Deutsche Bank AG Acquires Shares of 48,293 ConnectOne Bancorp, Inc. $CNOB

Key Points

• Deutsche Bank acquired 48,293 shares of ConnectOne Bancorp during the second quarter, valued at approximately $1.62 million and representing about 0.10% of the company. Institutional investors collectively own 67.70% of CNOB.
• Analysts maintain a favorable outlook, with a consensus rating of “Moderate Buy” and an average price target of $35.00. Piper Sandler raised its target to $38.00, while Raymond James retained a Market Perform rating.
• ConnectOne Bancorp exceeded quarterly earnings expectations, reporting $0.84 in EPS versus the $0.82 consensus and $121.57 million in revenue. The company also declared a quarterly dividend of $0.195 per share, equivalent to a 2.5% annualized yield.

Deutsche Bank AG acquired a new stake in ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 48,293 shares of the financial services provider's stock, valued at approximately $1,615,000. Deutsche Bank AG owned about 0.10% of ConnectOne Bancorp at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in CNOB. AQR Capital Management LLC grew its position in ConnectOne Bancorp by 7.6% during the 1st quarter. AQR Capital Management LLC now owns 74,053 shares of the financial services provider's stock worth $1,800,000 after purchasing an additional 5,205 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of ConnectOne Bancorp by 4.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,537 shares of the financial services provider's stock worth $524,000 after buying an additional 914 shares during the last quarter. Jane Street Group LLC grew its holdings in ConnectOne Bancorp by 374.7% during the first quarter. Jane Street Group LLC now owns 64,537 shares of the financial services provider's stock worth $1,569,000 after acquiring an additional 50,942 shares during the period. New York State Common Retirement Fund raised its position in ConnectOne Bancorp by 32.7% during the second quarter. New York State Common Retirement Fund now owns 13,709 shares of the financial services provider's stock valued at $318,000 after acquiring an additional 3,379 shares in the last quarter. Finally, Invesco Ltd. raised its position in ConnectOne Bancorp by 14.1% during the second quarter. Invesco Ltd. now owns 111,195 shares of the financial services provider's stock valued at $2,575,000 after acquiring an additional 13,729 shares in the last quarter. Hedge funds and other institutional investors own 67.70% of the company's stock.

Analyst Ratings Changes

A number of research analysts have issued reports on CNOB shares. Piper Sandler boosted their price target on ConnectOne Bancorp from $34.00 to $38.00 and gave the company an "overweight" rating in a report on Friday, June 26th. Weiss Ratings reissued a "buy (b)" rating on shares of ConnectOne Bancorp in a report on Monday, August 17th. Finally, Raymond James Financial reaffirmed a "market perform" rating on shares of ConnectOne Bancorp in a report on Wednesday, July 1st. Four investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $35.00.

ConnectOne Bancorp Price Performance

Shares of NASDAQ CNOB opened at $31.73 on Friday. The firm has a 50-day simple moving average of $32.77 and a 200-day simple moving average of $29.97. The stock has a market capitalization of $1.60 billion, a price-to-earnings ratio of 10.40 and a beta of 1.05. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.61. ConnectOne Bancorp, Inc. has a 52 week low of $23.20 and a 52 week high of $34.14.

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.84 earnings per share for the quarter, topping analysts' consensus estimates of $0.82 by $0.02. The firm had revenue of $121.57 million for the quarter, compared to analyst estimates of $121.55 million. ConnectOne Bancorp had a net margin of 20.21% and a return on equity of 11.24%. On average, equities analysts predict that ConnectOne Bancorp, Inc. will post 3.37 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 1st. Stockholders of record on Friday, August 14th will be given a $0.195 dividend. The ex-dividend date is Friday, August 14th. This represents a $0.78 dividend on an annualized basis and a dividend yield of 2.5%. ConnectOne Bancorp's dividend payout ratio is 25.57%.

ConnectOne Bancorp Profile

ConnectOne Bancorp is a New Jersey‐based bank holding company whose primary subsidiary, ConnectOne Bank, offers a suite of commercial banking services to small and medium‐sized businesses, professionals and individuals. Established in 2005 and headquartered in Englewood Cliffs, New Jersey, the company seeks to deliver customized lending and deposit solutions through a network of branches across northern New Jersey and the New York metropolitan area.

The company's lending portfolio centers on commercial real estate financing, construction lending, owner‐occupied real estate loans and working capital lines of credit.

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