JPMorgan Chase & Co. Sells 131,643 Shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB)

JPMorgan Chase & Co. decreased its holdings in ConnectOne Bancorp, Inc. (NASDAQ:CNOB) by 12.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 898,122 shares of the financial services provider’s stock after selling 131,643 shares during the quarter. JPMorgan Chase & Co. owned 2.34% of ConnectOne Bancorp worth $22,498,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Geode Capital Management LLC boosted its stake in shares of ConnectOne Bancorp by 0.8% in the third quarter. Geode Capital Management LLC now owns 852,507 shares of the financial services provider’s stock worth $21,359,000 after acquiring an additional 6,880 shares during the period. American Century Companies Inc. increased its position in ConnectOne Bancorp by 15.6% during the second quarter. American Century Companies Inc. now owns 633,599 shares of the financial services provider’s stock valued at $11,969,000 after acquiring an additional 85,437 shares during the last quarter. Wellington Management Group LLP bought a new position in ConnectOne Bancorp during the 3rd quarter valued at about $14,127,000. Banc Funds Co. LLC raised its holdings in shares of ConnectOne Bancorp by 1.0% in the third quarter. Banc Funds Co. LLC now owns 489,086 shares of the financial services provider’s stock worth $12,252,000 after buying an additional 5,000 shares during the period. Finally, Stieven Capital Advisors L.P. purchased a new stake in ConnectOne Bancorp in the third quarter worth $6,488,000. Hedge funds and other institutional investors own 67.70% of the company’s stock.

Analyst Ratings Changes

CNOB has been the topic of a number of research reports. Keefe, Bruyette & Woods raised their target price on shares of ConnectOne Bancorp from $28.00 to $31.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th. StockNews.com upgraded shares of ConnectOne Bancorp from a “sell” rating to a “hold” rating in a report on Monday, November 18th.

ConnectOne Bancorp Stock Up 0.4 %

Shares of CNOB opened at $22.49 on Thursday. ConnectOne Bancorp, Inc. has a 52 week low of $17.07 and a 52 week high of $29.31. The company has a market capitalization of $862.94 million, a price-to-earnings ratio of 12.93 and a beta of 1.30. The stock’s 50-day moving average price is $25.68 and its 200-day moving average price is $24.07. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.07.

ConnectOne Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Friday, November 15th were issued a dividend of $0.18 per share. The ex-dividend date was Friday, November 15th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.20%. ConnectOne Bancorp’s payout ratio is currently 41.38%.

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.