Bank of America Corp DE Increases Holdings in ConnectOne Bancorp, Inc. (NASDAQ:CNOB)

Bank of America Corp DE boosted its position in ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Free Report) by 23.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 826,463 shares of the financial services provider's stock after buying an additional 155,573 shares during the period. 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 & Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Stieven Capital Advisors L.P. raised its holdings in shares of ConnectOne Bancorp by 96.2% during the fourth quarter. Stieven Capital Advisors L.P. now owns 508,265 shares of the financial services provider's stock worth $11,644,000 after purchasing an additional 249,265 shares during the last quarter. Earnest Partners LLC raised its stake in shares of ConnectOne Bancorp by 42.4% during the 4th quarter. Earnest Partners LLC now owns 282,221 shares of the financial services provider's stock valued at $6,466,000 after buying an additional 84,028 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of ConnectOne Bancorp by 32.3% in the fourth quarter. Bank of New York Mellon Corp now owns 250,818 shares of the financial services provider's stock worth $5,746,000 after buying an additional 61,165 shares during the last quarter. Fourthstone LLC acquired a new stake in ConnectOne Bancorp during the fourth quarter worth about $1,322,000. Finally, Raymond James Financial Inc. purchased a new position in ConnectOne Bancorp during the fourth quarter valued at approximately $1,303,000. Institutional investors and hedge funds own 67.70% of the company's stock.

ConnectOne Bancorp Price Performance

ConnectOne Bancorp stock opened at $23.91 on Tuesday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.01 and a current ratio of 1.01. The company's fifty day moving average price is $23.02 and its 200 day moving average price is $24.42. The stock has a market capitalization of $919.82 million, a P/E ratio of 13.51 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.

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

ConnectOne Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 2nd. Shareholders of record on Thursday, May 15th will be issued a dividend of $0.18 per share. The ex-dividend date is Thursday, May 15th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.01%. ConnectOne Bancorp's payout ratio is currently 38.92%.

Wall Street Analysts Forecast Growth

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

About ConnectOne Bancorp

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.

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