Geode Capital Management LLC Acquires 11,537 Shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB)
Geode Capital Management LLC raised its stake in ConnectOne Bancorp, Inc. (NASDAQ:CNOB) by 5.2% during the first quarter, according to its most recent filing with the SEC. The fund owned 232,943 shares of the financial services provider’s stock after buying an additional 11,537 shares during the period. Geode Capital Management LLC’s holdings in ConnectOne Bancorp were worth $5,648,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also made changes to their positions in the company. Karp Capital Management Corp acquired a new position in shares of ConnectOne Bancorp during the first quarter valued at approximately $218,000. Affinity Investment Advisors LLC acquired a new position in shares of ConnectOne Bancorp during the first quarter valued at approximately $366,000. Bank of New York Mellon Corp boosted its position in shares of ConnectOne Bancorp by 32.0% in the first quarter. Bank of New York Mellon Corp now owns 217,464 shares of the financial services provider’s stock valued at $5,274,000 after buying an additional 52,671 shares in the last quarter. First Trust Advisors LP boosted its position in shares of ConnectOne Bancorp by 1.0% in the first quarter. First Trust Advisors LP now owns 83,451 shares of the financial services provider’s stock valued at $2,024,000 after buying an additional 829 shares in the last quarter. Finally, Monarch Partners Asset Management LLC acquired a new position in shares of ConnectOne Bancorp during the first quarter valued at approximately $544,000. 68.08% of the stock is currently owned by institutional investors.
Shares of ConnectOne Bancorp, Inc. (NASDAQ CNOB) traded down 0.67% on Friday, reaching $22.35. 16,422 shares of the company were exchanged. The firm has a 50 day moving average price of $22.67 and a 200-day moving average price of $23.42. ConnectOne Bancorp, Inc. has a 12-month low of $17.02 and a 12-month high of $26.65. The stock has a market capitalization of $713.26 million, a PE ratio of 24.29 and a beta of 0.97.
ConnectOne Bancorp (NASDAQ:CNOB) last announced its quarterly earnings results on Thursday, July 27th. The financial services provider reported $0.42 EPS for the quarter, beating the Zacks’ consensus estimate of $0.38 by $0.04. The company had revenue of $36.52 million for the quarter, compared to analysts’ expectations of $36.08 million. ConnectOne Bancorp had a net margin of 16.42% and a return on equity of 9.37%. On average, analysts predict that ConnectOne Bancorp, Inc. will post $1.42 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 1st. Investors of record on Monday, July 17th were paid a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.33%. The ex-dividend date was Thursday, July 13th. ConnectOne Bancorp’s payout ratio is currently 32.26%.
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Several brokerages have recently commented on CNOB. BidaskClub raised shares of ConnectOne Bancorp from a “sell” rating to a “hold” rating in a report on Thursday, August 3rd. Zacks Investment Research cut shares of ConnectOne Bancorp from a “hold” rating to a “sell” rating in a research note on Friday, April 28th. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the stock. ConnectOne Bancorp currently has an average rating of “Hold” and a consensus target price of $27.00.
In related news, COO Christopher J. Ewing sold 2,100 shares of the company’s stock in a transaction that occurred on Thursday, June 8th. The shares were sold at an average price of $22.67, for a total transaction of $47,607.00. Following the sale, the chief operating officer now directly owns 9,922 shares in the company, valued at approximately $224,931.74. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Frank Sorrentino III sold 2,445 shares of the company’s stock in a transaction that occurred on Tuesday, June 6th. The shares were sold at an average price of $21.85, for a total transaction of $53,423.25. Following the sale, the chairman now owns 566,410 shares in the company, valued at $12,376,058.50. The disclosure for this sale can be found here. Insiders have sold a total of 9,783 shares of company stock worth $214,562 over the last 90 days. 7.63% of the stock is currently owned by corporate insiders.
About ConnectOne Bancorp
ConnectOne Bancorp, Inc is a bank holding company of ConnectOne Bank (the Bank). The Bank is a community-based, full-service New Jersey-chartered commercial bank. The Bank offers a range of deposit and loan products. In addition, to attract the business of consumer and business customers, it also provides an array of other banking services.
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