PharVision Advisers LLC Makes New $277,000 Investment in ConnectOne Bancorp, Inc. $CNOB

Key Points

• PharVision Advisers LLC has made a new investment of approximately $277,000 in ConnectOne Bancorp, acquiring 11,389 shares of the financial services provider.
• ConnectOne Bancorp recently reported an EPS of $0.55, exceeding consensus estimates, with revenue for the quarter reaching $84.65 million.
• The company announced a quarterly dividend of $0.18 per share, representing an annualized dividend yield of 2.8% for shareholders.

PharVision Advisers LLC purchased a new stake in ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 11,389 shares of the financial services provider's stock, valued at approximately $277,000.

Other large investors have also added to or reduced their stakes in the company. GAMMA Investing LLC lifted its position in ConnectOne Bancorp by 16.8% in the 1st quarter. GAMMA Investing LLC now owns 4,002 shares of the financial services provider's stock valued at $97,000 after acquiring an additional 575 shares in the last quarter. Millennium Management LLC bought a new position in ConnectOne Bancorp in the 4th quarter valued at about $503,000. Envestnet Asset Management Inc. lifted its position in ConnectOne Bancorp by 30.3% in the 1st quarter. Envestnet Asset Management Inc. now owns 205,792 shares of the financial services provider's stock valued at $5,003,000 after acquiring an additional 47,894 shares in the last quarter. Victory Capital Management Inc. lifted its position in ConnectOne Bancorp by 2.1% in the 1st quarter. Victory Capital Management Inc. now owns 53,100 shares of the financial services provider's stock valued at $1,291,000 after acquiring an additional 1,100 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in ConnectOne Bancorp by 3.6% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 20,623 shares of the financial services provider's stock valued at $472,000 after acquiring an additional 722 shares in the last quarter. Institutional investors own 67.70% of the company's stock.

ConnectOne Bancorp Price Performance

ConnectOne Bancorp stock opened at $25.58 on Friday. ConnectOne Bancorp, Inc. has a 52 week low of $20.61 and a 52 week high of $29.31. The company's 50 day moving average price is $24.44 and its two-hundred day moving average price is $23.61. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.20. The stock has a market cap of $1.29 billion, a P/E ratio of 29.40 and a beta of 1.17.

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) last posted its earnings results on Tuesday, July 29th. The financial services provider reported $0.55 EPS 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 7.12%. The firm had revenue of $84.65 million for the quarter, compared to analysts' expectations of $72.80 million. On average, equities analysts predict that ConnectOne Bancorp, Inc. will post 2.23 earnings per share for the current year.

ConnectOne Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Friday, August 15th were given a dividend of $0.18 per share. The ex-dividend date of this dividend was Friday, August 15th. This represents a $0.72 annualized dividend and a dividend yield of 2.8%. ConnectOne Bancorp's dividend payout ratio (DPR) is currently 82.76%.

Analyst Ratings Changes

Separately, Wall Street Zen raised shares of ConnectOne Bancorp from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Two analysts have rated the stock with a Buy rating, According to MarketBeat.com, ConnectOne Bancorp has an average rating of "Buy" and an average target price of $30.25.

Insiders Place Their Bets

In other news, Director Stephen T. Boswell bought 6,200 shares of the company's stock in a transaction on Friday, August 1st. The shares were purchased at an average price of $22.23 per share, with a total value of $137,826.00. Following the transaction, the director directly owned 280,467 shares in the company, valued at $6,234,781.41. This represents a 2.26% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Joseph T. Javitz sold 1,700 shares of ConnectOne Bancorp stock in a transaction that occurred on Wednesday, September 3rd. The stock was sold at an average price of $25.46, for a total transaction of $43,282.00. Following the completion of the sale, the executive vice president directly owned 21,146 shares in the company, valued at $538,377.16. This trade represents a 7.44% decrease in their position. The disclosure for this sale can be found here. Insiders have bought a total of 10,391 shares of company stock valued at $231,210 in the last 90 days. 6.24% of the stock is currently owned by corporate insiders.

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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