Northern Trust Corp Cuts Position in ConnectOne Bancorp, Inc. (NASDAQ:CNOB)

Northern Trust Corp cut its stake in shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Free Report) by 9.5% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 331,036 shares of the financial services provider's stock after selling 34,609 shares during the quarter. Northern Trust Corp owned approximately 0.86% of ConnectOne Bancorp worth $7,584,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently added to or reduced their stakes in the company. Tudor Investment Corp ET AL acquired a new stake in shares of ConnectOne Bancorp in the fourth quarter valued at approximately $437,000. Earnest Partners LLC grew its holdings in ConnectOne Bancorp by 42.4% during the 4th quarter. Earnest Partners LLC now owns 282,221 shares of the financial services provider's stock worth $6,466,000 after acquiring an additional 84,028 shares during the period. Aquatic Capital Management LLC bought a new position in shares of ConnectOne Bancorp in the 4th quarter worth $62,000. Boothbay Fund Management LLC increased its holdings in ConnectOne Bancorp by 14.6% in the fourth quarter. Boothbay Fund Management LLC now owns 288,363 shares of the financial services provider's stock valued at $6,606,000 after purchasing an additional 36,690 shares during the last quarter. Finally, Voya Investment Management LLC increased its stake in ConnectOne Bancorp by 19.1% in the fourth quarter. Voya Investment Management LLC now owns 233,693 shares of the financial services provider's stock valued at $5,354,000 after purchasing an additional 37,406 shares in the last quarter. 67.70% of the stock is owned by institutional investors.

Analysts Set New Price Targets

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

ConnectOne Bancorp Price Performance

ConnectOne Bancorp stock traded up $0.15 during mid-day trading on Friday, reaching $22.79. The company had a trading volume of 179,800 shares, compared to its average volume of 199,861. The business has a fifty day simple moving average of $22.99 and a 200 day simple moving average of $24.38. The company has a market cap of $876.73 million, a P/E ratio of 12.88 and a beta of 1.12. ConnectOne Bancorp, Inc. has a fifty-two week low of $17.07 and a fifty-two week high of $29.31. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.07.

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) last announced its quarterly earnings results on Thursday, April 24th. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.05. The firm had revenue of $70.21 million during the quarter, compared to analysts' expectations of $67.90 million. ConnectOne Bancorp had a net margin of 13.80% and a return on equity of 6.77%. On average, equities research analysts predict that ConnectOne Bancorp, Inc. will post 2.23 earnings per share for the current year.

ConnectOne Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 2nd. Shareholders of record on Thursday, May 15th will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 3.16%. The ex-dividend date of this dividend is Thursday, May 15th. ConnectOne Bancorp's payout ratio is 38.92%.

ConnectOne Bancorp Company 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.