Sei Investments Co. Acquires 70,919 Shares of ConnectOne Bancorp, Inc. $CNOB

Key Points

• Sei Investments increased its ConnectOne Bancorp stake by 82.5%, acquiring 70,919 additional shares to reach 156,932 shares valued at approximately $4.2 million. Institutional investors collectively own 67.7% of CNOB.
• ConnectOne Bancorp reported quarterly earnings of $0.84 per share, exceeding analyst expectations of $0.82, while revenue of $121.57 million was broadly in line with forecasts.
• The company declared a quarterly dividend of $0.195 per share, equivalent to an annualized $0.78 payout and a 2.4% yield. Analysts maintain a “Moderate Buy” consensus, with an average price target of $35.

Sei Investments Co. raised its holdings in ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Free Report) by 82.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 156,932 shares of the financial services provider's stock after acquiring an additional 70,919 shares during the period. Sei Investments Co. owned about 0.31% of ConnectOne Bancorp worth $4,201,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Clearstead Advisors LLC grew its holdings in shares of ConnectOne Bancorp by 195.6% during the 4th quarter. Clearstead Advisors LLC now owns 1,330 shares of the financial services provider's stock valued at $35,000 after purchasing an additional 880 shares during the last quarter. Osaic Holdings Inc. boosted its position in ConnectOne Bancorp by 728.4% in the second quarter. Osaic Holdings Inc. now owns 1,781 shares of the financial services provider's stock valued at $41,000 after buying an additional 1,566 shares in the last quarter. State of Wyoming bought a new stake in shares of ConnectOne Bancorp during the fourth quarter worth $73,000. Farther Finance Advisors LLC increased its holdings in shares of ConnectOne Bancorp by 129.1% during the fourth quarter. Farther Finance Advisors LLC now owns 3,475 shares of the financial services provider's stock worth $91,000 after buying an additional 1,958 shares in the last quarter. Finally, Russell Investments Group Ltd. lifted its stake in shares of ConnectOne Bancorp by 791.0% in the 3rd quarter. Russell Investments Group Ltd. now owns 4,553 shares of the financial services provider's stock valued at $113,000 after acquiring an additional 4,042 shares during the last quarter. Institutional investors own 67.70% of the company's stock.

ConnectOne Bancorp Stock Performance

Shares of CNOB opened at $33.09 on Friday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.04 and a quick ratio of 0.97. The stock has a 50-day moving average of $32.42 and a 200-day moving average of $29.45. The company has a market cap of $1.66 billion, a PE ratio of 10.85 and a beta of 1.05. ConnectOne Bancorp, Inc. has a one year low of $22.54 and a one year high of $34.14.

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) last posted its quarterly earnings results 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. The business had revenue of $121.57 million for the quarter, compared to the consensus estimate of $121.55 million. ConnectOne Bancorp had a return on equity of 11.24% and a net margin of 20.21%. On average, equities research analysts predict that ConnectOne Bancorp, Inc. will post 3.37 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 1st. Stockholders of record on Friday, August 14th will be issued a dividend of $0.195 per share. The ex-dividend date is Friday, August 14th. This represents a $0.78 annualized dividend and a dividend yield of 2.4%. ConnectOne Bancorp's payout ratio is currently 25.57%.

Analyst Upgrades and Downgrades

CNOB has been the topic of a number of research reports. Raymond James Financial restated a "market perform" rating on shares of ConnectOne Bancorp in a research report on Wednesday, July 1st. Piper Sandler boosted their price target on ConnectOne Bancorp from $34.00 to $38.00 and gave the stock an "overweight" rating in a report on Friday, June 26th. Weiss Ratings raised ConnectOne Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday, May 20th. Hovde Group raised their target price on ConnectOne Bancorp from $32.00 to $34.00 and gave the stock an "outperform" rating in a research report on Friday, April 24th. Finally, Keefe, Bruyette & Woods raised their price target on shares of ConnectOne Bancorp from $32.00 to $34.00 and gave the stock an "outperform" rating in a report on Friday, April 24th. Four research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $35.00.

ConnectOne Bancorp Profile

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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