Nuveen LLC Acquires New Holdings in ConnectOne Bancorp, Inc. $CNOB

Key Points

• Nuveen LLC acquired approximately 341,857 shares of ConnectOne Bancorp, valued at around $8.31 million, representing 0.89% ownership of the company.
• ConnectOne Bancorp saw insider trading activity, with notable purchases from directors Susan C. O'Donnell and Stephen T. Boswell, collectively acquiring over 8,800 shares.
• The company announced a quarterly dividend of $0.18 per share, yielding 2.8%, with a payout ratio of 82.76%.

Nuveen LLC purchased a new stake in ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 341,857 shares of the financial services provider's stock, valued at approximately $8,311,000. Nuveen LLC owned about 0.89% of ConnectOne Bancorp as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Sterling Capital Management LLC lifted its stake in shares of ConnectOne Bancorp by 792.3% in the fourth quarter. Sterling Capital Management LLC now owns 1,160 shares of the financial services provider's stock valued at $27,000 after buying an additional 1,030 shares during the period. Aquatic Capital Management LLC bought a new stake in shares of ConnectOne Bancorp in the fourth quarter valued at about $62,000. GAMMA Investing LLC lifted its stake in shares of ConnectOne Bancorp by 16.8% in the first quarter. GAMMA Investing LLC now owns 4,002 shares of the financial services provider's stock valued at $97,000 after buying an additional 575 shares during the period. Efficient Advisors LLC bought a new stake in shares of ConnectOne Bancorp in the first quarter valued at about $202,000. Finally, ProShare Advisors LLC bought a new stake in shares of ConnectOne Bancorp in the fourth quarter valued at about $234,000. 67.70% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Stephen T. Boswell purchased 6,200 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The shares were acquired at an average price of $22.23 per share, for a total transaction of $137,826.00. Following the purchase, the director owned 280,467 shares in the company, valued at approximately $6,234,781.41. This represents a 2.26% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Susan C. O'donnell purchased 2,691 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The stock was bought at an average price of $22.30 per share, for a total transaction of $60,009.30. Following the purchase, the director owned 8,523 shares in the company, valued at $190,062.90. The trade was a 46.14% increase in their position. The disclosure for this purchase can be found here. Insiders have acquired a total of 10,391 shares of company stock worth $231,210 over the last three months. Insiders own 6.24% of the company's stock.

Analysts Set New Price Targets

Separately, Wall Street Zen upgraded shares of ConnectOne Bancorp from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Two equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $30.25.

ConnectOne Bancorp Price Performance

Shares of ConnectOne Bancorp stock traded up $0.06 during midday trading on Friday, reaching $25.60. The company had a trading volume of 229,202 shares, compared to its average volume of 278,497. The stock has a fifty day simple moving average of $24.19 and a 200 day simple moving average of $23.68. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.20. ConnectOne Bancorp, Inc. has a 1-year low of $20.61 and a 1-year high of $29.31. The company has a market capitalization of $1.29 billion, a price-to-earnings ratio of 29.43 and a beta of 1.17.

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) last released its earnings results on Tuesday, July 29th. The financial services provider reported $0.55 EPS for the quarter, topping analysts' consensus estimates of $0.52 by $0.03. The firm had revenue of $84.65 million during the quarter, compared to analyst estimates of $72.80 million. ConnectOne Bancorp had a net margin of 6.85% and a return on equity of 7.12%. As a group, equities research analysts forecast that ConnectOne Bancorp, Inc. will post 2.23 earnings per share for the current year.

ConnectOne Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Friday, August 15th will be given a dividend of $0.18 per share. The ex-dividend date of this dividend is Friday, August 15th. This represents a $0.72 annualized dividend and a yield of 2.8%. ConnectOne Bancorp's payout ratio is 82.76%.

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.