Endeavour Capital Advisors Inc. Acquires Shares of 72,036 ConnectOne Bancorp, Inc. $CNOB

Endeavour Capital Advisors Inc. bought a new position in ConnectOne Bancorp, Inc. (NASDAQ:CNOB) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 72,036 shares of the financial services provider’s stock, valued at approximately $1,787,000. ConnectOne Bancorp makes up about 0.5% of Endeavour Capital Advisors Inc.’s portfolio, making the stock its 29th biggest position.

Other institutional investors and hedge funds have also made changes to their positions in the company. Osaic Holdings Inc. boosted its holdings in ConnectOne Bancorp by 728.4% in the second 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. PNC Financial Services Group Inc. boosted its holdings in shares of ConnectOne Bancorp by 107.9% in the 2nd 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 during the period. State of Alaska Department of Revenue bought a new stake in shares of ConnectOne Bancorp during the 3rd quarter valued at about $48,000. Ameritas Investment Partners Inc. raised its stake 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 worth $110,000 after acquiring an additional 1,061 shares during the period. Finally, Tower Research Capital LLC TRC boosted its stake in 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 acquiring an additional 5,642 shares during the period. 67.70% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on CNOB shares. Piper Sandler assumed coverage on ConnectOne Bancorp in a report on Friday, November 7th. They issued an “overweight” rating and a $28.00 price target on the stock. Hovde Group lowered their price target on shares of ConnectOne Bancorp from $32.50 to $32.00 and set an “outperform” rating for the company in a research report on Friday, January 30th. Weiss Ratings reiterated a “hold (c)” rating on shares of ConnectOne Bancorp in a research report on Wednesday, January 21st. Wall Street Zen lowered shares of ConnectOne Bancorp from a “buy” rating to a “hold” rating in a research note on Saturday, January 10th. Finally, Keefe, Bruyette & Woods raised their price target on shares of ConnectOne Bancorp from $30.00 to $32.00 and gave the company an “outperform” rating in a research note on Friday, January 30th. Three investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $30.67.

ConnectOne Bancorp Stock Performance

Shares of CNOB opened at $27.71 on Thursday. The firm has a 50-day moving average price of $27.27 and a 200 day moving average price of $25.65. The firm has a market capitalization of $1.39 billion, a PE ratio of 18.47 and a beta of 1.15. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.73. ConnectOne Bancorp, Inc. has a 52-week low of $20.61 and a 52-week high of $29.28.

ConnectOne Bancorp (NASDAQ:CNOB) last issued its quarterly earnings results on Thursday, January 29th. The financial services provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.09. The company had revenue of $114.63 million during the quarter, compared to analyst estimates of $114.80 million. ConnectOne Bancorp had a net margin of 11.83% and a return on equity of 9.59%. On average, sell-side analysts anticipate that ConnectOne Bancorp, Inc. will post 2.23 earnings per share for the current fiscal year.

ConnectOne Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, March 2nd. Stockholders of record on Friday, February 13th will be given a dividend of $0.18 per share. The ex-dividend date is Friday, February 13th. This represents a $0.72 annualized dividend and a dividend yield of 2.6%. ConnectOne Bancorp’s dividend payout ratio (DPR) is 48.00%.

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.