Persistent Asset Partners Ltd Has $1.90 Million Stake in ConnectOne Bancorp, Inc. $CNOB

Persistent Asset Partners Ltd lowered its holdings in shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB) by 2.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 81,814 shares of the financial services provider’s stock after selling 2,358 shares during the period. ConnectOne Bancorp comprises 1.4% of Persistent Asset Partners Ltd’s portfolio, making the stock its 17th largest holding. Persistent Asset Partners Ltd owned approximately 0.21% of ConnectOne Bancorp worth $1,895,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. Victory Capital Management Inc. boosted its holdings in ConnectOne Bancorp by 2.1% during the first quarter. Victory Capital Management Inc. now owns 53,100 shares of the financial services provider’s stock valued at $1,291,000 after purchasing an additional 1,100 shares in the last quarter. Envestnet Asset Management Inc. raised its holdings in shares of ConnectOne Bancorp by 30.3% in the 1st quarter. Envestnet Asset Management Inc. now owns 205,792 shares of the financial services provider’s stock worth $5,003,000 after buying an additional 47,894 shares in the last quarter. HighTower Advisors LLC bought a new position in shares of ConnectOne Bancorp during the 1st quarter worth approximately $281,000. Farther Finance Advisors LLC boosted its stake in ConnectOne Bancorp by 275.3% in the 2nd quarter. Farther Finance Advisors LLC now owns 1,471 shares of the financial services provider’s stock valued at $34,000 after buying an additional 1,079 shares in the last quarter. Finally, Janney Montgomery Scott LLC grew its position in ConnectOne Bancorp by 13.8% in the second quarter. Janney Montgomery Scott LLC now owns 52,267 shares of the financial services provider’s stock valued at $1,211,000 after acquiring an additional 6,343 shares during the period. Institutional investors and hedge funds own 67.70% of the company’s stock.

Wall Street Analyst Weigh In

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

Insiders Place Their Bets

In other ConnectOne Bancorp news, EVP Joseph T. Javitz sold 1,700 shares of the company’s stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $25.46, for a total transaction of $43,282.00. Following the transaction, the executive vice president owned 21,146 shares of the company’s stock, valued at approximately $538,377.16. This represents a 7.44% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 6.24% of the stock is owned by company insiders.

ConnectOne Bancorp Stock Performance

ConnectOne Bancorp stock opened at $24.13 on Friday. The stock has a 50-day simple moving average of $24.79 and a 200 day simple moving average of $24.16. The stock has a market capitalization of $1.21 billion, a price-to-earnings ratio of 27.74 and a beta of 1.18. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.20. ConnectOne Bancorp, Inc. has a 12-month low of $20.61 and a 12-month high of $29.31.

ConnectOne Bancorp (NASDAQ:CNOB) last issued its quarterly earnings data on Thursday, October 30th. The financial services provider reported $0.70 EPS for the quarter, topping analysts’ consensus estimates of $0.68 by $0.02. The firm had revenue of $110.78 million for the quarter, compared to analyst estimates of $111.20 million. ConnectOne Bancorp had a net margin of 6.85% and a return on equity of 7.12%. On average, research analysts anticipate that ConnectOne Bancorp, Inc. will post 2.23 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 Monday, December 1st. Investors 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 dividend on an annualized basis and a dividend yield of 3.0%. ConnectOne Bancorp’s dividend payout ratio (DPR) is currently 58.06%.

About ConnectOne Bancorp

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.