UBS Group AG Grows Stock Holdings in ConnectOne Bancorp, Inc. $CNOB

UBS Group AG raised its stake in ConnectOne Bancorp, Inc. (NASDAQ:CNOB) by 579.2% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 705,119 shares of the financial services provider’s stock after buying an additional 601,310 shares during the period. UBS Group AG’s holdings in ConnectOne Bancorp were worth $18,488,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted 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 period. EJF Capital LLC lifted its position in shares of ConnectOne Bancorp by 3.7% in the 3rd quarter. EJF Capital LLC now owns 30,214 shares of the financial services provider’s stock worth $750,000 after purchasing an additional 1,066 shares during the period. Osaic Holdings Inc. lifted its position in shares of ConnectOne Bancorp by 728.4% in the 2nd quarter. Osaic Holdings Inc. now owns 1,781 shares of the financial services provider’s stock worth $41,000 after purchasing an additional 1,566 shares during the period. Swiss National Bank lifted its position in shares of ConnectOne Bancorp by 1.9% in the 3rd quarter. Swiss National Bank now owns 92,500 shares of the financial services provider’s stock worth $2,295,000 after purchasing an additional 1,700 shares during the period. Finally, Farther Finance Advisors LLC lifted its position in shares of ConnectOne Bancorp by 129.1% in the 4th quarter. Farther Finance Advisors LLC now owns 3,475 shares of the financial services provider’s stock worth $91,000 after purchasing an additional 1,958 shares during the period. 67.70% of the stock is owned by hedge funds and other institutional investors.

ConnectOne Bancorp Trading Down 0.9%

Shares of ConnectOne Bancorp stock opened at $29.46 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. ConnectOne Bancorp, Inc. has a 12-month low of $21.79 and a 12-month high of $30.65. The firm has a market capitalization of $1.48 billion, a price-to-earnings ratio of 17.03 and a beta of 1.06. The firm’s 50 day simple moving average is $27.52 and its two-hundred day simple moving average is $26.75.

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

ConnectOne Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 1st. Shareholders of record on Friday, May 15th will be paid a dividend of $0.195 per share. This represents a $0.78 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date is Friday, May 15th. This is a positive change from ConnectOne Bancorp’s previous quarterly dividend of $0.18. ConnectOne Bancorp’s dividend payout ratio (DPR) is currently 41.62%.

Analysts Set New Price Targets

CNOB has been the subject of several research reports. Hovde Group upped their price target on shares of ConnectOne Bancorp from $32.00 to $34.00 and gave the stock an “outperform” rating in a research report on Friday, April 24th. Piper Sandler initiated coverage on shares of ConnectOne Bancorp in a research report on Monday, March 16th. They issued an “overweight” rating and a $31.00 price target for the company. Weiss Ratings raised shares of ConnectOne Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, May 6th. Keefe, Bruyette & Woods upped their price target on shares of ConnectOne Bancorp from $32.00 to $34.00 and gave the stock an “outperform” rating in a research report on Friday, April 24th. Finally, Raymond James Financial reaffirmed a “strong-buy” rating and issued a $34.00 price target on shares of ConnectOne Bancorp in a research report on Monday, April 27th. Two equities research analysts have rated the stock with a Strong Buy rating and three have issued a Buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $33.25.

ConnectOne Bancorp Company 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.