ConnectOne Bancorp, Inc. (NASDAQ:CNOB) Shares Sold by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D lowered its holdings in ConnectOne Bancorp, Inc. (NASDAQ:CNOB) by 28.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 100,914 shares of the financial services provider’s stock after selling 39,263 shares during the quarter. State of New Jersey Common Pension Fund D owned 0.26% of ConnectOne Bancorp worth $1,906,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in CNOB. Victory Capital Management Inc. grew its position in ConnectOne Bancorp by 14.8% during the 2nd quarter. Victory Capital Management Inc. now owns 56,000 shares of the financial services provider’s stock worth $1,058,000 after purchasing an additional 7,200 shares during the period. Bryn Mawr Capital Management LLC purchased a new stake in shares of ConnectOne Bancorp in the second quarter worth about $171,000. Principal Financial Group Inc. grew its holdings in ConnectOne Bancorp by 8.2% during the second quarter. Principal Financial Group Inc. now owns 21,130 shares of the financial services provider’s stock worth $399,000 after acquiring an additional 1,606 shares during the period. Bank of New York Mellon Corp raised its position in ConnectOne Bancorp by 2.4% during the second quarter. Bank of New York Mellon Corp now owns 218,936 shares of the financial services provider’s stock valued at $4,136,000 after acquiring an additional 5,186 shares in the last quarter. Finally, B. Riley Wealth Advisors Inc. lifted its holdings in ConnectOne Bancorp by 196.1% in the first quarter. B. Riley Wealth Advisors Inc. now owns 60,903 shares of the financial services provider’s stock valued at $1,086,000 after acquiring an additional 40,334 shares during the period. Hedge funds and other institutional investors own 67.70% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Piper Sandler raised their price objective on shares of ConnectOne Bancorp from $22.00 to $25.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $26.00 price objective (up previously from $22.00) on shares of ConnectOne Bancorp in a report on Friday, July 26th. Two research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $25.00.

ConnectOne Bancorp Trading Down 3.0 %

Shares of NASDAQ:CNOB opened at $25.46 on Friday. The business’s 50 day moving average price is $23.55 and its 200-day moving average price is $20.53. ConnectOne Bancorp, Inc. has a 1 year low of $14.51 and a 1 year high of $26.53. The firm has a market capitalization of $975.96 million, a price-to-earnings ratio of 13.47 and a beta of 1.25. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.01 and a quick ratio of 1.01.

ConnectOne Bancorp (NASDAQ:CNOB) last posted its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.06. ConnectOne Bancorp had a net margin of 14.56% and a return on equity of 7.13%. The business had revenue of $134.41 million for the quarter, compared to the consensus estimate of $64.62 million. During the same period last year, the firm posted $0.51 earnings per share. On average, equities research analysts forecast that ConnectOne Bancorp, Inc. will post 1.76 earnings per share for the current fiscal year.

ConnectOne Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Thursday, August 15th were issued a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 2.83%. The ex-dividend date was Thursday, August 15th. ConnectOne Bancorp’s payout ratio is 38.10%.

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.