BlackRock Inc. Buys Shares of 4,768,609 ConnectOne Bancorp, Inc. $CNOB

Key Points

• BlackRock acquired 4,768,609 shares of ConnectOne Bancorp in the second quarter, valued at approximately $159.5 million and representing a 9.48% stake. Institutional investors collectively own 67.70% of the company.
• ConnectOne Bancorp exceeded quarterly earnings expectations, reporting $0.84 in EPS versus the $0.82 consensus, while revenue of $121.57 million was essentially in line with forecasts.
• The company declared a quarterly dividend of $0.195 per share, equivalent to an annualized $0.78 payout and a 2.5% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $35.

BlackRock Inc. purchased a new position in ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 4,768,609 shares of the financial services provider's stock, valued at approximately $159,462,000. BlackRock Inc. owned approximately 9.48% of ConnectOne Bancorp at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Clearstead Advisors LLC lifted its stake 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 worth $35,000 after purchasing an additional 880 shares during the last quarter. Osaic Holdings Inc. boosted its holdings in shares of ConnectOne Bancorp by 728.4% in the 2nd 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 in the last quarter. State of Wyoming bought a new stake in ConnectOne Bancorp in the 4th quarter worth approximately $73,000. Farther Finance Advisors LLC lifted its position in ConnectOne Bancorp by 129.1% in the 4th quarter. Farther Finance Advisors LLC now owns 3,475 shares of the financial services provider's stock worth $91,000 after buying an additional 1,958 shares during the last quarter. Finally, Russell Investments Group Ltd. boosted its stake in ConnectOne Bancorp by 791.0% in the third quarter. Russell Investments Group Ltd. now owns 4,553 shares of the financial services provider's stock worth $113,000 after buying an additional 4,042 shares in the last quarter. Hedge funds and other institutional investors own 67.70% of the company's stock.

ConnectOne Bancorp Price Performance

Shares of ConnectOne Bancorp stock opened at $31.73 on Friday. The company's fifty day simple moving average is $32.77 and its two-hundred day simple moving average is $29.97. ConnectOne Bancorp, Inc. has a 12-month low of $23.20 and a 12-month high of $34.14. The firm has a market cap of $1.60 billion, a PE ratio of 10.40 and a beta of 1.05. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.61.

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.84 EPS for the quarter, beating analysts' consensus estimates 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 return on equity of 11.24% and a net margin of 20.21%. As a group, equities analysts expect that ConnectOne Bancorp, Inc. will post 3.37 EPS for the current 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 issued a $0.195 dividend. The ex-dividend date is Friday, August 14th. This represents a $0.78 annualized dividend and a yield of 2.5%. ConnectOne Bancorp's dividend payout ratio is 25.57%.

Wall Street Analysts Forecast Growth

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

About ConnectOne Bancorp

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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