Envestnet Asset Management Inc. Reduces Stake in ConnectOne Bancorp, Inc. (NASDAQ:CNOB)

Envestnet Asset Management Inc. lessened its stake in shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB) by 2.0% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 114,856 shares of the financial services provider’s stock after selling 2,287 shares during the quarter. Envestnet Asset Management Inc. owned about 0.30% of ConnectOne Bancorp worth $2,170,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Parallel Advisors LLC boosted its position in shares of ConnectOne Bancorp by 206.8% in the fourth quarter. Parallel Advisors LLC now owns 1,123 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 757 shares during the period. Bryn Mawr Capital Management LLC purchased a new stake in ConnectOne Bancorp in the 2nd quarter worth approximately $171,000. Principal Financial Group Inc. purchased a new stake in ConnectOne Bancorp in the 1st quarter worth approximately $381,000. GSA Capital Partners LLP bought a new position in ConnectOne Bancorp in the 1st quarter valued at $461,000. Finally, Price T Rowe Associates Inc. MD grew its position in shares of ConnectOne Bancorp by 4.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 36,860 shares of the financial services provider’s stock valued at $719,000 after purchasing an additional 1,535 shares in the last quarter. 67.70% of the stock is currently owned by institutional investors.

ConnectOne Bancorp Stock Up 2.7 %

Shares of NASDAQ:CNOB opened at $25.08 on Friday. The firm has a fifty day moving average of $23.89 and a 200 day moving average of $20.90. ConnectOne Bancorp, Inc. has a 52-week low of $14.51 and a 52-week high of $26.53. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.01 and a current ratio of 1.01. The firm has a market capitalization of $961.39 million, a PE ratio of 13.27 and a beta of 1.25.

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

ConnectOne Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Thursday, August 15th were paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 2.87%. The ex-dividend date of this dividend was Thursday, August 15th. ConnectOne Bancorp’s dividend payout ratio (DPR) is presently 38.10%.

Wall Street Analysts Forecast Growth

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

About ConnectOne Bancorp

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.