Gator Capital Management LLC Raises Stock Position in ConnectOne Bancorp, Inc. $CNOB

Key Points

• Gator Capital Management LLC increased its stake in ConnectOne Bancorp, Inc. by 39.1%, adding 59,201 shares to reach a total of 210,724 shares, making up approximately 1.9% of its portfolio.
• Several hedge funds have also increased their holdings in ConnectOne Bancorp, with a total of 67.70% of the shares now owned by institutional investors.
• ConnectOne Bancorp announced a quarterly dividend of $0.18 per share, representing a 3.0% yield, with a payout ratio of 82.76%.

Gator Capital Management LLC raised its holdings in shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Free Report) by 39.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 210,724 shares of the financial services provider's stock after acquiring an additional 59,201 shares during the period. ConnectOne Bancorp makes up 1.9% of Gator Capital Management LLC's holdings, making the stock its 22nd largest position. Gator Capital Management LLC owned approximately 0.55% of ConnectOne Bancorp worth $5,123,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the business. Sterling Capital Management LLC boosted its stake in ConnectOne Bancorp by 792.3% in the 4th quarter. Sterling Capital Management LLC now owns 1,160 shares of the financial services provider's stock worth $27,000 after purchasing an additional 1,030 shares during the period. Aquatic Capital Management LLC bought a new stake in ConnectOne Bancorp during the fourth quarter worth approximately $62,000. GAMMA Investing LLC lifted its position in shares of ConnectOne Bancorp by 16.8% during the 1st 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. Efficient Advisors LLC bought a new position in shares of ConnectOne Bancorp during the 1st quarter worth about $202,000. Finally, ProShare Advisors LLC acquired a new stake in shares of ConnectOne Bancorp during the 4th quarter worth approximately $234,000. Institutional investors own 67.70% of the company's stock.

Insider Transactions at ConnectOne Bancorp

In other news, Director Stephen T. Boswell acquired 6,200 shares of the firm's stock in a transaction on Friday, August 1st. The shares were bought at an average price of $22.23 per share, for a total transaction of $137,826.00. Following the acquisition, the director owned 280,467 shares of the company's stock, valued at approximately $6,234,781.41. This trade represents a 2.26% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Susan C. O'donnell bought 2,691 shares of the firm's stock in a transaction on Friday, August 1st. The stock was purchased at an average price of $22.30 per share, for a total transaction of $60,009.30. Following the completion of the acquisition, the director directly owned 8,523 shares in the company, valued at $190,062.90. The trade was a 46.14% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 10,391 shares of company stock valued at $231,210. Insiders own 6.35% of the company's stock.

ConnectOne Bancorp Price Performance

Shares of NASDAQ CNOB traded up $0.0950 during midday trading on Wednesday, reaching $24.2350. The stock had a trading volume of 53,457 shares, compared to its average volume of 239,677. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.97 and a current ratio of 0.97. ConnectOne Bancorp, Inc. has a 12-month low of $20.61 and a 12-month high of $29.31. The stock has a 50-day moving average of $23.74 and a 200-day moving average of $23.74. The company has a market capitalization of $932.32 million, a price-to-earnings ratio of 27.86 and a beta of 1.17.

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

ConnectOne Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Friday, August 15th will be given 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 payout ratio is currently 82.76%.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Wall Street Zen raised shares of ConnectOne Bancorp from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Keefe, Bruyette & Woods cut 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. Finally, 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. Two analysts have rated the stock with a Buy rating, According to MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of $30.25.

About ConnectOne Bancorp

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.