Voya Investment Management LLC Has $4.87 Million Stock Position in ConnectOne Bancorp, Inc. $CNOB

Key Points

• Voya Investment Management LLC reduced its stake in ConnectOne Bancorp by 14.3%, selling 33,330 shares, and now holds approximately 0.52% of the company, valued at about $4.87 million.
• Insider activity increased, with Director Stephen T. Boswell purchasing 6,200 shares, raising his ownership by 2.26%, while Director Susan C. O'Donnell bought 2,691 shares, increasing her ownership by 46.14%.
• ConnectOne Bancorp's stock was upgraded from a "sell" to a "hold" rating by Wall Street Zen, with two analysts giving it a "buy" rating and a target price of $30.25.

Voya Investment Management LLC decreased its holdings in ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Free Report) by 14.3% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 200,363 shares of the financial services provider's stock after selling 33,330 shares during the quarter. Voya Investment Management LLC owned 0.52% of ConnectOne Bancorp worth $4,871,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Quarry LP acquired a new position in shares of ConnectOne Bancorp in the 1st quarter worth $88,000. GAMMA Investing LLC raised its holdings in 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 buying an additional 575 shares during the period. Efficient Advisors LLC purchased a new stake in ConnectOne Bancorp during the first quarter valued at about $202,000. EP Wealth Advisors LLC acquired a new position in shares of ConnectOne Bancorp in the first quarter worth about $213,000. Finally, ProShare Advisors LLC acquired a new position in shares of ConnectOne Bancorp in the fourth quarter worth about $234,000. Institutional investors and hedge funds own 67.70% of the company's stock.

Analysts Set New Price Targets

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

Insiders Place Their Bets

In other news, Director Susan C. O'donnell acquired 2,691 shares of the firm's stock in a transaction dated Friday, August 1st. The shares were bought at an average price of $22.30 per share, with a total value of $60,009.30. Following the acquisition, the director owned 8,523 shares of the company's stock, valued at $190,062.90. This trade represents 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 accessible through the SEC website. Also, Director Stephen T. Boswell bought 6,200 shares of the business's stock in a transaction that occurred on Friday, August 1st. The stock was purchased at an average price of $22.23 per share, with a total value of $137,826.00. Following the completion of the purchase, the director directly owned 280,467 shares of the company's stock, valued at $6,234,781.41. This represents a 2.26% increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders bought 10,391 shares of company stock worth $231,210. 6.35% of the stock is currently owned by company insiders.

ConnectOne Bancorp Stock Down 0.9%

Shares of NASDAQ:CNOB traded down $0.23 during midday trading on Monday, hitting $25.57. 346,101 shares of the stock were exchanged, compared to its average volume of 298,144. The business's fifty day simple moving average is $24.59 and its two-hundred day simple moving average is $23.64. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.97 and a current ratio of 0.97. ConnectOne Bancorp, Inc. has a 52-week low of $20.61 and a 52-week high of $29.31. The company has a market capitalization of $1.29 billion, a PE ratio of 29.39 and a beta of 1.17.

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) last issued its quarterly earnings data 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 net margin of 6.85% and a return on equity of 7.12%. As a group, research analysts predict that ConnectOne Bancorp, Inc. will post 2.23 earnings per share for the current fiscal year.

ConnectOne Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Friday, August 15th were given a dividend of $0.18 per share. The ex-dividend date of this dividend was Friday, August 15th. This represents a $0.72 dividend on an annualized basis and a yield of 2.8%. ConnectOne Bancorp's dividend payout ratio (DPR) is 82.76%.

About ConnectOne Bancorp

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.