Connor Clark & Lunn Investment Management Ltd. Boosts Stake in ConnectOne Bancorp, Inc. $CNOB

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its position in ConnectOne Bancorp by 21.9% in Q1, holding 59,239 shares valued at $1,440,000.
• Insider transactions reveal that Directors Susan C. O'Donnell and Stephen T. Boswell increased their stakes by purchasing 2,691 and 6,200 shares, respectively, indicating confidence in the company's performance.
• ConnectOne Bancorp recently declared a quarterly dividend of $0.18 per share, representing an annualized yield of 3.0% with a payout ratio of 82.76%.

Connor Clark & Lunn Investment Management Ltd. raised its holdings in ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Free Report) by 21.9% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 59,239 shares of the financial services provider's stock after acquiring an additional 10,643 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.15% of ConnectOne Bancorp worth $1,440,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in shares of ConnectOne Bancorp by 0.9% in the 1st quarter. Vanguard Group Inc. now owns 2,186,965 shares of the financial services provider's stock worth $53,165,000 after buying an additional 20,408 shares during the period. Avantax Advisory Services Inc. lifted its holdings in shares of ConnectOne Bancorp by 36.6% in the 1st quarter. Avantax Advisory Services Inc. now owns 40,003 shares of the financial services provider's stock worth $972,000 after buying an additional 10,724 shares during the period. Efficient Advisors LLC purchased a new stake in shares of ConnectOne Bancorp in the 1st quarter worth $202,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of ConnectOne Bancorp in the 1st quarter worth $304,000. Finally, Victory Capital Management Inc. lifted its holdings in shares of ConnectOne Bancorp by 2.1% in the 1st quarter. Victory Capital Management Inc. now owns 53,100 shares of the financial services provider's stock worth $1,291,000 after buying an additional 1,100 shares during the period. Institutional investors own 67.70% of the company's stock.

Insider Activity

In other ConnectOne Bancorp news, Director Susan C. O'donnell acquired 2,691 shares of the company's stock in a transaction on Friday, August 1st. The shares were bought at an average cost of $22.30 per share, with a total value of $60,009.30. Following the completion of the acquisition, the director owned 8,523 shares in the company, valued at approximately $190,062.90. This trade represents a 46.14% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Stephen T. Boswell bought 6,200 shares of the firm's stock in a transaction dated Friday, August 1st. The stock was purchased at an average price 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 approximately $6,234,781.41. This represents a 2.26% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders have purchased 10,391 shares of company stock worth $231,210. 6.24% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. 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 note on Thursday, April 24th. Wall Street Zen upgraded ConnectOne Bancorp from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Finally, Keefe, Bruyette & Woods decreased their price objective 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. Two analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $30.25.

ConnectOne Bancorp Stock Down 0.9%

ConnectOne Bancorp stock traded down $0.22 during midday trading on Thursday, reaching $24.11. The company's stock had a trading volume of 178,877 shares, compared to its average volume of 340,611. The stock's 50-day simple moving average is $23.78 and its 200-day simple moving average is $23.74. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.97 and a quick ratio of 0.97. ConnectOne Bancorp, Inc. has a 52-week low of $20.61 and a 52-week high of $29.31. The stock has a market capitalization of $927.51 million, a P/E ratio of 27.71 and a beta of 1.17.

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The financial services provider reported $0.55 EPS for the quarter, beating 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, sell-side analysts expect that ConnectOne Bancorp, Inc. will post 2.23 EPS for the current year.

ConnectOne Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Friday, August 15th will be issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend is Friday, August 15th. ConnectOne Bancorp's dividend payout ratio (DPR) is 82.76%.

ConnectOne Bancorp Company 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.