ConnectOne Bancorp, Inc. $CNOB Shares Bought by Kestra Advisory Services LLC

Kestra Advisory Services LLC raised its stake in shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB) by 226.6% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 97,663 shares of the financial services provider’s stock after buying an additional 67,761 shares during the period. Kestra Advisory Services LLC’s holdings in ConnectOne Bancorp were worth $2,614,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of CNOB. Clearstead Advisors LLC lifted its holdings in shares of ConnectOne Bancorp by 195.6% in the 4th quarter. Clearstead Advisors LLC now owns 1,330 shares of the financial services provider’s stock valued at $35,000 after buying an additional 880 shares during the period. Osaic Holdings Inc. grew its holdings in ConnectOne Bancorp by 728.4% during the second quarter. Osaic Holdings Inc. now owns 1,781 shares of the financial services provider’s stock worth $41,000 after acquiring an additional 1,566 shares during the period. State of Wyoming purchased a new position in ConnectOne Bancorp during the fourth quarter valued at approximately $73,000. Farther Finance Advisors LLC raised its position in ConnectOne Bancorp by 129.1% during the fourth quarter. Farther Finance Advisors LLC now owns 3,475 shares of the financial services provider’s stock valued at $91,000 after acquiring an additional 1,958 shares in the last quarter. Finally, Russell Investments Group Ltd. lifted its holdings in ConnectOne Bancorp by 791.0% in the third quarter. Russell Investments Group Ltd. now owns 4,553 shares of the financial services provider’s stock valued at $113,000 after acquiring an additional 4,042 shares during the period. Institutional investors and hedge funds own 67.70% of the company’s stock.

ConnectOne Bancorp Trading Down 2.0%

Shares of ConnectOne Bancorp stock opened at $33.43 on Friday. The firm has a market capitalization of $1.68 billion, a PE ratio of 19.32 and a beta of 1.05. ConnectOne Bancorp, Inc. has a twelve month low of $22.07 and a twelve month high of $34.14. The firm’s 50-day moving average price is $31.47 and its 200 day moving average price is $28.79. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.14.

ConnectOne Bancorp (NASDAQ:CNOB) last posted its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $0.79 EPS for the quarter, topping the consensus estimate of $0.73 by $0.06. ConnectOne Bancorp had a return on equity of 10.17% and a net margin of 13.21%.The company had revenue of $116.64 million during the quarter, compared to analyst estimates of $119.59 million. On average, sell-side analysts predict that ConnectOne Bancorp, Inc. will post 3.28 EPS for the current fiscal year.

ConnectOne Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Friday, May 15th were paid a $0.195 dividend. This is a boost from ConnectOne Bancorp’s previous quarterly dividend of $0.18. This represents a $0.78 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date of this dividend was Friday, May 15th. ConnectOne Bancorp’s dividend payout ratio is presently 45.09%.

Analyst Upgrades and Downgrades

CNOB has been the topic of several recent research reports. Raymond James Financial restated a “market perform” rating on shares of ConnectOne Bancorp in a research report on Wednesday, July 1st. Hovde Group lifted their target price on shares of ConnectOne Bancorp from $32.00 to $34.00 and gave the company an “outperform” rating in a report on Friday, April 24th. Weiss Ratings upgraded shares of ConnectOne Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, May 20th. Piper Sandler raised their price target on shares of ConnectOne Bancorp from $34.00 to $38.00 and gave the company an “overweight” rating in a research report on Friday, June 26th. Finally, Keefe, Bruyette & Woods raised their price target on shares of ConnectOne Bancorp from $32.00 to $34.00 and gave the company an “outperform” rating in a research report on Friday, April 24th. Four equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, ConnectOne Bancorp presently has an average rating of “Moderate Buy” and a consensus target price of $35.00.

ConnectOne Bancorp Company Profile

ConnectOne Bancorp is a New Jersey‐based bank holding company whose primary subsidiary, ConnectOne Bank, offers a suite of commercial banking services to small and medium‐sized businesses, professionals and individuals. Established in 2005 and headquartered in Englewood Cliffs, New Jersey, the company seeks to deliver customized lending and deposit solutions through a network of branches across northern New Jersey and the New York metropolitan area.

The company’s lending portfolio centers on commercial real estate financing, construction lending, owner‐occupied real estate loans and working capital lines of credit.