Connor Clark & Lunn Investment Management Ltd. Grows Position in ConnectOne Bancorp, Inc. (NASDAQ: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. increased its holdings in ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Free Report) by 21.9% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 59,239 shares of the financial services provider's stock after purchasing an additional 10,643 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.15% of ConnectOne Bancorp worth $1,440,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. GAMMA Investing LLC increased its position in ConnectOne Bancorp by 16.8% in the first quarter. GAMMA Investing LLC now owns 4,002 shares of the financial services provider's stock worth $97,000 after purchasing an additional 575 shares during the last quarter. Millennium Management LLC bought a new stake in ConnectOne Bancorp in the fourth quarter worth $503,000. Envestnet Asset Management Inc. increased its position in ConnectOne Bancorp by 30.3% in the first quarter. Envestnet Asset Management Inc. now owns 205,792 shares of the financial services provider's stock worth $5,003,000 after purchasing an additional 47,894 shares during the last quarter. Victory Capital Management Inc. increased its position in ConnectOne Bancorp by 2.1% in the first quarter. Victory Capital Management Inc. now owns 53,100 shares of the financial services provider's stock worth $1,291,000 after purchasing an additional 1,100 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in ConnectOne Bancorp by 3.6% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 20,623 shares of the financial services provider's stock worth $472,000 after purchasing an additional 722 shares during the last quarter. Institutional investors own 67.70% of the company's stock.

Insider Transactions at ConnectOne Bancorp

In related news, Director Susan C. O'donnell acquired 2,691 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The stock was bought at an average price of $22.30 per share, for a total transaction of $60,009.30. Following the acquisition, the director directly owned 8,523 shares of the company's stock, valued at $190,062.90. This represents a 46.14% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Stephen T. Boswell acquired 6,200 shares of the firm's stock in a transaction that occurred on 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 acquisition, the director directly owned 280,467 shares in the company, valued at $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. Insiders have purchased a total of 10,391 shares of company stock valued at $231,210 in the last quarter. 6.24% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on CNOB. Keefe, Bruyette & Woods reduced their price target on shares of ConnectOne Bancorp from $32.00 to $31.00 and set an "outperform" rating on the stock in a research report on Friday, April 25th. Hovde Group boosted their price objective on shares of ConnectOne Bancorp from $29.00 to $29.50 and gave the company an "outperform" rating in a research report on Thursday, April 24th. Finally, Wall Street Zen upgraded shares of ConnectOne Bancorp from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd.

ConnectOne Bancorp Trading Down 2.3%

CNOB stock opened at $23.83 on Friday. The company has a quick ratio of 1.01, a current ratio of 0.97 and a debt-to-equity ratio of 0.20. 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 $916.74 million, a price-to-earnings ratio of 27.39 and a beta of 1.17. The firm's fifty day simple moving average is $23.71 and its two-hundred day simple moving average is $23.76.

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

ConnectOne Bancorp Dividend Announcement

The business also recently disclosed 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. The ex-dividend date is Friday, August 15th. This represents a $0.72 dividend on an annualized basis and a yield of 3.0%. ConnectOne Bancorp's dividend payout ratio (DPR) is presently 82.76%.

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.

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