Earnest Partners LLC Has $8.25 Million Stock Position in ConnectOne Bancorp, Inc. $CNOB

Key Points

• Earnest Partners LLC increased its stake in ConnectOne Bancorp by 20.2% in Q1, owning a total of 339,340 shares valued at approximately $8.25 million.
• ConnectOne Bancorp recently reported $0.55 earnings per share for the last quarter, surpassing analysts' expectations of $0.52, with revenue totaling $84.65 million.
• The company declared a quarterly dividend of $0.18, resulting in an annual dividend yield of 2.8%, with the ex-dividend date set for August 15.

Earnest Partners LLC lifted its holdings in shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Free Report) by 20.2% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 339,340 shares of the financial services provider's stock after acquiring an additional 57,119 shares during the period. Earnest Partners LLC owned 0.88% of ConnectOne Bancorp worth $8,249,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in CNOB. Nuveen LLC acquired a new stake in shares of ConnectOne Bancorp during the 1st quarter worth about $8,311,000. Wellington Management Group LLP raised its position in shares of ConnectOne Bancorp by 52.6% during the 1st quarter. Wellington Management Group LLP now owns 641,171 shares of the financial services provider's stock worth $15,587,000 after acquiring an additional 221,005 shares in the last quarter. Bank of America Corp DE raised its position in shares of ConnectOne Bancorp by 23.2% during the 4th quarter. Bank of America Corp DE now owns 826,463 shares of the financial services provider's stock worth $18,934,000 after acquiring an additional 155,573 shares in the last quarter. GAMMA Investing LLC raised its position in shares of ConnectOne Bancorp by 2,738.9% during the 1st quarter. GAMMA Investing LLC now owns 97,289 shares of the financial services provider's stock worth $2,365,000 after acquiring an additional 93,862 shares in the last quarter. Finally, Hotchkis & Wiley Capital Management LLC raised its position in shares of ConnectOne Bancorp by 18.2% during the 1st quarter. Hotchkis & Wiley Capital Management LLC now owns 511,780 shares of the financial services provider's stock worth $12,441,000 after acquiring an additional 78,750 shares in the last quarter. Institutional investors and hedge funds own 67.70% of the company's stock.

Wall Street Analysts Forecast Growth

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.com, the company presently has a consensus rating of "Buy" and a consensus target price of $30.25.

ConnectOne Bancorp Price Performance

Shares of NASDAQ CNOB traded up $0.06 during trading on Friday, reaching $25.60. The company had a trading volume of 229,202 shares, compared to its average volume of 278,497. ConnectOne Bancorp, Inc. has a twelve month low of $20.61 and a twelve month high of $29.31. The stock has a market capitalization of $1.29 billion, a PE ratio of 29.43 and a beta of 1.17. The stock has a 50-day moving average price of $24.19 and a two-hundred day moving average price of $23.66. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.20.

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) last released its earnings results on Tuesday, July 29th. The financial services provider reported $0.55 EPS for the quarter, beating the consensus estimate of $0.52 by $0.03. The firm had revenue of $84.65 million during the quarter, compared to analyst estimates of $72.80 million. ConnectOne Bancorp had a return on equity of 7.12% and a net margin of 6.85%. As a group, sell-side analysts predict that ConnectOne Bancorp, Inc. will post 2.23 earnings per share for the current year.

ConnectOne Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Friday, August 15th will be given a $0.18 dividend. The ex-dividend date of this dividend 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 presently 82.76%.

Insider Activity

In related news, Director Stephen T. Boswell purchased 6,200 shares of the company's stock in a transaction dated Friday, August 1st. The shares were acquired at an average cost of $22.23 per share, for a total transaction of $137,826.00. Following the transaction, the director owned 280,467 shares of the company's stock, valued at $6,234,781.41. This trade represents a 2.26% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Susan C. O'donnell purchased 2,691 shares of the stock in a transaction dated Friday, August 1st. The shares were purchased at an average price of $22.30 per share, for a total transaction of $60,009.30. Following the completion of the transaction, the director owned 8,523 shares in the company, valued at $190,062.90. This trade represents a 46.14% increase in their position. The disclosure for this purchase can be found here. Insiders bought 10,391 shares of company stock valued at $231,210 in the last ninety days. 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.