Dimensional Fund Advisors LP Has $76.40 Million Stake in ConnectOne Bancorp, Inc. $CNOB

Dimensional Fund Advisors LP raised its stake in ConnectOne Bancorp, Inc. (NASDAQ:CNOB) by 1.3% during the first quarter, HoldingsChannel.com reports. The fund owned 2,853,964 shares of the financial services provider’s stock after acquiring an additional 37,657 shares during the quarter. Dimensional Fund Advisors LP owned 0.06% of ConnectOne Bancorp worth $76,400,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Wellington Management Group LLP lifted its holdings in shares of ConnectOne Bancorp by 76.8% during the third quarter. Wellington Management Group LLP now owns 2,882,584 shares of the financial services provider’s stock valued at $71,517,000 after acquiring an additional 1,252,614 shares during the period. UBS Group AG grew its holdings in shares of ConnectOne Bancorp by 579.2% in the 4th quarter. UBS Group AG now owns 705,119 shares of the financial services provider’s stock worth $18,488,000 after purchasing an additional 601,310 shares during the last quarter. Algebris UK Ltd. grew its holdings in shares of ConnectOne Bancorp by 36.5% in the 4th quarter. Algebris UK Ltd. now owns 846,865 shares of the financial services provider’s stock worth $22,215,000 after purchasing an additional 226,523 shares during the last quarter. Millennium Management LLC acquired a new stake in shares of ConnectOne Bancorp during the 3rd quarter worth about $4,180,000. Finally, BW Gestao de Investimentos Ltda. acquired a new stake in shares of ConnectOne Bancorp during the 4th quarter worth about $4,261,000. 67.70% of the stock is currently owned by institutional investors and hedge funds.

ConnectOne Bancorp Stock Performance

ConnectOne Bancorp stock opened at $32.94 on Friday. The stock has a 50-day simple moving average of $32.14 and a 200 day simple moving average of $29.24. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.14. ConnectOne Bancorp, Inc. has a 12-month low of $22.07 and a 12-month high of $34.14. The stock has a market capitalization of $1.66 billion, a price-to-earnings ratio of 10.80 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, topping the consensus estimate of $0.82 by $0.02. ConnectOne Bancorp had a net margin of 20.21% and a return on equity of 11.35%. The business had revenue of $122.77 million for the quarter, compared to the consensus estimate of $121.55 million. On average, research analysts anticipate that ConnectOne Bancorp, Inc. will post 3.37 earnings per share for the current fiscal year.

ConnectOne Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th will be paid 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 2.4%. ConnectOne Bancorp’s payout ratio is currently 25.57%.

Analyst Ratings Changes

CNOB has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods boosted their price target on shares of 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 shares of ConnectOne Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, May 20th. Piper Sandler lifted their target price on shares of ConnectOne Bancorp from $34.00 to $38.00 and gave the company an “overweight” rating in a research note on Friday, June 26th. Hovde Group lifted their target price on shares of ConnectOne Bancorp from $32.00 to $34.00 and gave the company an “outperform” rating in a research note on Friday, April 24th. Finally, Raymond James Financial reissued a “market perform” rating on shares of ConnectOne Bancorp in a report on Wednesday, July 1st. Four equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $35.00.

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.