Victory Capital Management Inc. Buys 7,200 Shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB)

Victory Capital Management Inc. lifted its stake in ConnectOne Bancorp, Inc. (NASDAQ:CNOB) by 14.8% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 56,000 shares of the financial services provider’s stock after acquiring an additional 7,200 shares during the period. Victory Capital Management Inc. owned 0.15% of ConnectOne Bancorp worth $1,058,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Kennedy Capital Management LLC raised its holdings in ConnectOne Bancorp by 698.1% in the first quarter. Kennedy Capital Management LLC now owns 676,791 shares of the financial services provider’s stock worth $13,197,000 after purchasing an additional 591,995 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of ConnectOne Bancorp by 2.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,270,093 shares of the financial services provider’s stock worth $52,009,000 after acquiring an additional 58,277 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of ConnectOne Bancorp by 2.6% during the 1st quarter. Vanguard Group Inc. now owns 2,143,706 shares of the financial services provider’s stock worth $41,802,000 after acquiring an additional 53,563 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in ConnectOne Bancorp by 10.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 438,198 shares of the financial services provider’s stock valued at $10,039,000 after acquiring an additional 41,010 shares during the last quarter. Finally, B. Riley Wealth Advisors Inc. boosted its stake 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 in the last quarter. 67.70% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

ConnectOne Bancorp Price Performance

NASDAQ CNOB opened at $25.46 on Friday. The company has a market cap 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. The stock’s fifty day moving average price is $23.55 and its 200 day moving average price is $20.52. ConnectOne Bancorp, Inc. has a 1 year low of $14.51 and a 1 year high of $26.53.

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

ConnectOne Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Thursday, August 15th were given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 2.83%. The ex-dividend date was Thursday, August 15th. ConnectOne Bancorp’s dividend payout ratio is presently 38.10%.

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.