JPMorgan Chase & Co. Sells 39,337 Shares of ConnectOne Bancorp, Inc. $CNOB

JPMorgan Chase & Co. lowered its stake in ConnectOne Bancorp, Inc. (NASDAQ:CNOB) by 5.5% in the second quarter, HoldingsChannel.com reports. The firm owned 670,727 shares of the financial services provider’s stock after selling 39,337 shares during the quarter. JPMorgan Chase & Co.’s holdings in ConnectOne Bancorp were worth $15,534,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the company. Webster Bank N. A. bought a new position in ConnectOne Bancorp in the 2nd quarter valued at $31,000. Farther Finance Advisors LLC lifted its stake in shares of ConnectOne Bancorp by 275.3% during the second quarter. Farther Finance Advisors LLC now owns 1,471 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 1,079 shares during the period. PNC Financial Services Group Inc. lifted its stake in shares of ConnectOne Bancorp by 107.9% during the second quarter. PNC Financial Services Group Inc. now owns 1,842 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 956 shares during the period. Quarry LP bought a new position in ConnectOne Bancorp in the first quarter valued at about $88,000. Finally, CWM LLC increased its position in ConnectOne Bancorp by 530.0% in the second quarter. CWM LLC now owns 7,623 shares of the financial services provider’s stock worth $177,000 after purchasing an additional 6,413 shares during the period. Institutional investors and hedge funds own 67.70% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Piper Sandler initiated coverage on shares of ConnectOne Bancorp in a research report on Friday, November 7th. They set an “overweight” rating and a $28.00 target price on the stock. Weiss Ratings reissued a “hold (c)” rating on shares of ConnectOne Bancorp in a research note on Wednesday, October 8th. Three research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $29.50.

ConnectOne Bancorp Price Performance

Shares of CNOB opened at $26.18 on Friday. The stock has a market cap of $1.32 billion, a P/E ratio of 21.11 and a beta of 1.15. ConnectOne Bancorp, Inc. has a 1 year low of $20.61 and a 1 year high of $27.77. The stock’s 50-day moving average price is $24.68 and its two-hundred day moving average price is $24.28. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.73.

ConnectOne Bancorp (NASDAQ:CNOB) last announced its quarterly earnings results on Thursday, October 30th. The financial services provider reported $0.70 EPS for the quarter, beating analysts’ consensus estimates of $0.68 by $0.02. ConnectOne Bancorp had a return on equity of 8.22% and a net margin of 9.90%.The company had revenue of $110.78 million during the quarter, compared to analysts’ expectations of $111.20 million. On average, equities analysts predict that ConnectOne Bancorp, Inc. will post 2.23 earnings per share for the current year.

ConnectOne Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 1st. Shareholders of record on Friday, November 14th were issued a $0.18 dividend. The ex-dividend date was Friday, November 14th. This represents a $0.72 annualized dividend and a yield of 2.8%. ConnectOne Bancorp’s dividend payout ratio (DPR) is 58.06%.

ConnectOne Bancorp Profile

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.