Persistent Asset Partners Ltd Has $2.05 Million Position 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 raised its stake in ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Free Report) by 29.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 84,172 shares of the financial services provider's stock after purchasing an additional 18,937 shares during the period. ConnectOne Bancorp accounts for approximately 1.7% of Persistent Asset Partners Ltd's investment portfolio, making the stock its 14th biggest position. Persistent Asset Partners Ltd owned approximately 0.22% of ConnectOne Bancorp worth $2,046,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Dimensional Fund Advisors LP lifted its stake in shares of ConnectOne Bancorp by 0.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,294,385 shares of the financial services provider's stock worth $52,564,000 after buying an additional 8,595 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of ConnectOne Bancorp by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 2,186,965 shares of the financial services provider's stock worth $53,165,000 after buying an additional 20,408 shares during the last quarter. Bank of America Corp DE lifted its stake in shares of ConnectOne Bancorp by 23.2% during 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 buying an additional 155,573 shares during the last quarter. Stieven Capital Advisors L.P. lifted its stake in shares of ConnectOne Bancorp by 2.9% during the 1st quarter. Stieven Capital Advisors L.P. now owns 522,982 shares of the financial services provider's stock worth $12,714,000 after buying an additional 14,717 shares during the last quarter. Finally, Nuveen LLC acquired a new stake in shares of ConnectOne Bancorp during the 1st quarter worth about $8,311,000. 67.70% of the stock is owned by institutional investors.

Insider Activity

In other news, Director Stephen T. Boswell acquired 6,200 shares of the business's stock in a transaction that occurred on Friday, August 1st. The stock was acquired at an average price of $22.23 per share, with a total value of $137,826.00. Following the completion of the transaction, the director directly owned 280,467 shares of the company's stock, valued at $6,234,781.41. This trade represents a 2.26% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Susan C. O'donnell acquired 2,691 shares of the business's stock in a transaction that occurred on Friday, August 1st. The shares were purchased at an average cost of $22.30 per share, with a total value of $60,009.30. Following the transaction, the director directly owned 8,523 shares of the company's stock, valued at $190,062.90. This trade represents a 46.14% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased 10,391 shares of company stock valued at $231,210 in the last ninety days. 6.35% of the stock is currently owned by company insiders.

ConnectOne Bancorp Trading Up 0.4%

Shares of ConnectOne Bancorp stock opened at $22.91 on Tuesday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.01 and a current ratio of 1.01. ConnectOne Bancorp, Inc. has a 52-week low of $20.61 and a 52-week high of $29.31. The stock has a market cap of $881.35 million, a PE ratio of 26.33 and a beta of 1.17. The firm has a 50-day moving average of $23.59 and a 200-day moving average of $23.74.

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) last posted its quarterly earnings data on Tuesday, July 29th. The financial services provider reported $0.55 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.03. ConnectOne Bancorp had a net margin of 6.85% and a return on equity of 7.51%. The business had revenue of $84.65 million during the quarter, compared to analysts' expectations of $72.80 million. As a group, sell-side analysts forecast that ConnectOne Bancorp, Inc. will post 2.23 EPS for the current year.

ConnectOne Bancorp Announces Dividend

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 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 3.1%. ConnectOne Bancorp's dividend payout ratio is currently 82.76%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on CNOB. Keefe, Bruyette & Woods cut their target price on shares of ConnectOne Bancorp from $32.00 to $31.00 and set an "outperform" rating for the company in a research note on Friday, April 25th. Wall Street Zen raised shares of ConnectOne Bancorp from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Finally, Hovde Group boosted their target price on shares of ConnectOne Bancorp from $29.00 to $29.50 and gave the company an "outperform" rating in a research report on Thursday, April 24th.

About ConnectOne Bancorp

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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