Kennedy Capital Management LLC Takes $18.97 Million Position in ConnectOne Bancorp, Inc. $CNOB

Key Points

• Kennedy Capital Management bought a new stake of 764,755 shares in ConnectOne Bancorp, valued at about $18.97 million, representing roughly 1.52% of the company at quarter-end.
• ConnectOne beat quarterly EPS estimates ($0.83 vs. $0.74) and recently paid a quarterly dividend of $0.18 (annualized $0.72, ~2.8% yield with a 48% payout ratio).
• The stock has a market cap of about $1.28 billion, a P/E of 17, a 52-week range of $20.61–$29.28, and carries an average analyst rating of "Moderate Buy" with a consensus target of $30.67.

Kennedy Capital Management LLC acquired a new stake in shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Free Report) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 764,755 shares of the financial services provider's stock, valued at approximately $18,974,000. Kennedy Capital Management LLC owned approximately 1.52% of ConnectOne Bancorp at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. AQR Capital Management LLC raised its stake in shares of ConnectOne Bancorp by 7.6% during the first quarter. AQR Capital Management LLC now owns 74,053 shares of the financial services provider's stock worth $1,800,000 after acquiring an additional 5,205 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of ConnectOne Bancorp by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,537 shares of the financial services provider's stock valued at $524,000 after purchasing an additional 914 shares during the last quarter. Jane Street Group LLC grew its holdings in shares of ConnectOne Bancorp by 374.7% during the 1st quarter. Jane Street Group LLC now owns 64,537 shares of the financial services provider's stock valued at $1,569,000 after purchasing an additional 50,942 shares during the last quarter. Envestnet Asset Management Inc. raised its position in ConnectOne Bancorp by 16.6% in the 2nd quarter. Envestnet Asset Management Inc. now owns 240,052 shares of the financial services provider's stock worth $5,560,000 after purchasing an additional 34,260 shares during the period. Finally, Bank of Montreal Can bought a new stake in ConnectOne Bancorp in the second quarter worth $266,000. Hedge funds and other institutional investors own 67.70% of the company's stock.

ConnectOne Bancorp Trading Up 0.2%

CNOB traded up $0.05 during midday trading on Friday, reaching $25.48. 16,027 shares of the company's stock traded hands, compared to its average volume of 281,719. The firm has a fifty day moving average of $27.09 and a two-hundred day moving average of $25.96. The stock has a market capitalization of $1.28 billion, a price-to-earnings ratio of 17.00 and a beta of 1.13. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.04 and a quick ratio of 1.04. ConnectOne Bancorp, Inc. has a 52 week low of $20.61 and a 52 week high of $29.28.

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) last released its quarterly earnings data 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 return on equity of 9.33% and a net margin of 11.83%.The business had revenue of $114.63 million during the quarter, compared to analysts' expectations of $114.80 million. On average, equities analysts anticipate that ConnectOne Bancorp, Inc. will post 2.23 earnings per share for the current fiscal year.

ConnectOne Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 2nd. Investors of record on Friday, February 13th were issued a $0.18 dividend. The ex-dividend date was Friday, February 13th. This represents a $0.72 annualized dividend and a yield of 2.8%. ConnectOne Bancorp's payout ratio is 48.00%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Keefe, Bruyette & Woods raised their price objective on ConnectOne Bancorp from $30.00 to $32.00 and gave the company an "outperform" rating in a research note on Friday, January 30th. Hovde Group lowered their target price on ConnectOne Bancorp from $32.50 to $32.00 and set an "outperform" rating for the company in a research note on Friday, January 30th. Wall Street Zen cut ConnectOne Bancorp from a "buy" rating to a "hold" rating in a report on Saturday, January 10th. Finally, Weiss Ratings restated a "hold (c)" rating on shares of ConnectOne Bancorp in a research report on Wednesday, January 21st. Three equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, ConnectOne Bancorp presently has an average rating of "Moderate Buy" and a consensus price target of $30.67.

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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