JPMorgan Chase & Co. Lowers Position in ConnectOne Bancorp, Inc. $CNOB

JPMorgan Chase & Co. trimmed its position in shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB) by 15.1% in the 3rd quarter, Holdings Channel.com reports. The firm owned 569,333 shares of the financial services provider’s stock after selling 101,394 shares during the period. JPMorgan Chase & Co.’s holdings in ConnectOne Bancorp were worth $14,125,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Osaic Holdings Inc. boosted its stake in shares of ConnectOne Bancorp by 728.4% during the 2nd quarter. Osaic Holdings Inc. now owns 1,781 shares of the financial services provider’s stock worth $41,000 after acquiring an additional 1,566 shares in the last quarter. PNC Financial Services Group Inc. increased its position in shares of ConnectOne Bancorp by 107.9% in 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 buying an additional 956 shares in the last quarter. State of Alaska Department of Revenue acquired a new stake in ConnectOne Bancorp in the 3rd quarter valued at $48,000. Ameritas Investment Partners Inc. lifted its holdings in ConnectOne Bancorp by 28.8% during the second quarter. Ameritas Investment Partners Inc. now owns 4,746 shares of the financial services provider’s stock valued at $110,000 after purchasing an additional 1,061 shares in the last quarter. Finally, Tower Research Capital LLC TRC grew its position in shares of ConnectOne Bancorp by 707.0% in the second quarter. Tower Research Capital LLC TRC now owns 6,440 shares of the financial services provider’s stock valued at $149,000 after purchasing an additional 5,642 shares during the period. Hedge funds and other institutional investors own 67.70% of the company’s stock.

ConnectOne Bancorp Price Performance

Shares of NASDAQ:CNOB opened at $26.61 on Thursday. The firm has a market capitalization of $1.34 billion, a P/E ratio of 17.74 and a beta of 1.13. ConnectOne Bancorp, Inc. has a 12 month low of $20.61 and a 12 month high of $29.28. The company’s fifty day moving average price is $27.20 and its 200 day moving average price is $25.91. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.04 and a quick ratio of 1.04.

ConnectOne Bancorp (NASDAQ:CNOB) last released its quarterly earnings results on Thursday, January 29th. The financial services provider reported $0.83 EPS for the quarter, beating the consensus estimate of $0.74 by $0.09. ConnectOne Bancorp had a net margin of 11.83% and a return on equity of 9.33%. The firm had revenue of $114.63 million during the quarter, compared to the consensus estimate of $114.80 million. As a group, sell-side analysts predict that ConnectOne Bancorp, Inc. will post 2.23 earnings per share for the current fiscal year.

ConnectOne Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 2nd. Investors of record on Friday, February 13th were given a $0.18 dividend. The ex-dividend date was Friday, February 13th. This represents a $0.72 dividend on an annualized basis and a yield of 2.7%. ConnectOne Bancorp’s dividend payout ratio (DPR) is presently 48.00%.

Analysts Set New Price Targets

A number of brokerages have commented on CNOB. Weiss Ratings reissued a “hold (c)” rating on shares of ConnectOne Bancorp in a report on Wednesday, January 21st. Piper Sandler began coverage on shares of ConnectOne Bancorp in a report on Friday, November 7th. They issued an “overweight” rating and a $28.00 price objective for the company. Wall Street Zen cut shares of ConnectOne Bancorp from a “buy” rating to a “hold” rating in a research note on Saturday, January 10th. Keefe, Bruyette & Woods increased their price objective on ConnectOne Bancorp from $30.00 to $32.00 and gave the stock an “outperform” rating in a research report on Friday, January 30th. Finally, Hovde Group cut their price objective on ConnectOne Bancorp from $32.50 to $32.00 and set an “outperform” rating for the company in a research report on Friday, January 30th. Three equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, ConnectOne Bancorp presently has a consensus rating of “Moderate Buy” and a consensus price target of $30.67.

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.