The Manufacturers Life Insurance Company Makes New $9.95 Million Investment in ConnectOne Bancorp, Inc. $CNOB

Key Points

• The Manufacturers Life Insurance Company purchased 297,593 ConnectOne Bancorp shares worth approximately $9.95 million, giving it a 0.59% stake. Institutional investors and hedge funds collectively own 67.70% of the company.
• ConnectOne Bancorp exceeded quarterly expectations, reporting $0.84 in earnings per share versus the $0.82 consensus estimate and $121.57 million in revenue. Analysts maintain a “Moderate Buy” consensus with an average price target of $35.
• The company declared a quarterly dividend of $0.195 per share, equivalent to $0.78 annually and a 2.5% yield, with a payout ratio of 25.57%.

The Manufacturers Life Insurance Company purchased a new stake in ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 297,593 shares of the financial services provider's stock, valued at approximately $9,952,000. The Manufacturers Life Insurance Company owned approximately 0.59% of ConnectOne Bancorp at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the company. Clearstead Advisors LLC raised its stake in ConnectOne Bancorp by 195.6% during the 4th quarter. Clearstead Advisors LLC now owns 1,330 shares of the financial services provider's stock worth $35,000 after buying an additional 880 shares during the period. Osaic Holdings Inc. increased its holdings in shares of ConnectOne Bancorp by 728.4% during the second quarter. Osaic Holdings Inc. now owns 1,781 shares of the financial services provider's stock valued at $41,000 after acquiring an additional 1,566 shares in the last quarter. Allworth Financial LP bought a new stake in shares of ConnectOne Bancorp during the second quarter valued at approximately $52,000. Quantbot Technologies LP acquired a new position in shares of ConnectOne Bancorp during the second quarter worth approximately $73,000. Finally, State of Wyoming acquired a new stake in ConnectOne Bancorp in the 4th quarter valued at $73,000. 67.70% of the stock is currently owned by institutional investors and hedge funds.

ConnectOne Bancorp Price Performance

ConnectOne Bancorp stock opened at $31.73 on Friday. ConnectOne Bancorp, Inc. has a 52 week low of $23.20 and a 52 week high of $34.14. The company's 50 day moving average price is $32.77 and its two-hundred day moving average price is $29.97. The stock has a market cap of $1.60 billion, a P/E ratio of 10.40 and a beta of 1.05. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.61.

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.84 EPS for the quarter, beating analysts' consensus estimates of $0.82 by $0.02. The company had revenue of $121.57 million during 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 analysts predict that ConnectOne Bancorp, Inc. will post 3.37 earnings per share for the current year.

ConnectOne Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th will be paid a dividend of $0.195 per share. This represents a $0.78 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date is Friday, August 14th. ConnectOne Bancorp's payout ratio is presently 25.57%.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Weiss Ratings restated a "buy (b)" rating on shares of ConnectOne Bancorp in a report on Monday, August 17th. Raymond James Financial reissued a "market perform" rating on shares of ConnectOne Bancorp in a research report on Wednesday, July 1st. Finally, Piper Sandler upped 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. Four investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, ConnectOne Bancorp currently has an average rating of "Moderate Buy" and an average 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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