GSA Capital Partners LLP Invests $1.04 Million in ConnectOne Bancorp, Inc. $CNOB

GSA Capital Partners LLP purchased a new stake in shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB) during the second quarter, Holdings Channel reports. The fund purchased 31,109 shares of the financial services provider’s stock, valued at approximately $1,040,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. Clearstead Advisors LLC boosted its holdings 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 purchasing an additional 880 shares in the last quarter. Osaic Holdings Inc. raised 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 valued at $41,000 after buying an additional 1,566 shares in the last quarter. State of Wyoming bought a new position in ConnectOne Bancorp during the fourth quarter valued at about $73,000. Farther Finance Advisors LLC raised its holdings 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 buying an additional 1,958 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its stake in shares of ConnectOne Bancorp by 791.0% during the 3rd quarter. Russell Investments Group Ltd. now owns 4,553 shares of the financial services provider’s stock worth $113,000 after acquiring an additional 4,042 shares in the last quarter. Institutional investors and hedge funds own 67.70% of the company’s stock.

ConnectOne Bancorp Stock Down 0.8%

ConnectOne Bancorp stock opened at $32.78 on Tuesday. 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, Inc. has a fifty-two week low of $23.20 and a fifty-two week high of $34.14. The firm has a fifty day moving average price of $32.80 and a two-hundred day moving average price of $29.70. The firm has a market cap of $1.65 billion, a price-to-earnings ratio of 10.75 and a beta of 1.05.

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

ConnectOne Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be paid a dividend of $0.195 per share. The ex-dividend date is Friday, August 14th. This represents a $0.78 annualized dividend and a yield of 2.4%. ConnectOne Bancorp’s dividend payout ratio is presently 25.57%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Hovde Group increased their price objective on 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 ConnectOne Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, May 20th. Piper Sandler upped their target price on ConnectOne Bancorp from $34.00 to $38.00 and gave the stock an “overweight” rating in a research report on Friday, June 26th. Raymond James Financial reiterated a “market perform” rating on shares of ConnectOne Bancorp in a report on Wednesday, July 1st. Finally, Keefe, Bruyette & Woods increased their price target on ConnectOne Bancorp from $32.00 to $34.00 and gave the company an “outperform” rating in a report on Friday, April 24th. Four analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $35.00.

About ConnectOne Bancorp

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.