Dimensional Fund Advisors LP Acquires 37,657 Shares of ConnectOne Bancorp, Inc. $CNOB

Key Points

• Dimensional Fund Advisors increased its ConnectOne Bancorp stake by 1.3%, adding 37,657 shares to own 2.85 million shares, or approximately 5.68% of the company. Institutional investors collectively hold 67.7% of CNOB’s stock.
• ConnectOne Bancorp reported quarterly EPS of $0.84, beating estimates of $0.82, while revenue of $122.77 million also exceeded expectations. Analysts forecast $3.37 in full-year EPS.
• The company declared a quarterly dividend of $0.195, equivalent to an annualized $0.78 payout and a 2.4% yield. Analyst sentiment remains positive, with a “Moderate Buy” consensus and an average price target of $35.

Dimensional Fund Advisors LP lifted its stake in ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Free Report) by 1.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,853,964 shares of the financial services provider's stock after acquiring an additional 37,657 shares during the period. Dimensional Fund Advisors LP owned approximately 5.68% of ConnectOne Bancorp worth $76,400,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of CNOB. Vanguard Group Inc. raised its stake in ConnectOne Bancorp by 2.2% during the 4th quarter. Vanguard Group Inc. now owns 2,914,268 shares of the financial services provider's stock valued at $76,412,000 after purchasing an additional 63,214 shares during the last quarter. Wellington Management Group LLP grew its position in ConnectOne Bancorp by 76.8% in the 3rd quarter. Wellington Management Group LLP now owns 2,882,584 shares of the financial services provider's stock worth $71,517,000 after purchasing an additional 1,252,614 shares during the last quarter. Kennedy Capital Management LLC grew its position in ConnectOne Bancorp by 13.0% in the 4th quarter. Kennedy Capital Management LLC now owns 863,983 shares of the financial services provider's stock worth $22,654,000 after purchasing an additional 99,228 shares during the last quarter. Algebris UK Ltd. increased its holdings in shares of ConnectOne Bancorp by 36.5% during the 4th quarter. Algebris UK Ltd. now owns 846,865 shares of the financial services provider's stock worth $22,215,000 after purchasing an additional 226,523 shares during the period. Finally, UBS Group AG increased its holdings in shares of ConnectOne Bancorp by 579.2% during the 4th quarter. UBS Group AG now owns 705,119 shares of the financial services provider's stock worth $18,488,000 after purchasing an additional 601,310 shares during the period. Institutional investors own 67.70% of the company's stock.

ConnectOne Bancorp Trading Down 0.0%

Shares of ConnectOne Bancorp stock opened at $32.94 on Friday. ConnectOne Bancorp, Inc. has a 52-week low of $22.07 and a 52-week high of $34.14. The firm has a market capitalization of $1.66 billion, a PE ratio of 10.80 and a beta of 1.05. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.97 and a quick ratio of 0.97. The company's fifty day moving average price is $32.14 and its two-hundred day moving average price is $29.24.

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.84 EPS for the quarter, topping analysts' consensus estimates of $0.82 by $0.02. ConnectOne Bancorp had a net margin of 20.21% and a return on equity of 11.35%. The company had revenue of $122.77 million during the quarter, compared to the consensus estimate of $121.55 million. On average, analysts expect that ConnectOne Bancorp, Inc. will post 3.37 EPS for the current year.

ConnectOne Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be given a $0.195 dividend. This represents a $0.78 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend is Friday, August 14th. ConnectOne Bancorp's dividend payout ratio is 25.57%.

Analyst Ratings Changes

CNOB has been the subject of several research reports. Hovde Group increased their target price on shares of ConnectOne Bancorp from $32.00 to $34.00 and gave the company an "outperform" rating in a research note on Friday, April 24th. Weiss Ratings upgraded ConnectOne Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday, May 20th. Piper Sandler upped 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. Keefe, Bruyette & Woods upped their price target on ConnectOne Bancorp from $32.00 to $34.00 and gave the company an "outperform" rating in a report on Friday, April 24th. Finally, Raymond James Financial reiterated a "market perform" rating on shares of ConnectOne Bancorp in a research report on Wednesday, July 1st. Four analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $35.00.

ConnectOne Bancorp Company 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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