JPMorgan Chase & Co. Cuts Stake in ConnectOne Bancorp, Inc. $CNOB

Key Points

• JPMorgan Chase & Co. trimmed its stake in ConnectOne Bancorp by 15.1% in the third quarter, selling 101,394 shares and ending the period with 569,333 shares (a 1.13% stake) valued at about $14.13 million.
• Sell-side analysts hold a consensus rating of Buy on CNOB with a consensus target price of $31.67, and several firms (Keefe, Piper Sandler) have recently reiterated or initiated positive ratings.
• ConnectOne beat EPS estimates ($0.83 vs. $0.74), reported revenue roughly in line with expectations, and pays a $0.18 quarterly dividend (annualized $0.72) for a ~2.7% yield; the stock trades near $26.49 with a $1.33 billion market cap and a P/E of 17.66.

JPMorgan Chase & Co. cut its holdings in shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Free Report) by 15.1% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 569,333 shares of the financial services provider's stock after selling 101,394 shares during the period. JPMorgan Chase & Co. owned 1.13% of ConnectOne Bancorp worth $14,125,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Osaic Holdings Inc. grew its stake in ConnectOne Bancorp by 728.4% during the 2nd quarter. Osaic Holdings Inc. now owns 1,781 shares of the financial services provider's stock worth $41,000 after buying an additional 1,566 shares during the last quarter. PNC Financial Services Group Inc. raised its stake in ConnectOne Bancorp by 107.9% in the second quarter. PNC Financial Services Group Inc. now owns 1,842 shares of the financial services provider's stock valued at $43,000 after buying an additional 956 shares during the last quarter. State of Alaska Department of Revenue acquired a new stake in ConnectOne Bancorp in the third quarter worth about $48,000. Ameritas Investment Partners Inc. grew its stake in shares of ConnectOne Bancorp by 28.8% during the second quarter. Ameritas Investment Partners Inc. now owns 4,746 shares of the financial services provider's stock worth $110,000 after acquiring an additional 1,061 shares during the last quarter. Finally, Russell Investments Group Ltd. grew its stake in shares of ConnectOne Bancorp by 791.0% during the third quarter. Russell Investments Group Ltd. now owns 4,553 shares of the financial services provider's stock worth $113,000 after acquiring an additional 4,042 shares during the last quarter. Institutional investors and hedge funds own 67.70% of the company's stock.

Analyst Ratings Changes

CNOB has been the subject of several research analyst reports. Weiss Ratings reaffirmed a "hold (c)" rating on shares of ConnectOne Bancorp in a research report on Wednesday, January 21st. Keefe, Bruyette & Woods boosted their target price on shares of ConnectOne Bancorp from $30.00 to $32.00 and gave the stock an "outperform" rating in a research report on Friday, January 30th. Hovde Group cut their price target on shares of ConnectOne Bancorp from $32.50 to $32.00 and set an "outperform" rating on the stock in a research note on Friday, January 30th. Wall Street Zen cut shares of ConnectOne Bancorp from a "buy" rating to a "hold" rating in a report on Saturday, January 10th. Finally, Piper Sandler started coverage on shares of ConnectOne Bancorp in a report on Monday, March 16th. They set an "overweight" rating and a $31.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $31.67.

ConnectOne Bancorp Trading Up 0.8%

ConnectOne Bancorp stock opened at $26.49 on Friday. The stock has a 50-day moving average price of $27.03 and a 200 day moving average price of $26.00. The company has a market capitalization of $1.33 billion, a price-to-earnings ratio of 17.66 and a beta of 1.13. ConnectOne Bancorp, Inc. has a 52 week low of $20.61 and a 52 week high of $29.28. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.76.

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) last issued its quarterly earnings results on Thursday, January 29th. The financial services provider reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.09. ConnectOne Bancorp had a net margin of 11.83% and a return on equity of 9.33%. The company had revenue of $114.63 million for the quarter, compared to the consensus estimate of $114.80 million. Sell-side analysts anticipate that ConnectOne Bancorp, Inc. will post 2.23 EPS for the current year.

ConnectOne Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 2nd. Stockholders of record on Friday, February 13th were paid a $0.18 dividend. The ex-dividend date was Friday, February 13th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.7%. ConnectOne Bancorp's dividend payout ratio is presently 48.00%.

ConnectOne Bancorp Company 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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