The Manufacturers Life Insurance Company Acquires New Position in ConnectOne Bancorp, Inc. $CNOB

The Manufacturers Life Insurance Company acquired a new stake in shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 297,593 shares of the financial services provider’s stock, valued at approximately $9,952,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CNOB. Quantbot Technologies LP purchased a new position in shares of ConnectOne Bancorp in the second quarter worth about $73,000. EP Wealth Advisors LLC purchased a new stake in shares of ConnectOne Bancorp during the 2nd quarter valued at approximately $300,000. Ieq Capital LLC bought a new position in ConnectOne Bancorp in the 2nd quarter worth approximately $393,000. Allworth Financial LP purchased a new position in ConnectOne Bancorp in the 2nd quarter valued at approximately $52,000. Finally, PCM Encore LLC purchased a new position in shares of ConnectOne Bancorp in the second quarter valued at $355,000. Institutional investors own 67.70% of the company’s stock.

Analyst Ratings Changes

Several research analysts have commented on the company. Piper Sandler raised their target price on ConnectOne Bancorp from $34.00 to $38.00 and gave the stock an “overweight” rating in a research note on Friday, June 26th. Weiss Ratings reissued a “buy (b)” rating on shares of ConnectOne Bancorp in a report on Monday, August 17th. Finally, Raymond James Financial reaffirmed a “market perform” rating on shares of ConnectOne Bancorp in a research note on Wednesday, July 1st. Four equities research 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, ConnectOne Bancorp currently has a consensus rating of “Moderate Buy” and a consensus price target of $35.00.

ConnectOne Bancorp Price Performance

ConnectOne Bancorp stock opened at $31.73 on Friday. The stock has a market cap of $1.60 billion, a price-to-earnings ratio of 10.40 and a beta of 1.05. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.61. The business has a 50-day simple moving average of $32.77 and a 200 day simple moving average of $29.97. ConnectOne Bancorp, Inc. has a 52 week low of $23.20 and a 52 week high of $34.14.

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 analysts’ consensus estimates of $0.82 by $0.02. ConnectOne Bancorp had a return on equity of 11.24% and a net margin of 20.21%.The firm had revenue of $121.57 million during the quarter, compared to the consensus estimate of $121.55 million. On average, research analysts forecast that ConnectOne Bancorp, Inc. will post 3.37 earnings per share for the current fiscal year.

ConnectOne Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th will be issued a $0.195 dividend. The ex-dividend date of this dividend is Friday, August 14th. This represents a $0.78 dividend on an annualized basis and a dividend yield of 2.5%. ConnectOne Bancorp’s dividend payout ratio is presently 25.57%.

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.