Kestra Advisory Services LLC Increases Stock Holdings in ConnectOne Bancorp, Inc. $CNOB

Kestra Advisory Services LLC boosted its holdings in shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB) by 226.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 97,663 shares of the financial services provider’s stock after buying an additional 67,761 shares during the period. Kestra Advisory Services LLC owned approximately 0.19% of ConnectOne Bancorp worth $2,614,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Clearstead Advisors LLC boosted its holdings in ConnectOne Bancorp by 195.6% in the fourth quarter. Clearstead Advisors LLC now owns 1,330 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 880 shares in the last quarter. Osaic Holdings Inc. increased its holdings in shares of ConnectOne Bancorp by 728.4% during the second quarter. Osaic Holdings Inc. now owns 1,781 shares of the financial services provider’s stock valued at $41,000 after acquiring an additional 1,566 shares in the last quarter. State of Wyoming acquired a new position in shares of ConnectOne Bancorp during the fourth quarter valued at about $73,000. Farther Finance Advisors LLC raised 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 valued at $91,000 after purchasing an additional 1,958 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its position in shares of ConnectOne Bancorp by 791.0% in the 3rd quarter. Russell Investments Group Ltd. now owns 4,553 shares of the financial services provider’s stock valued at $113,000 after purchasing an additional 4,042 shares during the last quarter. 67.70% of the stock is currently owned by hedge funds and other institutional investors.

ConnectOne Bancorp Trading Down 2.0%

ConnectOne Bancorp stock opened at $33.43 on Friday. 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 52 week low of $22.07 and a 52 week high of $34.14. The company has a market capitalization of $1.68 billion, a price-to-earnings ratio of 19.32 and a beta of 1.05. The stock has a 50-day moving average price of $31.47 and a 200 day moving average price of $28.79.

ConnectOne Bancorp (NASDAQ:CNOB) last issued its earnings results on Thursday, April 23rd. The financial services provider reported $0.79 EPS for the quarter, beating analysts’ consensus estimates of $0.73 by $0.06. ConnectOne Bancorp had a return on equity of 10.17% and a net margin of 13.21%.The firm had revenue of $116.64 million for the quarter, compared to analyst estimates of $119.59 million. Sell-side analysts anticipate that ConnectOne Bancorp, Inc. will post 3.28 EPS for the current year.

ConnectOne Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Friday, May 15th were issued a $0.195 dividend. This is an increase from ConnectOne Bancorp’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend was Friday, May 15th. This represents a $0.78 annualized dividend and a dividend yield of 2.3%. ConnectOne Bancorp’s payout ratio is currently 45.09%.

Wall Street Analyst Weigh In

CNOB has been the topic of several research analyst reports. Weiss Ratings raised shares of ConnectOne Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, May 20th. Raymond James Financial reaffirmed a “market perform” rating on shares of ConnectOne Bancorp in a report on Wednesday, July 1st. Keefe, Bruyette & Woods lifted their price objective on shares of ConnectOne Bancorp from $32.00 to $34.00 and gave the stock an “outperform” rating in a research note on Friday, April 24th. Piper Sandler boosted their price objective on shares of ConnectOne Bancorp from $34.00 to $38.00 and gave the company an “overweight” rating in a report on Friday, June 26th. Finally, Hovde Group boosted their price objective on shares of ConnectOne Bancorp from $32.00 to $34.00 and gave the company an “outperform” rating in a report on Friday, April 24th. Four investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, ConnectOne Bancorp 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.