GAMMA Investing LLC Purchases 93,862 Shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB)

GAMMA Investing LLC increased its position in shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Free Report) by 2,738.9% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 97,289 shares of the financial services provider's stock after purchasing an additional 93,862 shares during the quarter. GAMMA Investing LLC owned approximately 0.25% of ConnectOne Bancorp worth $2,365,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. CSS LLC IL bought a new stake in ConnectOne Bancorp during the 4th quarter worth about $399,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in ConnectOne Bancorp by 15.9% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 60,855 shares of the financial services provider's stock worth $1,394,000 after acquiring an additional 8,349 shares during the last quarter. Squarepoint Ops LLC grew its holdings in ConnectOne Bancorp by 78.2% during the 4th quarter. Squarepoint Ops LLC now owns 22,858 shares of the financial services provider's stock worth $524,000 after acquiring an additional 10,033 shares during the last quarter. Rafferty Asset Management LLC grew its holdings in ConnectOne Bancorp by 39.8% during the 4th quarter. Rafferty Asset Management LLC now owns 44,053 shares of the financial services provider's stock worth $1,009,000 after acquiring an additional 12,535 shares during the last quarter. Finally, ProShare Advisors LLC bought a new stake in ConnectOne Bancorp during the 4th quarter worth about $234,000. Institutional investors own 67.70% of the company's stock.

Wall Street Analyst Weigh In

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

ConnectOne Bancorp Trading Down 3.5%

Shares of NASDAQ CNOB traded down $0.80 during mid-day trading on Friday, hitting $22.28. The company's stock had a trading volume of 419,463 shares, compared to its average volume of 210,122. The stock has a market cap of $857.11 million, a price-to-earnings ratio of 12.59 and a beta of 1.12. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.01 and a quick ratio of 1.01. ConnectOne Bancorp, Inc. has a one year low of $17.07 and a one year high of $29.31. The company's fifty day simple moving average is $22.83 and its 200-day simple moving average is $23.90.

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) last issued its 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 company had revenue of $70.21 million for the quarter, compared to analyst estimates of $67.90 million. ConnectOne Bancorp had a net margin of 13.80% and a return on equity of 6.77%. On average, sell-side analysts anticipate that ConnectOne Bancorp, Inc. will post 2.23 earnings per share for the current fiscal year.

ConnectOne Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Thursday, May 15th were paid a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 3.23%. The ex-dividend date of this dividend was Thursday, May 15th. ConnectOne Bancorp's dividend payout ratio (DPR) is presently 38.92%.

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.