Sei Investments Co. Buys 4,447 Shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB)

Sei Investments Co. grew its stake in shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB) by 12.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 40,452 shares of the financial services provider’s stock after acquiring an additional 4,447 shares during the period. Sei Investments Co. owned 0.11% of ConnectOne Bancorp worth $764,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in CNOB. Hsbc Holdings PLC lifted its holdings in 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 purchasing an additional 1,131 shares during the last quarter. Renaissance Technologies LLC increased its position in ConnectOne Bancorp by 7.2% during the 2nd quarter. Renaissance Technologies LLC now owns 209,487 shares of the financial services provider’s stock worth $3,957,000 after buying an additional 14,124 shares during the period. Cornercap Investment Counsel Inc. lifted its holdings in shares of ConnectOne Bancorp by 111.1% during the second quarter. Cornercap Investment Counsel Inc. now owns 55,406 shares of the financial services provider’s stock worth $1,047,000 after buying an additional 29,161 shares in the last quarter. American Century Companies Inc. boosted its position in shares of ConnectOne Bancorp by 15.6% in 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 period. Finally, Victory Capital Management Inc. grew its stake in shares of ConnectOne Bancorp by 14.8% in the second quarter. Victory Capital Management Inc. now owns 56,000 shares of the financial services provider’s stock valued at $1,058,000 after acquiring an additional 7,200 shares in the last quarter. Institutional investors own 67.70% of the company’s stock.

ConnectOne Bancorp Trading Down 1.3 %

Shares of ConnectOne Bancorp stock opened at $24.61 on Wednesday. The firm has a market capitalization of $943.38 million, a PE ratio of 13.02 and a beta of 1.25. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.07. The firm’s 50 day moving average is $23.92 and its 200 day moving average is $20.98. 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 results on Thursday, July 25th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.40 by $0.06. The company had revenue of $134.41 million during the quarter, compared to the consensus estimate 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 in the prior year, the business earned $0.51 earnings per share. Equities research analysts forecast that ConnectOne Bancorp, Inc. will post 1.76 earnings per share for the current fiscal year.

ConnectOne Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Thursday, August 15th were issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 2.93%. The ex-dividend date was Thursday, August 15th. ConnectOne Bancorp’s dividend payout ratio (DPR) is currently 38.10%.

Analyst Upgrades and Downgrades

CNOB has been the subject of a number of recent research reports. Piper Sandler boosted their price objective on shares of ConnectOne Bancorp from $22.00 to $25.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $26.00 price target (up from $22.00) on shares of ConnectOne Bancorp in a research report on Friday, July 26th. Two equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $26.33.

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.