Empowered Funds LLC Acquires New Shares in ConnectOne Bancorp, Inc. $CNOB

Key Points

• Empowered Funds LLC acquired 207,116 shares of ConnectOne Bancorp during the second quarter, valued at approximately $6.9 million. Institutional investors collectively own 67.7% of the company.
• ConnectOne Bancorp exceeded quarterly earnings expectations, reporting $0.84 in EPS versus the $0.82 consensus, while generating $121.57 million in revenue.
• The company declared a quarterly dividend of $0.195 per share, equivalent to an annualized $0.78 payout and a 2.5% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $35.

Empowered Funds LLC acquired a new position in shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 207,116 shares of the financial services provider's stock, valued at approximately $6,926,000. Empowered Funds LLC owned approximately 0.41% of ConnectOne Bancorp as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in shares of ConnectOne Bancorp during the second quarter valued at about $159,462,000. Vanguard Group Inc. increased its holdings in shares of ConnectOne Bancorp by 2.2% in the fourth quarter. Vanguard Group Inc. now owns 2,914,268 shares of the financial services provider's stock worth $76,412,000 after purchasing an additional 63,214 shares during the period. Wellington Management Group LLP boosted its stake in ConnectOne Bancorp by 76.8% during the third quarter. Wellington Management Group LLP now owns 2,882,584 shares of the financial services provider's stock valued at $71,517,000 after buying an additional 1,252,614 shares during the period. Dimensional Fund Advisors LP increased its position in shares of ConnectOne Bancorp by 1.3% in the first quarter. Dimensional Fund Advisors LP now owns 2,853,964 shares of the financial services provider's stock worth $76,400,000 after purchasing an additional 37,657 shares during the last quarter. Finally, Bank of America Corp DE raised its position in shares of ConnectOne Bancorp by 1.0% during the 1st quarter. Bank of America Corp DE now owns 922,378 shares of the financial services provider's stock valued at $24,692,000 after buying an additional 9,146 shares in the last quarter. Hedge funds and other institutional investors own 67.70% of the company's stock.

ConnectOne Bancorp Stock Performance

CNOB stock opened at $31.73 on Monday. ConnectOne Bancorp, Inc. has a 12 month low of $23.20 and a 12 month high of $34.14. The firm's 50-day moving average is $32.77 and its 200 day moving average is $29.98. The company has a market capitalization of $1.60 billion, a PE ratio of 10.40 and a beta of 1.05. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.04 and a quick ratio of 1.04.

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) last issued its earnings results 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. The business had revenue of $121.57 million for the quarter, compared to the consensus estimate of $121.55 million. ConnectOne Bancorp had a net margin of 20.21% and a return on equity of 11.24%. On average, research analysts anticipate that ConnectOne Bancorp, Inc. will post 3.37 EPS for the current year.

ConnectOne Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be paid a $0.195 dividend. The ex-dividend date of this dividend is Friday, August 14th. This represents a $0.78 dividend on an annualized basis and a yield of 2.5%. ConnectOne Bancorp's dividend payout ratio is 25.57%.

Analysts Set New Price Targets

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

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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