ConnectOne Bancorp, Inc. $CNOB Shares Bought by Gator Capital Management LLC

Gator Capital Management LLC increased its stake in ConnectOne Bancorp, Inc. (NASDAQ:CNOB) by 33.9% during the second quarter, HoldingsChannel.com reports. The fund owned 282,065 shares of the financial services provider’s stock after buying an additional 71,341 shares during the period. ConnectOne Bancorp makes up approximately 2.0% of Gator Capital Management LLC’s holdings, making the stock its 21st biggest position. Gator Capital Management LLC’s holdings in ConnectOne Bancorp were worth $6,533,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also modified their holdings of the stock. State Board of Administration of Florida Retirement System boosted its position in shares of ConnectOne Bancorp by 29.7% in the 2nd quarter. State Board of Administration of Florida Retirement System now owns 13,730 shares of the financial services provider’s stock valued at $318,000 after purchasing an additional 3,148 shares during the period. Ameritas Investment Partners Inc. lifted its stake in ConnectOne Bancorp by 28.8% during the second quarter. Ameritas Investment Partners Inc. now owns 4,746 shares of the financial services provider’s stock valued at $110,000 after buying an additional 1,061 shares in the last quarter. Prudential Financial Inc. boosted its holdings in shares of ConnectOne Bancorp by 13.0% in the second quarter. Prudential Financial Inc. now owns 190,388 shares of the financial services provider’s stock worth $4,409,000 after buying an additional 21,912 shares during the period. American Century Companies Inc. increased its position in shares of ConnectOne Bancorp by 24.5% in the second quarter. American Century Companies Inc. now owns 983,452 shares of the financial services provider’s stock worth $22,777,000 after acquiring an additional 193,692 shares in the last quarter. Finally, Rhumbline Advisers raised its holdings in shares of ConnectOne Bancorp by 34.3% during the second quarter. Rhumbline Advisers now owns 74,624 shares of the financial services provider’s stock valued at $1,728,000 after acquiring an additional 19,072 shares during the period. 67.70% of the stock is owned by hedge funds and other institutional investors.

ConnectOne Bancorp Trading Down 0.8%

Shares of ConnectOne Bancorp stock opened at $25.28 on Friday. ConnectOne Bancorp, Inc. has a 1 year low of $20.61 and a 1 year high of $28.24. The company’s fifty day simple moving average is $24.60 and its 200-day simple moving average is $24.22. The company has a market cap of $1.27 billion, a price-to-earnings ratio of 29.05 and a beta of 1.18. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.20.

ConnectOne Bancorp (NASDAQ:CNOB) last issued its quarterly earnings results on Thursday, October 30th. The financial services provider reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.68 by $0.02. The firm had revenue of $110.78 million during the quarter, compared to the consensus estimate of $111.20 million. ConnectOne Bancorp had a net margin of 6.85% and a return on equity of 7.12%. As a group, sell-side analysts expect that ConnectOne Bancorp, Inc. will post 2.23 EPS for the current year.

ConnectOne Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 1st. Shareholders of record on Friday, November 14th will be issued a $0.18 dividend. The ex-dividend date of this dividend is Friday, November 14th. This represents a $0.72 annualized dividend and a yield of 2.8%. ConnectOne Bancorp’s dividend payout ratio is 58.06%.

Insider Activity at ConnectOne Bancorp

In related news, EVP Joseph T. Javitz sold 1,700 shares of the firm’s stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $25.46, for a total value of $43,282.00. Following the completion of the transaction, the executive vice president directly owned 21,146 shares of the company’s stock, valued at $538,377.16. This trade represents a 7.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 6.24% of the company’s stock.

Analysts Set New Price Targets

CNOB has been the topic of several research analyst reports. Piper Sandler started coverage on shares of ConnectOne Bancorp in a research report on Friday, November 7th. They set an “overweight” rating and a $28.00 price objective on the stock. Weiss Ratings reaffirmed a “hold (c)” rating on shares of ConnectOne Bancorp in a research note on Wednesday, October 8th. Finally, Wall Street Zen upgraded shares of ConnectOne Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, August 2nd. Three analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $29.50.

ConnectOne Bancorp Company 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.