ConnectOne Bancorp, Inc. (NASDAQ:CNOB) Shares Acquired by Bank of America Corp DE

Bank of America Corp DE increased its stake in shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Free Report) by 23.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 826,463 shares of the financial services provider's stock after purchasing an additional 155,573 shares during the quarter. Bank of America Corp DE owned approximately 2.15% of ConnectOne Bancorp worth $18,934,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Sterling Capital Management LLC grew its holdings in 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. Aquatic Capital Management LLC purchased a new stake in ConnectOne Bancorp in the 4th quarter valued at about $62,000. KLP Kapitalforvaltning AS purchased a new stake in ConnectOne Bancorp in the 4th quarter valued at about $149,000. Quantbot Technologies LP purchased a new stake in ConnectOne Bancorp in the 4th quarter valued at about $205,000. Finally, Serenus Wealth Advisors LLC acquired a new position in shares of ConnectOne Bancorp in the 4th quarter valued at about $209,000. Hedge funds and other institutional investors own 67.70% of the company's stock.

ConnectOne Bancorp Stock Performance

Shares of CNOB stock traded up $0.15 on Friday, hitting $22.79. 179,800 shares of the stock traded hands, compared to its average volume of 200,256. 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 $876.73 million, a PE ratio of 12.88 and a beta of 1.12. ConnectOne Bancorp, Inc. has a 1-year low of $17.07 and a 1-year high of $29.31. The company's fifty day moving average is $22.99 and its 200 day moving average is $24.34.

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

ConnectOne Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 2nd. Investors of record on Thursday, May 15th will be given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 3.16%. The ex-dividend date of this dividend is Thursday, May 15th. ConnectOne Bancorp's dividend payout ratio is currently 38.92%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on CNOB shares. Hovde Group lifted their price objective on ConnectOne Bancorp from $29.00 to $29.50 and gave the company an "outperform" rating in a research note on Thursday, April 24th. Keefe, Bruyette & Woods reduced their price objective on ConnectOne Bancorp from $32.00 to $31.00 and set an "outperform" rating on the stock in a research note on Friday, April 25th.

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.