Persistent Asset Partners Ltd Has $2.05 Million Holdings in ConnectOne Bancorp, Inc. (NASDAQ:CNOB)

Key Points

• Persistent Asset Partners Ltd increased its stake in ConnectOne Bancorp by 29% in the first quarter, positioning it as the fund's 14th largest investment with a value of approximately $2.05 million.
• Insider activity includes significant purchases by Directors, with Stephen T. Boswell acquiring 6,200 shares, raising his ownership by 2.26%, and Susan C. O'Donnell increasing hers by 46.14% with 2,691 shares.
• ConnectOne Bancorp has announced a $0.18 quarterly dividend, representing a 3.1% yield, with a dividend payout ratio of 82.76% and a scheduled payment date of September 2nd.

Persistent Asset Partners Ltd boosted its stake in ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Free Report) by 29.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 84,172 shares of the financial services provider's stock after purchasing an additional 18,937 shares during the period. ConnectOne Bancorp makes up about 1.7% of Persistent Asset Partners Ltd's investment portfolio, making the stock its 14th biggest holding. Persistent Asset Partners Ltd owned approximately 0.22% of ConnectOne Bancorp worth $2,046,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. First Trust Advisors LP lifted its position in shares of ConnectOne Bancorp by 1.7% during the fourth quarter. First Trust Advisors LP now owns 23,601 shares of the financial services provider's stock worth $541,000 after purchasing an additional 389 shares during the last quarter. GAMMA Investing LLC lifted its holdings in ConnectOne Bancorp by 16.8% in the first quarter. GAMMA Investing LLC now owns 4,002 shares of the financial services provider's stock worth $97,000 after acquiring an additional 575 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in ConnectOne Bancorp by 3.6% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 20,623 shares of the financial services provider's stock worth $472,000 after acquiring an additional 722 shares during the last quarter. Sterling Capital Management LLC lifted its holdings in 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 worth $27,000 after acquiring an additional 1,030 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its holdings in ConnectOne Bancorp by 2.1% in the first quarter. Victory Capital Management Inc. now owns 53,100 shares of the financial services provider's stock worth $1,291,000 after acquiring an additional 1,100 shares during the last quarter. 67.70% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have issued reports on CNOB shares. Wall Street Zen raised shares of ConnectOne Bancorp from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Hovde Group raised their price target 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. Finally, Keefe, Bruyette & Woods dropped their price target on shares of ConnectOne Bancorp from $32.00 to $31.00 and set an "outperform" rating on the stock in a research note on Friday, April 25th.

Insider Buying and Selling

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

ConnectOne Bancorp Price Performance

Shares of NASDAQ CNOB traded down $0.55 during mid-day trading on Friday, reaching $23.83. 247,316 shares of the company traded hands, compared to its average volume of 347,051. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.97 and a quick ratio of 1.01. The firm has a market cap of $916.74 million, a PE ratio of 27.39 and a beta of 1.17. ConnectOne Bancorp, Inc. has a fifty-two week low of $20.61 and a fifty-two week high of $29.31. The stock has a fifty day simple moving average of $23.71 and a 200-day simple moving average of $23.76.

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) last posted its quarterly earnings results on Tuesday, July 29th. The financial services provider reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.03. The firm had revenue of $84.65 million for 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%. Equities research analysts anticipate that ConnectOne Bancorp, Inc. will post 2.23 EPS for the current fiscal year.

ConnectOne Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Friday, August 15th will be paid a $0.18 dividend. The ex-dividend date of this dividend is Friday, August 15th. This represents a $0.72 dividend on an annualized basis and a yield of 3.0%. ConnectOne Bancorp's dividend payout ratio (DPR) is currently 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.