Bank of America Corp DE Acquires Shares of 882,327 ConnectOne Bancorp, Inc. $CNOB

Key Points

• Bank of America acquired 882,327 shares of ConnectOne Bancorp in the second quarter, worth approximately $29.5 million and representing a 1.75% stake. Institutional investors collectively own 67.70% of the company.
• Analysts maintain a generally positive outlook, with four Buy ratings and one Hold rating producing a consensus “Moderate Buy” rating and a $35 price target.
• ConnectOne Bancorp exceeded quarterly expectations, reporting $0.84 EPS versus the $0.82 estimate and $122.77 million in revenue. The company also pays a quarterly dividend of $0.195 per share, or $0.78 annually, yielding about 2.5%.

Bank of America Corp DE acquired a new position in ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Free Report) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 882,327 shares of the financial services provider's stock, valued at approximately $29,505,000. Bank of America Corp DE owned 1.75% of ConnectOne Bancorp as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. BlackRock Inc. acquired a new stake in shares of ConnectOne Bancorp in the second quarter worth approximately $159,462,000. Dimensional Fund Advisors LP raised its position in shares of ConnectOne Bancorp by 1.3% in the first quarter. Dimensional Fund Advisors LP now owns 2,853,964 shares of the financial services provider's stock valued at $76,400,000 after buying an additional 37,657 shares during the last quarter. Kennedy Capital Management LLC raised its position 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 valued at $22,654,000 after buying an additional 99,228 shares during the last quarter. The Manufacturers Life Insurance Company purchased a new position in shares of ConnectOne Bancorp in the second quarter worth about $9,952,000. Finally, Bank of New York Mellon Corp purchased a new position in shares of ConnectOne Bancorp in the second quarter worth about $9,501,000. 67.70% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Piper Sandler boosted their price target on shares of ConnectOne Bancorp from $34.00 to $38.00 and gave the company an "overweight" rating in a research report on Friday, June 26th. Raymond James Financial restated a "market perform" rating on shares of ConnectOne Bancorp in a research report on Wednesday, July 1st. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of ConnectOne Bancorp in a research note on Monday, August 17th. Four analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $35.00.

ConnectOne Bancorp Stock Performance

NASDAQ CNOB opened at $31.20 on Wednesday. The company has a market cap of $1.57 billion, a P/E ratio of 10.23 and a beta of 1.03. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.04 and a quick ratio of 1.04. The stock has a 50-day moving average of $32.42 and a two-hundred day moving average of $30.50. ConnectOne Bancorp, Inc. has a 1-year low of $23.20 and a 1-year high of $34.14.

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.82 by $0.02. The business had revenue of $122.77 million for the quarter, compared to analysts' expectations of $121.55 million. ConnectOne Bancorp had a net margin of 20.21% and a return on equity of 11.24%. As a group, analysts anticipate that ConnectOne Bancorp, Inc. will post 3.37 EPS for the current year.

ConnectOne Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Friday, August 14th were paid a dividend of $0.195 per share. This represents a $0.78 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date was Friday, August 14th. ConnectOne Bancorp's dividend payout ratio is presently 25.57%.

ConnectOne Bancorp Profile

ConnectOne Bancorp, Inc is the parent company of ConnectOne Bank, a full-service commercial bank serving businesses, professionals, nonprofit organizations and individuals. The bank provides deposit accounts, commercial and residential real estate financing, business loans, lines of credit, consumer lending and other banking services.

ConnectOne also offers treasury management, cash-management and digital banking solutions designed to help business and institutional clients manage payments, deposits and liquidity.

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