Squarepoint Ops LLC Acquires 69,386 Shares of ConnectOne Bancorp, Inc. $CNOB

Key Points

• Squarepoint Ops increased its ConnectOne Bancorp position by 36.4%, acquiring 69,386 shares to own 259,988 shares worth approximately $8.7 million. Institutional investors collectively hold 67.7% of CNOB.
• Analyst sentiment is positive, with four Buy ratings and one Hold rating, an overall “Moderate Buy” consensus, and a consensus price target of $35 versus the stock’s $31.59 opening price.
• ConnectOne Bancorp exceeded quarterly expectations, reporting $0.84 EPS and $122.77 million in revenue. The company also pays a quarterly dividend of $0.195, representing a 2.5% annualized yield.

Squarepoint Ops LLC lifted its holdings in shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Free Report) by 36.4% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 259,988 shares of the financial services provider's stock after acquiring an additional 69,386 shares during the quarter. Squarepoint Ops LLC owned approximately 0.52% of ConnectOne Bancorp worth $8,694,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. BlackRock Inc. acquired a new stake in ConnectOne Bancorp during the 2nd quarter valued at $159,462,000. Hsbc Holdings PLC acquired a new position in shares of ConnectOne Bancorp in the first quarter valued at $983,000. Empowered Funds LLC acquired a new position in shares of ConnectOne Bancorp in the second quarter valued at $6,926,000. GSA Capital Partners LLP bought a new position in shares of ConnectOne Bancorp in the second quarter valued at about $1,040,000. Finally, Bank of New York Mellon Corp bought a new position in shares of ConnectOne Bancorp in the second quarter valued at about $9,501,000. 67.70% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently commented on CNOB shares. Piper Sandler lifted their target price on shares of ConnectOne Bancorp from $34.00 to $38.00 and gave the stock an "overweight" rating in a report on Friday, June 26th. Weiss Ratings reissued a "buy (b)" rating on shares of ConnectOne Bancorp in a report on Monday, August 17th. Finally, Raymond James Financial restated a "market perform" rating on shares of ConnectOne Bancorp in a research report on Wednesday, July 1st. Four analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, ConnectOne Bancorp presently has an average rating of "Moderate Buy" and a consensus target price of $35.00.

ConnectOne Bancorp Price Performance

CNOB stock opened at $31.59 on Friday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.04 and a quick ratio of 1.04. The stock has a market capitalization of $1.59 billion, a price-to-earnings ratio of 10.36 and a beta of 1.03. The business's fifty day moving average price is $32.52 and its two-hundred day moving average price is $30.24. ConnectOne Bancorp, Inc. has a fifty-two week low of $23.20 and a fifty-two week high of $34.14.

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) last announced its earnings results on Thursday, July 23rd. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.82 by $0.02. The company had revenue of $122.77 million during the quarter, compared to analysts' expectations of $121.55 million. ConnectOne Bancorp had a net margin of 20.21% and a return on equity of 11.24%. On average, equities analysts anticipate that ConnectOne Bancorp, Inc. will post 3.37 earnings per share for the current year.

ConnectOne Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th were paid a $0.195 dividend. The ex-dividend date was Friday, August 14th. This represents a $0.78 annualized dividend and a yield of 2.5%. ConnectOne Bancorp's payout ratio is 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.

Want to see what other hedge funds are holding CNOB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.