Jupiter Topco LLC Takes $681,000 Position in ConnectOne Bancorp, Inc. $CNOB

Jupiter Topco LLC acquired a new stake in ConnectOne Bancorp, Inc. (NASDAQ:CNOB) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 20,357 shares of the financial services provider’s stock, valued at approximately $681,000.

Several other large investors have also bought and sold shares of the company. Clearstead Advisors LLC raised its position in ConnectOne Bancorp by 195.6% in the fourth quarter. Clearstead Advisors LLC now owns 1,330 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 880 shares in the last quarter. Allworth Financial LP acquired a new stake in ConnectOne Bancorp during the second quarter valued at approximately $52,000. Osaic Holdings Inc. boosted 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 buying an additional 1,566 shares in the last quarter. Quantbot Technologies LP bought a new stake in ConnectOne Bancorp during the second quarter worth approximately $73,000. Finally, State of Wyoming acquired a new position in ConnectOne Bancorp in the fourth quarter worth approximately $73,000. Institutional investors own 67.70% of the company’s stock.

ConnectOne Bancorp Price Performance

CNOB opened at $32.31 on Monday. The company has a market capitalization of $1.63 billion, a PE ratio of 10.59 and a beta of 1.03. The business has a 50-day moving average of $32.63 and a 200-day moving average of $30.12. ConnectOne Bancorp, Inc. has a fifty-two week low of $23.20 and a fifty-two week high of $34.14. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.04 and a quick ratio of 1.04.

ConnectOne Bancorp (NASDAQ:CNOB) last posted its earnings results on Thursday, July 23rd. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.82 by $0.02. ConnectOne Bancorp had a net margin of 20.21% and a return on equity of 11.24%. The firm had revenue of $121.57 million during the quarter, compared to analysts’ expectations of $121.55 million. Equities research analysts forecast that ConnectOne Bancorp, Inc. will post 3.37 EPS for the current fiscal year.

ConnectOne Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th were given a $0.195 dividend. The ex-dividend date of this dividend was Friday, August 14th. This represents a $0.78 dividend on an annualized basis and a dividend yield of 2.4%. ConnectOne Bancorp’s payout ratio is currently 25.57%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on CNOB. Raymond James Financial reiterated a “market perform” rating on shares of ConnectOne Bancorp in a research report on Wednesday, July 1st. Piper Sandler raised their target price on shares of ConnectOne Bancorp from $34.00 to $38.00 and gave the stock an “overweight” rating in a report on Friday, June 26th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of ConnectOne Bancorp in a research report on Monday, August 17th. Four analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $35.00.

ConnectOne Bancorp 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.