American Century Companies Inc. Acquires 18,046 Shares of ConnectOne Bancorp, Inc. $CNOB

Key Points

• American Century Companies Inc. increased its stake in ConnectOne Bancorp by 2.3%, acquiring an additional 18,046 shares, bringing its total ownership to approximately 2.05% valued at $19.2 million.
• ConnectOne Bancorp reported earnings of $0.55 per share for the last quarter, surpassing estimates, with revenue reaching $84.65 million against an expectation of $72.80 million.
• The company declared a quarterly dividend of $0.18, representing an annualized dividend yield of 2.8%, with a payout ratio of 82.76%.

American Century Companies Inc. lifted its position in ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Free Report) by 2.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 789,760 shares of the financial services provider's stock after purchasing an additional 18,046 shares during the quarter. American Century Companies Inc. owned 2.05% of ConnectOne Bancorp worth $19,199,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the company. First Trust Advisors LP lifted its position in shares of ConnectOne Bancorp by 1.7% during the 4th quarter. First Trust Advisors LP now owns 23,601 shares of the financial services provider's stock worth $541,000 after buying an additional 389 shares during the period. GAMMA Investing LLC raised its position in ConnectOne Bancorp by 16.8% in the 1st quarter. GAMMA Investing LLC now owns 4,002 shares of the financial services provider's stock valued at $97,000 after purchasing an additional 575 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in ConnectOne Bancorp by 3.6% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 20,623 shares of the financial services provider's stock valued at $472,000 after purchasing an additional 722 shares during the last quarter. Sterling Capital Management LLC increased its stake in shares of ConnectOne Bancorp by 792.3% in the 4th quarter. Sterling Capital Management LLC now owns 1,160 shares of the financial services provider's stock valued at $27,000 after buying an additional 1,030 shares during the period. Finally, Victory Capital Management Inc. increased its stake in shares of ConnectOne Bancorp by 2.1% in the 1st quarter. Victory Capital Management Inc. now owns 53,100 shares of the financial services provider's stock valued at $1,291,000 after buying an additional 1,100 shares during the period. 67.70% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen raised ConnectOne Bancorp from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Two investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $30.25.

Insider Buying and Selling

In related news, Director Stephen T. Boswell purchased 6,200 shares of ConnectOne Bancorp stock in a transaction that occurred on Friday, August 1st. The shares were acquired at an average price of $22.23 per share, with a total value of $137,826.00. Following the completion of the transaction, the director directly owned 280,467 shares of the company's stock, valued at $6,234,781.41. This represents a 2.26% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Susan C. O'donnell purchased 2,691 shares of ConnectOne Bancorp stock in a transaction that occurred on Friday, August 1st. The shares were bought at an average cost of $22.30 per share, for a total transaction of $60,009.30. Following the transaction, the director directly owned 8,523 shares of the company's stock, valued at $190,062.90. This represents a 46.14% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased 10,391 shares of company stock worth $231,210 in the last three months. 6.24% of the stock is currently owned by company insiders.

ConnectOne Bancorp Stock Performance

NASDAQ:CNOB traded up $0.06 on Friday, hitting $25.60. The company's stock had a trading volume of 229,202 shares, compared to its average volume of 278,497. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.20. The stock has a fifty day moving average of $24.19 and a two-hundred day moving average of $23.68. The firm has a market capitalization of $1.29 billion, a P/E ratio of 29.43 and a beta of 1.17. ConnectOne Bancorp, Inc. has a one year low of $20.61 and a one year high of $29.31.

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The financial services provider reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.03. ConnectOne Bancorp had a return on equity of 7.12% and a net margin of 6.85%.The firm had revenue of $84.65 million for the quarter, compared to analyst estimates of $72.80 million. Research analysts predict that ConnectOne Bancorp, Inc. will post 2.23 earnings per share for the current year.

ConnectOne Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Friday, August 15th will be given a dividend of $0.18 per share. The ex-dividend date of this dividend is Friday, August 15th. This represents a $0.72 dividend on an annualized basis and a yield of 2.8%. ConnectOne Bancorp's dividend payout ratio is currently 82.76%.

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.