a dividend of $0.18 per share. The ex-dividend date is Thursday, May 15th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.08%. ConnectOne Bancorp's dividend payout ratio (DPR) is presently 38.92%.

ConnectOne Bancorp 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.