Persistent Asset Partners Ltd Sells 42,909 Shares of ConnectOne Bancorp, Inc. $CNOB

Persistent Asset Partners Ltd lessened its holdings in shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB) by 56.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 32,890 shares of the financial services provider’s stock after selling 42,909 shares during the period. Persistent Asset Partners Ltd owned approximately 0.07% of ConnectOne Bancorp worth $862,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. ProShare Advisors LLC raised its position in ConnectOne Bancorp by 6.9% in the 4th quarter. ProShare Advisors LLC now owns 8,716 shares of the financial services provider’s stock valued at $229,000 after buying an additional 560 shares during the last quarter. Clearstead Advisors LLC raised its position in ConnectOne Bancorp by 195.6% in the 4th quarter. Clearstead Advisors LLC now owns 1,330 shares of the financial services provider’s stock valued at $35,000 after buying an additional 880 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in ConnectOne Bancorp by 4.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,537 shares of the financial services provider’s stock valued at $524,000 after buying an additional 914 shares during the last quarter. EJF Capital LLC raised its position in ConnectOne Bancorp by 3.7% in the 3rd quarter. EJF Capital LLC now owns 30,214 shares of the financial services provider’s stock valued at $750,000 after buying an additional 1,066 shares during the last quarter. Finally, LPL Financial LLC raised its position in ConnectOne Bancorp by 13.3% in the 4th quarter. LPL Financial LLC now owns 9,467 shares of the financial services provider’s stock valued at $248,000 after buying an additional 1,114 shares during the last quarter. Institutional investors own 67.70% of the company’s stock.

Analysts Set New Price Targets

CNOB has been the topic of a number of recent research reports. Keefe, Bruyette & Woods lifted their target price on ConnectOne Bancorp from $32.00 to $34.00 and gave the company an “outperform” rating in a research report on Friday, April 24th. Weiss Ratings raised ConnectOne Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, May 20th. Hovde Group lifted their target price on ConnectOne Bancorp from $32.00 to $34.00 and gave the company an “outperform” rating in a research report on Friday, April 24th. Raymond James Financial reissued a “strong-buy” rating and issued a $34.00 target price on shares of ConnectOne Bancorp in a research report on Monday, April 27th. Finally, Piper Sandler initiated coverage on ConnectOne Bancorp in a research report on Monday, March 16th. They issued an “overweight” rating and a $31.00 target price on the stock. Two research analysts have rated the stock with a Strong Buy rating and three have assigned a Buy rating to the stock. According to data from MarketBeat, ConnectOne Bancorp currently has a consensus rating of “Buy” and an average price target of $33.25.

ConnectOne Bancorp Stock Up 0.3%

CNOB stock opened at $32.54 on Wednesday. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $1.64 billion, a PE ratio of 18.81 and a beta of 1.06. ConnectOne Bancorp, Inc. has a 1-year low of $21.79 and a 1-year high of $33.12. The business’s 50 day simple moving average is $29.63 and its 200 day simple moving average is $27.84.

ConnectOne Bancorp (NASDAQ:CNOB) last posted its earnings results on Thursday, April 23rd. The financial services provider reported $0.79 earnings per share for the quarter, topping analysts’ consensus estimates of $0.73 by $0.06. The business had revenue of $116.64 million for the quarter, compared to analyst estimates of $119.59 million. ConnectOne Bancorp had a return on equity of 10.17% and a net margin of 13.21%. As a group, research analysts anticipate that ConnectOne Bancorp, Inc. will post 3.3 EPS for the current year.

ConnectOne Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 15th were paid a $0.195 dividend. This is a boost from ConnectOne Bancorp’s previous quarterly dividend of $0.18. The ex-dividend date was Friday, May 15th. This represents a $0.78 annualized dividend and a yield of 2.4%. ConnectOne Bancorp’s dividend payout ratio is presently 45.09%.

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.