Renaissance Technologies LLC Cuts Holdings in ConnectOne Bancorp, Inc. $CNOB

Key Points

• Renaissance Technologies reduced its ConnectOne Bancorp stake by 26.1% in the first quarter, selling 102,673 shares and retaining 290,905 shares worth approximately $7.8 million. Institutional investors collectively own 67.7% of CNOB.
• Analysts maintain a positive outlook, with four Buy ratings and one Hold rating producing a consensus “Moderate Buy” rating and a $35 price target. Several firms recently raised their targets, including Piper Sandler to $38.
• ConnectOne Bancorp reported quarterly EPS of $0.84, exceeding estimates by $0.02, while revenue of $122.77 million also topped expectations. The company declared a quarterly dividend of $0.195, representing a 2.3% annualized yield.

Renaissance Technologies LLC decreased its holdings in ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Free Report) by 26.1% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 290,905 shares of the financial services provider's stock after selling 102,673 shares during the period. Renaissance Technologies LLC owned about 0.58% of ConnectOne Bancorp worth $7,788,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of CNOB. Hsbc Holdings PLC bought a new stake in shares of ConnectOne Bancorp in the 1st quarter valued at about $983,000. Kestra Advisory Services LLC boosted its stake in ConnectOne Bancorp by 226.6% in the first quarter. Kestra Advisory Services LLC now owns 97,663 shares of the financial services provider's stock valued at $2,614,000 after acquiring an additional 67,761 shares in the last quarter. UBS Group AG grew its holdings in ConnectOne Bancorp by 579.2% in the fourth quarter. UBS Group AG now owns 705,119 shares of the financial services provider's stock worth $18,488,000 after purchasing an additional 601,310 shares during the last quarter. BW Gestao de Investimentos Ltda. purchased a new position in ConnectOne Bancorp in the fourth quarter worth $4,261,000. Finally, Kennedy Capital Management LLC increased its position in shares of ConnectOne Bancorp by 13.0% during the fourth quarter. Kennedy Capital Management LLC now owns 863,983 shares of the financial services provider's stock worth $22,654,000 after purchasing an additional 99,228 shares in the last quarter. Hedge funds and other institutional investors own 67.70% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on CNOB. Raymond James Financial reissued a "market perform" rating on shares of ConnectOne Bancorp in a research report on Wednesday, July 1st. Hovde Group increased their price target on ConnectOne Bancorp from $32.00 to $34.00 and gave the company an "outperform" rating in a research note on Friday, April 24th. Weiss Ratings upgraded ConnectOne Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday, May 20th. Keefe, Bruyette & Woods upped their price objective on shares of ConnectOne Bancorp from $32.00 to $34.00 and gave the company an "outperform" rating in a report on Friday, April 24th. Finally, Piper Sandler upped their price objective on shares of ConnectOne Bancorp from $34.00 to $38.00 and gave the company an "overweight" rating in a report on Friday, June 26th. Four analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, ConnectOne Bancorp presently has a consensus rating of "Moderate Buy" and a consensus price target of $35.00.

ConnectOne Bancorp Stock Up 1.6%

CNOB stock opened at $33.47 on Tuesday. The firm has a market cap of $1.68 billion, a PE ratio of 10.97 and a beta of 1.05. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.97 and a current ratio of 0.97. The firm's fifty day moving average is $32.22 and its 200 day moving average is $29.31. ConnectOne Bancorp, Inc. has a one year low of $22.07 and a one year high of $34.14.

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.84 earnings per share for the quarter, topping analysts' consensus estimates of $0.82 by $0.02. ConnectOne Bancorp had a net margin of 20.21% and a return on equity of 11.35%. The business had revenue of $122.77 million during the quarter, compared to the consensus estimate of $121.55 million. On average, research analysts forecast that ConnectOne Bancorp, Inc. will post 3.37 EPS for the current year.

ConnectOne Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be issued a $0.195 dividend. The ex-dividend date of this dividend is Friday, August 14th. This represents a $0.78 dividend on an annualized basis and a yield of 2.3%. ConnectOne Bancorp's dividend payout ratio is presently 25.57%.

About ConnectOne Bancorp

ConnectOne Bancorp is a New Jersey‐based bank holding company whose primary subsidiary, ConnectOne Bank, offers a suite of commercial banking services to small and medium‐sized businesses, professionals and individuals. Established in 2005 and headquartered in Englewood Cliffs, New Jersey, the company seeks to deliver customized lending and deposit solutions through a network of branches across northern New Jersey and the New York metropolitan area.

The company's lending portfolio centers on commercial real estate financing, construction lending, owner‐occupied real estate loans and working capital lines of credit.

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