Rafferty Asset Management LLC Sells 13,884 Shares of ConnectOne Bancorp, Inc. $CNOB

Key Points

• Rafferty Asset Management LLC reduced its holdings in ConnectOne Bancorp by 31.5%, now owning 30,169 shares valued at $733,000 according to its latest SEC filing.
• Several other institutional investors, including Wellington Management Group LLP and Hotchkis & Wiley Capital Management, significantly increased their stakes in ConnectOne Bancorp during the same quarter.
• ConnectOne Bancorp recently announced a quarterly dividend of $0.18 per share, translating to an annualized yield of 2.8% with a payout ratio of 82.76%.

Rafferty Asset Management LLC trimmed its stake in ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Free Report) by 31.5% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 30,169 shares of the financial services provider's stock after selling 13,884 shares during the period. Rafferty Asset Management LLC owned 0.08% of ConnectOne Bancorp worth $733,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the stock. First Trust Advisors LP grew its holdings in ConnectOne Bancorp by 1.7% in the 4th quarter. First Trust Advisors LP now owns 23,601 shares of the financial services provider's stock valued at $541,000 after buying an additional 389 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of ConnectOne Bancorp by 16.8% during the 1st quarter. GAMMA Investing LLC now owns 4,002 shares of the financial services provider's stock worth $97,000 after purchasing an additional 575 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of ConnectOne Bancorp by 3.6% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 20,623 shares of the financial services provider's stock worth $472,000 after purchasing an additional 722 shares in the last quarter. Victory Capital Management Inc. grew its holdings in shares of ConnectOne Bancorp by 2.1% during the 1st quarter. Victory Capital Management Inc. now owns 53,100 shares of the financial services provider's stock worth $1,291,000 after purchasing an additional 1,100 shares in the last quarter. Finally, MetLife Investment Management LLC grew its holdings in shares of ConnectOne Bancorp by 5.7% during the 4th quarter. MetLife Investment Management LLC now owns 22,323 shares of the financial services provider's stock worth $511,000 after purchasing an additional 1,202 shares in the last quarter. 67.70% of the stock is owned by institutional investors.

ConnectOne Bancorp Trading Down 1.1%

Shares of CNOB traded down $0.27 during trading hours on Wednesday, hitting $25.13. 251,562 shares of the stock traded hands, compared to its average volume of 251,868. 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 firm has a market capitalization of $1.26 billion, a PE ratio of 28.89 and a beta of 1.17. The business has a fifty day moving average of $24.35 and a 200-day moving average of $23.65.

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) last released its earnings results on Tuesday, July 29th. The financial services provider reported $0.55 earnings per share for the quarter, beating 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 return on equity of 7.12% and a net margin of 6.85%. Analysts expect that ConnectOne Bancorp, Inc. will post 2.23 EPS for the current year.

ConnectOne Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Friday, August 15th were paid a $0.18 dividend. The ex-dividend date was Friday, August 15th. This represents a $0.72 annualized dividend and a yield of 2.9%. ConnectOne Bancorp's payout ratio is 82.76%.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling at ConnectOne Bancorp

In related news, Director Susan C. O'donnell acquired 2,691 shares of the company's stock in a transaction on Friday, August 1st. The stock was purchased at an average cost of $22.30 per share, with a total value of $60,009.30. Following the acquisition, the director directly owned 8,523 shares of the company's stock, valued at approximately $190,062.90. The trade was a 46.14% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Joseph T. Javitz sold 1,700 shares of the business's stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $25.46, for a total value of $43,282.00. Following the transaction, the executive vice president directly owned 21,146 shares of the company's stock, 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 purchased 10,391 shares of company stock valued at $231,210 in the last three months. Corporate insiders own 6.35% of the company's stock.

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.