Arrowstreet Capital Limited Partnership Sells 125,234 Shares of ConnectOne Bancorp, Inc. $CNOB

Key Points

• Arrowstreet Capital reduced its ConnectOne Bancorp stake by 57.8% in the first quarter, selling 125,234 shares and retaining 91,585 shares valued at approximately $2.45 million. Institutional investors collectively own 67.7% of CNOB.
• Analyst sentiment remains favorable, with four Buy ratings and one Hold rating. The consensus is a “Moderate Buy” rating and a $35 average price target, while Piper Sandler raised its target to $38.
• ConnectOne Bancorp reported quarterly EPS of $0.84, beating estimates by $0.02, and revenue of $121.57 million. The company also declared a quarterly dividend of $0.195 per share, representing a 2.3% yield.

Arrowstreet Capital Limited Partnership cut its holdings in shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Free Report) by 57.8% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 91,585 shares of the financial services provider's stock after selling 125,234 shares during the period. Arrowstreet Capital Limited Partnership owned 0.18% of ConnectOne Bancorp worth $2,452,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Clearstead Advisors LLC lifted its position in ConnectOne Bancorp by 195.6% during 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 during the period. Osaic Holdings Inc. raised its stake in shares of ConnectOne Bancorp by 728.4% in the second quarter. Osaic Holdings Inc. now owns 1,781 shares of the financial services provider's stock worth $41,000 after purchasing an additional 1,566 shares during the last quarter. State of Wyoming purchased a new position in shares of ConnectOne Bancorp in the fourth quarter worth $73,000. Farther Finance Advisors LLC lifted its holdings in shares of ConnectOne Bancorp by 129.1% during the fourth quarter. Farther Finance Advisors LLC now owns 3,475 shares of the financial services provider's stock valued at $91,000 after purchasing an additional 1,958 shares in the last quarter. Finally, Russell Investments Group Ltd. lifted its holdings in shares of ConnectOne Bancorp by 791.0% during the third quarter. Russell Investments Group Ltd. now owns 4,553 shares of the financial services provider's stock valued at $113,000 after purchasing an additional 4,042 shares in the last quarter. Hedge funds and other institutional investors own 67.70% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on CNOB. Weiss Ratings raised ConnectOne Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday, May 20th. Keefe, Bruyette & Woods upped their price objective on ConnectOne Bancorp from $32.00 to $34.00 and gave the stock an "outperform" rating in a research note on Friday, April 24th. Piper Sandler boosted their price target on ConnectOne Bancorp from $34.00 to $38.00 and gave the company an "overweight" rating in a report on Friday, June 26th. Hovde Group raised their price objective on ConnectOne Bancorp from $32.00 to $34.00 and gave the stock an "outperform" rating in a research note on Friday, April 24th. Finally, Raymond James Financial reaffirmed a "market perform" rating on shares of ConnectOne Bancorp in a report on Wednesday, July 1st. Four research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, ConnectOne Bancorp has an average rating of "Moderate Buy" and an average target price of $35.00.

ConnectOne Bancorp Stock Up 0.5%

Shares of CNOB opened at $33.65 on Wednesday. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.97 and a quick ratio of 0.97. The stock has a market capitalization of $1.69 billion, a price-to-earnings ratio of 11.03 and a beta of 1.05. ConnectOne Bancorp, Inc. has a 1 year low of $22.29 and a 1 year high of $34.14. The business's 50 day simple moving average is $32.29 and its 200-day simple moving average is $29.37.

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.84 EPS for the quarter, beating the consensus estimate of $0.82 by $0.02. The business had revenue of $121.57 million during the quarter, compared to analyst estimates of $121.55 million. ConnectOne Bancorp had a net margin of 20.21% and a return on equity of 11.35%. As a group, equities analysts expect that ConnectOne Bancorp, Inc. will post 3.37 earnings per share for the current fiscal year.

ConnectOne Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th will be paid a dividend of $0.195 per share. This represents a $0.78 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend is Friday, August 14th. ConnectOne Bancorp's payout ratio is presently 25.57%.

ConnectOne Bancorp Company Profile

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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