Wellington Management Group LLP Sells 602,367 Shares of ConnectOne Bancorp, Inc. $CNOB

Key Points

• Wellington Management reduced its ConnectOne Bancorp stake by 18.3%, selling 602,367 shares during the second quarter. It still held 2.69 million shares, representing about 5.35% of the company, while institutional investors collectively owned 67.7%.
• Analyst sentiment remains positive, with four Buy ratings and one Hold rating producing a “Moderate Buy” consensus and an average price target of $35. Piper Sandler raised its target to $38 and assigned an Overweight rating.
• ConnectOne Bancorp exceeded quarterly earnings expectations, reporting $0.84 in EPS versus the $0.82 consensus and $121.57 million in revenue. The company also pays a quarterly dividend of $0.195 per share, equivalent to a 2.5% annual yield.

Wellington Management Group LLP lessened its holdings in shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Free Report) by 18.3% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,690,996 shares of the financial services provider's stock after selling 602,367 shares during the quarter. Wellington Management Group LLP owned approximately 5.35% of ConnectOne Bancorp worth $89,987,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of CNOB. Empowered Funds LLC acquired a new position in shares of ConnectOne Bancorp during the 2nd quarter worth approximately $6,926,000. Bank of America Corp DE acquired a new stake in ConnectOne Bancorp during the 2nd quarter valued at $29,505,000. Odyssean LLC acquired a new stake in ConnectOne Bancorp during the 2nd quarter valued at $499,000. First Bancorp Inc ME bought a new position in ConnectOne Bancorp during the second quarter worth $136,000. Finally, Jupiter Topco LLC bought a new position in ConnectOne Bancorp during the second quarter worth $681,000. Institutional investors own 67.70% of the company's stock.

Analyst Upgrades and Downgrades

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

ConnectOne Bancorp Price Performance

NASDAQ:CNOB opened at $30.84 on Wednesday. ConnectOne Bancorp, Inc. has a 52 week low of $23.20 and a 52 week high of $34.14. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.04 and a current ratio of 1.04. The firm's 50-day simple moving average is $32.70 and its 200 day simple moving average is $30.03. The firm has a market cap of $1.55 billion, a price-to-earnings ratio of 10.11 and a beta of 1.03.

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) last announced its earnings results on Thursday, July 23rd. The financial services provider reported $0.84 EPS for the quarter, topping the consensus estimate of $0.82 by $0.02. ConnectOne Bancorp had a net margin of 20.21% and a return on equity of 11.24%. The company had revenue of $121.57 million for the quarter, compared to analysts' expectations of $121.55 million. As a group, sell-side analysts predict that ConnectOne Bancorp, Inc. will post 3.37 earnings per share for the current year.

ConnectOne Bancorp Dividend Announcement

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

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