Hsbc Holdings PLC Takes Position in ConnectOne Bancorp, Inc. $CNOB

Key Points

• Hsbc Holdings PLC acquired 36,744 shares of ConnectOne Bancorp worth approximately $983,000, giving it a 0.07% stake. Institutional investors collectively own 67.70% of the company.
• ConnectOne Bancorp exceeded quarterly expectations, reporting $0.84 EPS versus the $0.82 consensus and revenue of $122.77 million. Shares opened at $33.10, near the company’s 52-week high of $34.14.
• The company declared a quarterly dividend of $0.195 per share, equivalent to an annualized $0.78 payout and a 2.4% yield. Analysts maintain a “Moderate Buy” consensus, with an average price target of $35.00.

Hsbc Holdings PLC acquired a new position in ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 36,744 shares of the financial services provider's stock, valued at approximately $983,000. Hsbc Holdings PLC owned 0.07% of ConnectOne Bancorp as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also made changes to their positions in the company. Kestra Advisory Services LLC boosted its stake in ConnectOne Bancorp by 226.6% during the 1st quarter. Kestra Advisory Services LLC now owns 97,663 shares of the financial services provider's stock valued at $2,614,000 after purchasing an additional 67,761 shares during the period. EP Wealth Advisors LLC bought a new position in ConnectOne Bancorp in the 4th quarter worth approximately $236,000. Empowered Funds LLC lifted its holdings in shares of ConnectOne Bancorp by 8.0% during the fourth quarter. Empowered Funds LLC now owns 212,496 shares of the financial services provider's stock worth $5,572,000 after buying an additional 15,771 shares during the last quarter. VARCOV Co. acquired a new position in shares of ConnectOne Bancorp during the fourth quarter worth approximately $422,000. Finally, Balyasny Asset Management L.P. acquired a new position in shares of ConnectOne Bancorp during the fourth quarter worth approximately $534,000. Institutional investors and hedge funds own 67.70% of the company's stock.

ConnectOne Bancorp Price Performance

Shares of CNOB stock opened at $33.10 on Wednesday. The stock's fifty day simple moving average is $31.96 and its 200 day simple moving average is $29.12. 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 firm has a market cap of $1.66 billion, a price-to-earnings ratio of 10.85 and a beta of 1.05. ConnectOne Bancorp, Inc. has a one year low of $22.07 and a one year high of $34.14.

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) last announced its earnings results on Thursday, July 23rd. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.82 by $0.02. The business had revenue of $122.77 million during the quarter, compared to analysts' expectations of $121.55 million. ConnectOne Bancorp had a net margin of 20.21% and a return on equity of 11.35%. On average, analysts expect that ConnectOne Bancorp, Inc. will post 3.28 earnings per share for the current fiscal year.

ConnectOne Bancorp Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Keefe, Bruyette & Woods raised their price objective on shares of ConnectOne Bancorp from $32.00 to $34.00 and gave the stock an "outperform" rating in a research note on Friday, April 24th. Raymond James Financial reiterated a "market perform" rating on shares of ConnectOne Bancorp in a research note on Wednesday, July 1st. Hovde Group increased their price target on shares of ConnectOne Bancorp from $32.00 to $34.00 and gave the company an "outperform" rating in a report on Friday, April 24th. Weiss Ratings upgraded shares of ConnectOne Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday, May 20th. Finally, Piper Sandler boosted their price objective on shares of ConnectOne Bancorp from $34.00 to $38.00 and gave the stock an "overweight" rating in a report on Friday, June 26th. Four analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $35.00.

About ConnectOne Bancorp

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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