New York State Common Retirement Fund Decreases Holdings in ConnectOne Bancorp, Inc. (NASDAQ:CNOB)

Key Points

• The New York State Common Retirement Fund reduced its holdings in ConnectOne Bancorp, Inc. by 55.3%, ending the first quarter with 10,330 shares valued at approximately $251,000.
• In contrast, Bank of America Corp and GAMMA Investing LLC have increased their stakes in ConnectOne Bancorp, purchasing additional shares during the last quarter, indicating mixed institutional interest.
• Analysts have recently adjusted price targets for ConnectOne Bancorp, with Hovde Group raising it to $29.50 while Keefe, Bruyette & Woods decreased it to $31.00, both maintaining an "outperform" rating.

New York State Common Retirement Fund decreased its holdings in ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Free Report) by 55.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 10,330 shares of the financial services provider's stock after selling 12,800 shares during the period. New York State Common Retirement Fund's holdings in ConnectOne Bancorp were worth $251,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Bank of America Corp DE boosted its holdings in shares of ConnectOne Bancorp by 23.2% in the 4th quarter. Bank of America Corp DE now owns 826,463 shares of the financial services provider's stock worth $18,934,000 after purchasing an additional 155,573 shares during the period. GAMMA Investing LLC raised its holdings in ConnectOne Bancorp by 2,738.9% during the 1st quarter. GAMMA Investing LLC now owns 97,289 shares of the financial services provider's stock valued at $2,365,000 after buying an additional 93,862 shares during the period. Earnest Partners LLC lifted its position in ConnectOne Bancorp by 42.4% in the fourth quarter. Earnest Partners LLC now owns 282,221 shares of the financial services provider's stock worth $6,466,000 after buying an additional 84,028 shares during the last quarter. Fourthstone LLC purchased a new position in ConnectOne Bancorp during the fourth quarter worth $1,322,000. Finally, Raymond James Financial Inc. purchased a new position in ConnectOne Bancorp during the fourth quarter worth $1,303,000. Hedge funds and other institutional investors own 67.70% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on CNOB shares. Hovde Group increased their target price on shares of ConnectOne Bancorp from $29.00 to $29.50 and gave the company an "outperform" rating in a research note on Thursday, April 24th. Keefe, Bruyette & Woods reduced their price objective on shares of ConnectOne Bancorp from $32.00 to $31.00 and set an "outperform" rating on the stock in a research report on Friday, April 25th.

ConnectOne Bancorp Price Performance

Shares of CNOB stock opened at $24.25 on Friday. The stock has a 50 day moving average price of $23.59 and a 200 day moving average price of $23.71. ConnectOne Bancorp, Inc. has a 52-week low of $20.08 and a 52-week high of $29.31. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.01 and a current ratio of 1.01. The firm has a market capitalization of $932.90 million, a P/E ratio of 13.11 and a beta of 1.10.

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) last released its earnings results on Thursday, April 24th. The financial services provider reported $0.51 earnings per share for the quarter, topping analysts' consensus estimates of $0.46 by $0.05. The business had revenue of $70.21 million for the quarter, compared to analyst estimates of $67.90 million. ConnectOne Bancorp had a return on equity of 7.05% and a net margin of 14.48%. As a group, sell-side analysts predict that ConnectOne Bancorp, Inc. will post 2.23 earnings per share for the current year.

ConnectOne Bancorp 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.

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