Wellington Management Group LLP Acquires 221,005 Shares of ConnectOne Bancorp, Inc. $CNOB

Key Points

• Wellington Management Group LLP increased its stake in ConnectOne Bancorp by 52.6%, acquiring an additional 221,005 shares, bringing its total holdings to 641,171 shares worth approximately $15.6 million.
• Analysts have recently upgraded ConnectOne Bancorp's stock rating from a "sell" to a "hold," with a consensus target price of $30.25.
• The company declared a quarterly dividend of $0.18 per share, reflecting an annualized yield of 2.8%, set to be paid on September 2nd to investors of record by August 15th.

Wellington Management Group LLP raised its position in ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Free Report) by 52.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 641,171 shares of the financial services provider's stock after buying an additional 221,005 shares during the period. Wellington Management Group LLP owned approximately 1.67% of ConnectOne Bancorp worth $15,587,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. GAMMA Investing LLC lifted its position in shares of ConnectOne Bancorp by 16.8% during the first quarter. GAMMA Investing LLC now owns 4,002 shares of the financial services provider's stock worth $97,000 after purchasing an additional 575 shares during the last quarter. Millennium Management LLC bought a new position in shares of ConnectOne Bancorp during the fourth quarter worth about $503,000. Envestnet Asset Management Inc. lifted its position in shares of ConnectOne Bancorp by 30.3% during the first quarter. Envestnet Asset Management Inc. now owns 205,792 shares of the financial services provider's stock worth $5,003,000 after purchasing an additional 47,894 shares during the last quarter. Victory Capital Management Inc. lifted its position in shares of ConnectOne Bancorp by 2.1% during the first quarter. Victory Capital Management Inc. now owns 53,100 shares of the financial services provider's stock worth $1,291,000 after purchasing an additional 1,100 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of ConnectOne Bancorp by 3.6% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 20,623 shares of the financial services provider's stock worth $472,000 after purchasing an additional 722 shares during the last quarter. 67.70% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, Wall Street Zen raised shares of ConnectOne Bancorp from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Two analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of $30.25.

ConnectOne Bancorp Stock Performance

Shares of CNOB traded up $0.06 during mid-day trading on Friday, reaching $25.60. 229,202 shares of the company's stock traded hands, compared to its average volume of 278,497. The business's 50-day moving average price is $24.19 and its 200-day moving average price is $23.68. The stock has a market capitalization of $1.29 billion, a P/E ratio of 29.43 and a beta of 1.17. 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 12 month low of $20.61 and a 12 month high of $29.31.

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) last posted its quarterly earnings data on Tuesday, July 29th. The financial services provider reported $0.55 EPS for the quarter, beating 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 business had revenue of $84.65 million for the quarter, compared to analyst estimates of $72.80 million. Equities analysts predict that ConnectOne Bancorp, Inc. will post 2.23 earnings per share for the current year.

ConnectOne Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Friday, August 15th will be paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend is Friday, August 15th. ConnectOne Bancorp's payout ratio is 82.76%.

Insider Buying and Selling at ConnectOne Bancorp

In related news, Director Susan C. O'donnell purchased 2,691 shares of the stock in a transaction dated Friday, August 1st. The shares were acquired at an average cost of $22.30 per share, for a total transaction of $60,009.30. Following the acquisition, the director directly owned 8,523 shares in the company, valued at approximately $190,062.90. The trade was a 46.14% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Stephen T. Boswell purchased 6,200 shares of the stock in a transaction dated Friday, August 1st. The shares were bought at an average price of $22.23 per share, for a total transaction of $137,826.00. Following the completion of the acquisition, the director owned 280,467 shares in the company, valued at $6,234,781.41. This represents a 2.26% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 10,391 shares of company stock worth $231,210. Company insiders own 6.24% of the company's stock.

ConnectOne Bancorp Company 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.