Voya Investment Management LLC Decreases 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 lessened its stake in ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Free Report) by 14.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 200,363 shares of the financial services provider's stock after selling 33,330 shares during the period. Voya Investment Management LLC owned about 0.52% of ConnectOne Bancorp worth $4,871,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. raised its position in ConnectOne Bancorp by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 2,186,965 shares of the financial services provider's stock valued at $53,165,000 after purchasing an additional 20,408 shares during the last quarter. American Century Companies Inc. lifted its holdings in shares of ConnectOne Bancorp by 2.3% during the first quarter. American Century Companies Inc. now owns 789,760 shares of the financial services provider's stock valued at $19,199,000 after purchasing an additional 18,046 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of ConnectOne Bancorp by 52.6% in the first quarter. Wellington Management Group LLP now owns 641,171 shares of the financial services provider's stock worth $15,587,000 after acquiring an additional 221,005 shares during the last quarter. Stieven Capital Advisors L.P. raised its holdings in ConnectOne Bancorp by 2.9% in the first quarter. Stieven Capital Advisors L.P. now owns 522,982 shares of the financial services provider's stock worth $12,714,000 after buying an additional 14,717 shares during the last quarter. Finally, Hotchkis & Wiley Capital Management LLC lifted its position in ConnectOne Bancorp by 18.2% in the 1st quarter. Hotchkis & Wiley Capital Management LLC now owns 511,780 shares of the financial services provider's stock valued at $12,441,000 after acquiring an additional 78,750 shares in the last quarter. Hedge funds and other institutional investors own 67.70% of the company's stock.

Insider Activity

In related news, Director Stephen T. Boswell purchased 6,200 shares of ConnectOne Bancorp stock in a transaction on Friday, August 1st. The shares were bought at an average cost of $22.23 per share, for a total transaction of $137,826.00. Following the acquisition, the director owned 280,467 shares in the company, valued at approximately $6,234,781.41. The trade was a 2.26% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Joseph T. Javitz sold 1,700 shares of the stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $25.46, for a total transaction of $43,282.00. Following the transaction, the executive vice president directly owned 21,146 shares of the company's stock, valued at $538,377.16. This trade represents a 7.44% decrease in their position. The disclosure for this sale can be found here. Insiders have purchased a total of 10,391 shares of company stock worth $231,210 over the last quarter. Insiders own 6.24% of the company's stock.

ConnectOne Bancorp Stock Performance

NASDAQ CNOB traded down $0.44 on Friday, reaching $25.80. 955,880 shares of the stock were exchanged, compared to its average volume of 284,449. The firm has a market capitalization of $1.30 billion, a PE ratio of 29.66 and a beta of 1.17. ConnectOne Bancorp, Inc. has a one year low of $20.61 and a one year high of $29.31. The company's 50-day simple moving average is $24.58 and its two-hundred day simple moving average is $23.63. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.20.

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The financial services provider reported $0.55 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.52 by $0.03. ConnectOne Bancorp had a net margin of 6.85% and a return on equity of 7.12%. The firm had revenue of $84.65 million during the quarter, compared to analysts' expectations of $72.80 million. Analysts expect that ConnectOne Bancorp, Inc. will post 2.23 EPS for the current fiscal year.

ConnectOne Bancorp Announces Dividend

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

Analyst Ratings Changes

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 research analysts have rated the stock with a Buy rating, According to MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $30.25.

ConnectOne Bancorp Profile

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.