Algebris UK Ltd. Has $22.22 Million Stock Holdings in ConnectOne Bancorp, Inc. $CNOB

Algebris UK Ltd. raised its stake in ConnectOne Bancorp, Inc. (NASDAQ:CNOB) by 36.5% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 846,865 shares of the financial services provider’s stock after buying an additional 226,523 shares during the quarter. ConnectOne Bancorp accounts for about 1.1% of Algebris UK Ltd.’s holdings, making the stock its 26th biggest position. Algebris UK Ltd.’s holdings in ConnectOne Bancorp were worth $22,215,000 as of its most recent filing with the SEC.

Several other large investors have also recently added to or reduced their stakes in the stock. ProShare Advisors LLC increased its stake in ConnectOne Bancorp by 6.9% in the 4th quarter. ProShare Advisors LLC now owns 8,716 shares of the financial services provider’s stock valued at $229,000 after buying an additional 560 shares during the period. HighTower Advisors LLC acquired a new position in ConnectOne Bancorp in the 4th quarter valued at approximately $617,000. Pacific Ridge Capital Partners LLC increased its stake in ConnectOne Bancorp by 4.8% in the 4th quarter. Pacific Ridge Capital Partners LLC now owns 49,465 shares of the financial services provider’s stock valued at $1,297,000 after buying an additional 2,270 shares during the period. State of New Jersey Common Pension Fund D increased its stake in ConnectOne Bancorp by 4.3% in the 4th quarter. State of New Jersey Common Pension Fund D now owns 92,016 shares of the financial services provider’s stock valued at $2,413,000 after buying an additional 3,793 shares during the period. Finally, R Squared Ltd acquired a new position in ConnectOne Bancorp in the 4th quarter valued at approximately $269,000. Institutional investors and hedge funds own 67.70% of the company’s stock.

Wall Street Analyst Weigh In

CNOB has been the topic of several research reports. Raymond James Financial reiterated a “strong-buy” rating and issued a $34.00 price objective on shares of ConnectOne Bancorp in a research note on Monday, April 27th. Keefe, Bruyette & Woods upped their price objective on shares of ConnectOne Bancorp from $32.00 to $34.00 and gave the company an “outperform” rating in a research note on Friday, April 24th. Hovde Group upped their price objective on shares of ConnectOne Bancorp from $32.00 to $34.00 and gave the company an “outperform” rating in a research note on Friday, April 24th. Weiss Ratings upgraded shares of ConnectOne Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, May 6th. Finally, Piper Sandler began coverage on shares of ConnectOne Bancorp in a research note on Monday, March 16th. They set an “overweight” rating and a $31.00 price target on the stock. Two investment analysts have rated the stock with a Strong Buy rating and three have assigned a Buy rating to the stock. According to MarketBeat, ConnectOne Bancorp currently has a consensus rating of “Buy” and a consensus price target of $33.25.

ConnectOne Bancorp Stock Performance

Shares of CNOB opened at $29.87 on Thursday. The company’s fifty day moving average is $27.89 and its 200-day moving average is $26.97. ConnectOne Bancorp, Inc. has a 12 month low of $21.79 and a 12 month high of $30.65. The firm has a market cap of $1.50 billion, a price-to-earnings ratio of 17.27 and a beta of 1.06. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.14.

ConnectOne Bancorp (NASDAQ:CNOB) last announced its quarterly earnings results 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 net margin of 13.21% and a return on equity of 10.17%. The company had revenue of $116.64 million for the quarter, compared to analyst estimates of $119.59 million. Equities analysts expect that ConnectOne Bancorp, Inc. will post 3.3 EPS for the current fiscal year.

ConnectOne Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 1st. Stockholders of record on Friday, May 15th will be paid a dividend of $0.195 per share. This is a positive change from ConnectOne Bancorp’s previous quarterly dividend of $0.18. The ex-dividend date is Friday, May 15th. This represents a $0.78 annualized dividend and a dividend yield of 2.6%. ConnectOne Bancorp’s dividend payout ratio (DPR) is currently 45.09%.

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.