Legal & General Group Plc Takes $1.18 Million Position in ConnectOne Bancorp, Inc. $CNOB

Legal & General Group Plc purchased a new position in ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 35,389 shares of the financial services provider's stock, valued at approximately $1,183,000. Legal & General Group Plc owned 0.07% of ConnectOne Bancorp as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. BlackRock Inc. bought a new position in ConnectOne Bancorp during the second quarter valued at approximately $159,462,000. Vanguard Group Inc. raised its stake in ConnectOne Bancorp by 2.2% during the 4th quarter. Vanguard Group Inc. now owns 2,914,268 shares of the financial services provider's stock valued at $76,412,000 after buying an additional 63,214 shares during the last quarter. Wellington Management Group LLP raised its stake in ConnectOne Bancorp by 76.8% during the 3rd quarter. Wellington Management Group LLP now owns 2,882,584 shares of the financial services provider's stock valued at $71,517,000 after buying an additional 1,252,614 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of ConnectOne Bancorp by 1.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,853,964 shares of the financial services provider's stock valued at $76,400,000 after buying an additional 37,657 shares during the period. Finally, Bank of America Corp DE boosted its stake in shares of ConnectOne Bancorp by 1.0% in the 1st quarter. Bank of America Corp DE now owns 922,378 shares of the financial services provider's stock worth $24,692,000 after buying an additional 9,146 shares during the last quarter. 67.70% of the stock is owned by hedge funds and other institutional investors.

ConnectOne Bancorp Stock Performance

NASDAQ:CNOB opened at $32.31 on Tuesday. ConnectOne Bancorp, Inc. has a one year low of $23.20 and a one year high of $34.14. The business has a fifty day moving average price of $32.61 and a 200-day moving average price of $30.15. The firm has a market capitalization of $1.63 billion, a price-to-earnings ratio of 10.59 and a beta of 1.03. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.04 and a quick ratio of 1.04.

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) last released its earnings results on Thursday, July 23rd. The financial services provider reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.82 by $0.02. The company had revenue of $121.57 million for the quarter, compared to the consensus estimate of $121.55 million. ConnectOne Bancorp had a return on equity of 11.24% and a net margin of 20.21%. Sell-side analysts forecast that ConnectOne Bancorp, Inc. will post 3.37 EPS for the current year.

ConnectOne Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Friday, August 14th were paid a dividend of $0.195 per share. The ex-dividend date was Friday, August 14th. This represents a $0.78 dividend on an annualized basis and a dividend yield of 2.4%. ConnectOne Bancorp's payout ratio is 25.57%.

Wall Street Analyst Weigh In

Several brokerages recently commented on CNOB. Weiss Ratings reaffirmed a "buy (b)" rating on shares of ConnectOne Bancorp in a report on Monday, August 17th. Raymond James Financial reissued a "market perform" rating on shares of ConnectOne Bancorp in a report on Wednesday, July 1st. Finally, Piper Sandler boosted their price target on ConnectOne Bancorp from $34.00 to $38.00 and gave the company an "overweight" rating in a research note on Friday, June 26th. Four analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, ConnectOne Bancorp has a consensus rating of "Moderate Buy" and an average target price of $35.00.

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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