31,109 Shares in ConnectOne Bancorp, Inc. $CNOB Acquired by GSA Capital Partners LLP

Key Points

• GSA Capital Partners acquired 31,109 shares of ConnectOne Bancorp during the second quarter, valued at approximately $1.04 million. Institutional investors collectively own 67.7% of the company.
• Analysts remain broadly positive, with four Buy ratings and one Hold rating producing a consensus “Moderate Buy” rating and an average price target of $35.00.
• ConnectOne Bancorp exceeded quarterly earnings expectations, reporting $0.84 in EPS versus $0.82 forecast, and declared a quarterly dividend of $0.195 per share, representing a 2.4% yield.

GSA Capital Partners LLP purchased a new stake in ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 31,109 shares of the financial services provider's stock, valued at approximately $1,040,000. GSA Capital Partners LLP owned approximately 0.06% of ConnectOne Bancorp as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently modified their holdings of CNOB. Hsbc Holdings PLC acquired a new stake in shares of ConnectOne Bancorp during the first quarter worth $983,000. Kestra Advisory Services LLC raised its holdings in ConnectOne Bancorp by 226.6% during the 1st quarter. Kestra Advisory Services LLC now owns 97,663 shares of the financial services provider's stock worth $2,614,000 after buying an additional 67,761 shares during the period. Kennedy Capital Management LLC boosted its holdings in shares of ConnectOne Bancorp by 13.0% in the fourth quarter. Kennedy Capital Management LLC now owns 863,983 shares of the financial services provider's stock worth $22,654,000 after buying an additional 99,228 shares during the period. UBS Group AG raised its holdings in shares of ConnectOne Bancorp by 579.2% during the fourth quarter. UBS Group AG now owns 705,119 shares of the financial services provider's stock valued at $18,488,000 after acquiring an additional 601,310 shares during the period. Finally, BW Gestao de Investimentos Ltda. purchased a new stake in shares of ConnectOne Bancorp in the 4th quarter valued at approximately $4,261,000. Institutional investors and hedge funds own 67.70% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Raymond James Financial reaffirmed a "market perform" rating on shares of ConnectOne Bancorp in a research report on Wednesday, July 1st. Keefe, Bruyette & Woods upped their target price on ConnectOne Bancorp from $32.00 to $34.00 and gave the company an "outperform" rating in a report on Friday, April 24th. Piper Sandler increased their price target on shares of ConnectOne Bancorp from $34.00 to $38.00 and gave the stock an "overweight" rating in a research report on Friday, June 26th. Hovde Group raised their price target 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. 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. Four investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, ConnectOne Bancorp presently has a consensus rating of "Moderate Buy" and an average price target of $35.00.

ConnectOne Bancorp Price Performance

CNOB opened at $32.78 on Tuesday. The stock has a fifty day moving average price of $32.80 and a 200 day moving average price of $29.70. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.61. ConnectOne Bancorp, Inc. has a 1 year low of $23.20 and a 1 year high of $34.14. The stock has a market cap of $1.65 billion, a price-to-earnings ratio of 10.75 and a beta of 1.05.

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) last issued its earnings results on Thursday, July 23rd. The financial services provider reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.82 by $0.02. ConnectOne Bancorp had a return on equity of 11.24% and a net margin of 20.21%.The company had revenue of $121.57 million for the quarter, compared to analyst estimates of $121.55 million. Analysts forecast that ConnectOne Bancorp, Inc. will post 3.37 EPS for the current fiscal year.

ConnectOne Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be paid a $0.195 dividend. The ex-dividend date of this dividend is Friday, August 14th. This represents a $0.78 annualized dividend and a dividend yield of 2.4%. ConnectOne Bancorp's payout ratio is presently 25.57%.

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.

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