Charles Schwab Investment Management Inc. Sells 48,925 Shares of ConnectOne Bancorp, Inc. $CNOB

Key Points

• Charles Schwab Investment Management Inc. reduced its stake in ConnectOne Bancorp, selling 48,925 shares, resulting in approximately 0.76% ownership valued at about $7.08 million.
• ConnectOne Bancorp recently announced a quarterly dividend of $0.18 per share, representing an annualized dividend of $0.72 and a yield of 2.8%.
• Despite the share reduction by Schwab, several institutional investors have increased their stakes, contributing to a 67.70% ownership of the company’s stock by such investors.

Charles Schwab Investment Management Inc. lessened its stake in shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Free Report) by 14.4% in the first quarter, according to its most recent filing with the SEC. The fund owned 291,395 shares of the financial services provider's stock after selling 48,925 shares during the period. Charles Schwab Investment Management Inc. owned about 0.76% of ConnectOne Bancorp worth $7,084,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of CNOB. Aquatic Capital Management LLC acquired a new stake in shares of ConnectOne Bancorp during the fourth quarter worth approximately $62,000. GAMMA Investing LLC boosted its position in ConnectOne Bancorp by 16.8% in the 1st quarter. GAMMA Investing LLC now owns 4,002 shares of the financial services provider's stock valued at $97,000 after buying an additional 575 shares during the last quarter. Efficient Advisors LLC bought a new position in ConnectOne Bancorp in the 1st quarter valued at $202,000. ProShare Advisors LLC bought a new position in ConnectOne Bancorp in the 4th quarter valued at $234,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new position in ConnectOne Bancorp in the 1st quarter valued at $304,000. 67.70% of the stock is currently owned by institutional investors.

ConnectOne Bancorp Stock Performance

ConnectOne Bancorp stock traded up $0.06 during midday trading on Friday, reaching $25.60. 229,202 shares of the company's stock were exchanged, compared to its average volume of 278,497. ConnectOne Bancorp, Inc. has a 52 week low of $20.61 and a 52 week high of $29.31. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.97 and a current ratio of 0.97. The firm has a market cap of $1.29 billion, a price-to-earnings ratio of 29.43 and a beta of 1.17. The stock's 50-day simple moving average is $24.19 and its 200 day simple moving average is $23.68.

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The financial services provider reported $0.55 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.52 by $0.03. The company had revenue of $84.65 million during the quarter, compared to analysts' expectations of $72.80 million. ConnectOne Bancorp had a return on equity of 7.12% and a net margin of 6.85%. On average, analysts expect that ConnectOne Bancorp, Inc. will post 2.23 earnings per share for the current fiscal year.

ConnectOne Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Friday, August 15th will be issued a dividend of $0.18 per share. The ex-dividend date is Friday, August 15th. This represents a $0.72 annualized dividend and a dividend yield of 2.8%. ConnectOne Bancorp's dividend payout ratio is 82.76%.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen raised ConnectOne Bancorp from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Two equities research analysts have rated the stock with a Buy rating, According to MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $30.25.

Insider Buying and Selling at ConnectOne Bancorp

In related news, Director Susan C. O'donnell purchased 2,691 shares of the stock in a transaction dated Friday, August 1st. The stock was bought at an average cost of $22.30 per share, for a total transaction of $60,009.30. Following the completion of the acquisition, the director owned 8,523 shares of the company's stock, valued at approximately $190,062.90. This represents a 46.14% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Stephen T. Boswell purchased 6,200 shares of the stock in a transaction dated Friday, August 1st. The shares were bought at an average price of $22.23 per share, with a total value of $137,826.00. Following the completion of the acquisition, the director directly owned 280,467 shares of the company's stock, valued at approximately $6,234,781.41. This represents a 2.26% increase in their position. The disclosure for this purchase can be found here. Insiders have bought 10,391 shares of company stock valued at $231,210 over the last quarter. Company insiders own 6.24% of the company's stock.

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.