California Public Employees Retirement System lifted its holdings in shares of ConnectOne Bancorp Inc (NASDAQ:CNOB) by 12.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 29,605 shares of the financial services provider’s stock after acquiring an additional 3,305 shares during the period. California Public Employees Retirement System’s holdings in ConnectOne Bancorp were worth $737,000 at the end of the most recent reporting period.
Other large investors have also bought and sold shares of the company. United Services Automobile Association increased its position in shares of ConnectOne Bancorp by 34.1% during the second quarter. United Services Automobile Association now owns 11,474 shares of the financial services provider’s stock worth $286,000 after acquiring an additional 2,917 shares in the last quarter. Alpine Woods Capital Investors LLC bought a new stake in shares of ConnectOne Bancorp during the second quarter worth about $299,000. Ramsey Quantitative Systems bought a new stake in shares of ConnectOne Bancorp during the second quarter worth about $324,000. FNY Investment Advisers LLC bought a new stake in shares of ConnectOne Bancorp during the second quarter worth about $324,000. Finally, BlueMountain Capital Management LLC increased its position in shares of ConnectOne Bancorp by 245.5% during the second quarter. BlueMountain Capital Management LLC now owns 16,283 shares of the financial services provider’s stock worth $405,000 after acquiring an additional 11,570 shares in the last quarter. 66.88% of the stock is owned by institutional investors.
In other ConnectOne Bancorp news, EVP Laura Criscione sold 4,700 shares of the company’s stock in a transaction dated Wednesday, November 7th. The shares were sold at an average price of $21.45, for a total value of $100,815.00. Following the completion of the sale, the executive vice president now directly owns 57,384 shares of the company’s stock, valued at approximately $1,230,886.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William Thompson sold 1,325 shares of the company’s stock in a transaction dated Tuesday, August 14th. The stock was sold at an average price of $25.15, for a total transaction of $33,323.75. The disclosure for this sale can be found here. Insiders sold a total of 40,403 shares of company stock valued at $973,013 over the last ninety days. 7.67% of the stock is currently owned by insiders.
ConnectOne Bancorp (NASDAQ:CNOB) last posted its earnings results on Thursday, October 25th. The financial services provider reported $0.57 EPS for the quarter, topping the consensus estimate of $0.55 by $0.02. The company had revenue of $41.39 million during the quarter, compared to the consensus estimate of $41.52 million. ConnectOne Bancorp had a net margin of 24.26% and a return on equity of 12.07%. On average, equities analysts predict that ConnectOne Bancorp Inc will post 2.16 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 1st. Shareholders of record on Monday, October 15th were given a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 1.41%. The ex-dividend date of this dividend was Friday, October 12th. ConnectOne Bancorp’s payout ratio is 17.14%.
Several research firms have recently commented on CNOB. Zacks Investment Research downgraded shares of ConnectOne Bancorp from a “hold” rating to a “sell” rating in a research report on Monday, July 16th. BidaskClub raised shares of ConnectOne Bancorp from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 11th. Finally, ValuEngine downgraded shares of ConnectOne Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, July 25th. Three analysts have rated the stock with a sell rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $35.33.
ConnectOne Bancorp Profile
ConnectOne Bancorp, Inc operates as the bank holding company for ConnectOne Bank, a state chartered bank that provides various commercial banking products and services. The company offers a range of deposit products, including personal and business checking accounts, retirement accounts, money market accounts, time and savings accounts, and NOW accounts.
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