Envestnet Asset Management Inc. Grows Stock Position in ConnectOne Bancorp, Inc. (NASDAQ:CNOB)

Envestnet Asset Management Inc. raised its position in ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Free Report) by 30.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 205,792 shares of the financial services provider's stock after buying an additional 47,894 shares during the period. Envestnet Asset Management Inc. owned approximately 0.53% of ConnectOne Bancorp worth $5,003,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. GAMMA Investing LLC boosted its holdings in shares of ConnectOne Bancorp by 16.8% in the first quarter. GAMMA Investing LLC now owns 4,002 shares of the financial services provider's stock valued at $97,000 after acquiring an additional 575 shares in the last quarter. CSS LLC IL bought a new position in ConnectOne Bancorp in the 4th quarter worth $399,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of ConnectOne Bancorp by 15.9% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 60,855 shares of the financial services provider's stock worth $1,394,000 after purchasing an additional 8,349 shares during the period. Squarepoint Ops LLC boosted its position in shares of ConnectOne Bancorp by 78.2% during the 4th quarter. Squarepoint Ops LLC now owns 22,858 shares of the financial services provider's stock valued at $524,000 after acquiring an additional 10,033 shares in the last quarter. Finally, Rafferty Asset Management LLC boosted its position in shares of ConnectOne Bancorp by 39.8% during the 4th quarter. Rafferty Asset Management LLC now owns 44,053 shares of the financial services provider's stock valued at $1,009,000 after acquiring an additional 12,535 shares in the last quarter. 67.70% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on CNOB. Keefe, Bruyette & Woods cut their price objective on shares of ConnectOne Bancorp from $32.00 to $31.00 and set an "outperform" rating on the stock in a report on Friday, April 25th. Hovde Group raised their target price on shares of ConnectOne Bancorp from $29.00 to $29.50 and gave the stock an "outperform" rating in a research note on Thursday, April 24th.

ConnectOne Bancorp Price Performance

Shares of CNOB stock traded down $0.10 during trading on Friday, hitting $24.25. The company had a trading volume of 428,463 shares, compared to its average volume of 289,289. ConnectOne Bancorp, Inc. has a 52 week low of $20.08 and a 52 week high of $29.31. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.07. The stock's 50-day moving average is $23.58 and its two-hundred day moving average is $23.69. The stock has a market capitalization of $932.90 million, a price-to-earnings ratio of 13.11 and a beta of 1.10.

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) last released its quarterly earnings data on Thursday, April 24th. The financial services provider reported $0.51 EPS for the quarter, topping the consensus estimate of $0.46 by $0.05. ConnectOne Bancorp had a return on equity of 7.05% and a net margin of 14.48%. The company had revenue of $70.21 million during the quarter, compared to the consensus estimate of $67.90 million. As a group, analysts predict that ConnectOne Bancorp, Inc. will post 2.23 EPS for the current fiscal year.

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.