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

JPMorgan Chase & Co. reduced its stake in shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB) by 15.1% during the 3rd quarter, according to its most recent filing with the SEC. 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 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the stock. Osaic Holdings Inc. lifted its holdings in shares of ConnectOne Bancorp by 728.4% in the 2nd quarter. Osaic Holdings Inc. now owns 1,781 shares of the financial services provider’s stock valued at $41,000 after buying an additional 1,566 shares during the period. PNC Financial Services Group Inc. grew its holdings in 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 worth $43,000 after acquiring an additional 956 shares during the period. State of Alaska Department of Revenue purchased a new position in ConnectOne Bancorp during the third quarter valued at approximately $48,000. Ameritas Investment Partners Inc. lifted its holdings in ConnectOne Bancorp by 28.8% in the second quarter. Ameritas Investment Partners Inc. now owns 4,746 shares of the financial services provider’s stock valued at $110,000 after acquiring an additional 1,061 shares during the period. Finally, Russell Investments Group Ltd. lifted its holdings in ConnectOne Bancorp by 791.0% in the third quarter. Russell Investments Group Ltd. now owns 4,553 shares of the financial services provider’s stock valued at $113,000 after acquiring an additional 4,042 shares during the period. Hedge funds and other institutional investors own 67.70% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. Weiss Ratings reaffirmed a “hold (c)” rating on shares of ConnectOne Bancorp in a research note on Wednesday, January 21st. Keefe, Bruyette & Woods boosted their target price 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. Piper Sandler started coverage on shares of ConnectOne Bancorp in a report on Monday, March 16th. They set an “overweight” rating and a $31.00 price target on the stock. Wall Street Zen lowered shares of ConnectOne Bancorp from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. Finally, Hovde Group cut their price objective on shares of ConnectOne Bancorp from $32.50 to $32.00 and set an “outperform” rating for the company in a report on Friday, January 30th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, ConnectOne Bancorp has a consensus rating of “Buy” and a consensus price target of $31.67.

ConnectOne Bancorp Stock Up 0.8%

ConnectOne Bancorp stock opened at $26.49 on Friday. The stock has a market capitalization of $1.33 billion, a PE ratio of 17.66 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 business has a 50 day simple moving average of $27.03 and a 200-day simple moving average of $26.00. 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 announced its earnings results on Thursday, January 29th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.74 by $0.09. ConnectOne Bancorp had a return on equity of 9.33% and a net margin of 11.83%.The firm had revenue of $114.63 million for the quarter, compared to analyst estimates of $114.80 million. On average, analysts anticipate that ConnectOne Bancorp, Inc. will post 2.23 EPS for the current fiscal year.

ConnectOne Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 2nd. Shareholders of record on Friday, February 13th were given a dividend of $0.18 per share. 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 is currently 48.00%.

About ConnectOne Bancorp

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.