Hotchkis & Wiley Capital Management LLC Grows Stock Position in ConnectOne Bancorp, Inc. $CNOB

Key Points

• Hotchkis & Wiley Capital Management LLC increased its stake in ConnectOne Bancorp by 18.2%, bringing its total holdings to 511,780 shares valued at approximately $12.44 million.
• Institutional investors hold 67.70% of ConnectOne Bancorp's stock, with significant recent investments reported from various hedge funds, including a 792.3% increase in holdings by Sterling Capital Management.
• ConnectOne Bancorp recently declared a quarterly dividend of $0.18 per share, reflecting an annualized dividend yield of 2.8% and a payout ratio of 82.76%.

Hotchkis & Wiley Capital Management LLC increased its position in ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Free Report) by 18.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 511,780 shares of the financial services provider's stock after purchasing an additional 78,750 shares during the quarter. Hotchkis & Wiley Capital Management LLC owned approximately 1.33% of ConnectOne Bancorp worth $12,441,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of CNOB. Sterling Capital Management LLC boosted its position in ConnectOne Bancorp by 792.3% during the 4th quarter. Sterling Capital Management LLC now owns 1,160 shares of the financial services provider's stock valued at $27,000 after acquiring an additional 1,030 shares in the last quarter. Aquatic Capital Management LLC bought a new stake in ConnectOne Bancorp during the 4th quarter valued at $62,000. GAMMA Investing LLC boosted its position in ConnectOne Bancorp by 16.8% during the 1st 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. Efficient Advisors LLC bought a new stake in ConnectOne Bancorp during the 1st quarter valued at $202,000. Finally, ProShare Advisors LLC bought a new stake in ConnectOne Bancorp during the 4th quarter valued at $234,000. Institutional investors own 67.70% of the company's stock.

ConnectOne Bancorp Stock Performance

CNOB traded down $0.18 during midday trading on Thursday, hitting $25.54. 228,840 shares of the company were exchanged, compared to its average volume of 243,449. The company's 50 day simple moving average is $24.04 and its 200 day simple moving average is $23.70. The firm has a market capitalization of $1.28 billion, a price-to-earnings ratio of 29.36 and a beta of 1.17. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.20. ConnectOne Bancorp, Inc. has a 1-year low of $20.61 and a 1-year high of $29.31.

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) last announced its quarterly earnings results on Tuesday, July 29th. The financial services provider reported $0.55 earnings per share for the quarter, topping the consensus estimate 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, sell-side analysts predict that ConnectOne Bancorp, Inc. will post 2.23 earnings per share for the current year.

ConnectOne Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders 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 dividend yield of 2.8%. ConnectOne Bancorp's dividend payout ratio (DPR) is 82.76%.

Insider Transactions at ConnectOne Bancorp

In other ConnectOne Bancorp news, Director Stephen T. Boswell bought 6,200 shares of the company's stock in a transaction dated Friday, August 1st. The shares were purchased at an average cost of $22.23 per share, for a total transaction of $137,826.00. Following the transaction, the director directly owned 280,467 shares of the company's stock, valued at approximately $6,234,781.41. The trade was a 2.26% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Susan C. O'donnell bought 2,691 shares of the company's stock in a transaction dated Friday, August 1st. The shares were acquired at an average price of $22.30 per share, for a total transaction of $60,009.30. Following the completion of the transaction, the director directly owned 8,523 shares in the company, valued at approximately $190,062.90. This trade represents a 46.14% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought a total of 10,391 shares of company stock worth $231,210 over the last 90 days. Insiders own 6.24% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen raised ConnectOne Bancorp from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Two research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $30.25.

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.