The Manufacturers Life Insurance Company Lowers Stake in ConnectOne Bancorp, Inc. (NASDAQ:CNOB)

The Manufacturers Life Insurance Company cut its stake in ConnectOne Bancorp, Inc. (NASDAQ:CNOB) by 0.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 322,414 shares of the financial services provider’s stock after selling 771 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.84% of ConnectOne Bancorp worth $6,090,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in CNOB. Parallel Advisors LLC grew its stake in 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 purchasing an additional 757 shares during the last quarter. Bryn Mawr Capital Management LLC purchased a new position in shares of ConnectOne Bancorp in the 2nd quarter worth approximately $171,000. Evergreen Capital Management LLC bought a new position in shares of ConnectOne Bancorp during the 2nd quarter worth approximately $196,000. Hsbc Holdings PLC raised its stake in shares of ConnectOne Bancorp by 6.7% during the 2nd quarter. Hsbc Holdings PLC now owns 17,938 shares of the financial services provider’s stock worth $332,000 after acquiring an additional 1,131 shares in the last quarter. Finally, Principal Financial Group Inc. purchased a new stake in ConnectOne Bancorp during the first quarter valued at approximately $381,000. 67.70% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

CNOB has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $26.00 price target (up from $22.00) on shares of ConnectOne Bancorp in a research report on Friday, July 26th. Piper Sandler upped their target price on ConnectOne Bancorp from $22.00 to $25.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. Two analysts have rated the stock with a hold rating, two have given a buy rating and one has given 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 Up 2.7 %

Shares of NASDAQ:CNOB opened at $25.08 on Friday. 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, Inc. has a 52-week low of $14.51 and a 52-week high of $26.53. The stock has a market cap of $961.39 million, a price-to-earnings ratio of 13.27 and a beta of 1.25. The business has a 50-day moving average price of $23.89 and a 200-day moving average price of $20.90.

ConnectOne Bancorp (NASDAQ:CNOB) last posted its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.40 by $0.06. The company had revenue of $134.41 million during the quarter, compared to analyst estimates of $64.62 million. ConnectOne Bancorp had a net margin of 14.56% and a return on equity of 7.13%. During the same period last year, the firm posted $0.51 EPS. Equities analysts predict that ConnectOne Bancorp, Inc. will post 1.76 EPS for the current 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 issued a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 2.87%. The ex-dividend date of this dividend was Thursday, August 15th. ConnectOne Bancorp’s payout ratio is 38.10%.

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.