Squarepoint Ops LLC Buys 69,386 Shares of ConnectOne Bancorp, Inc. $CNOB

Squarepoint Ops LLC raised its stake in ConnectOne Bancorp, Inc. (NASDAQ:CNOB) by 36.4% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 259,988 shares of the financial services provider’s stock after acquiring an additional 69,386 shares during the period. Squarepoint Ops LLC’s holdings in ConnectOne Bancorp were worth $8,694,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Clearstead Advisors LLC grew its holdings in shares of ConnectOne Bancorp by 195.6% during the 4th quarter. Clearstead Advisors LLC now owns 1,330 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 880 shares in the last quarter. Nykredit A S acquired a new position in ConnectOne Bancorp in the second quarter valued at about $39,000. Osaic Holdings Inc. raised its stake 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 valued at $41,000 after purchasing an additional 1,566 shares in the last quarter. Allworth Financial LP bought a new stake in ConnectOne Bancorp during the second quarter worth about $52,000. Finally, Quantbot Technologies LP bought a new stake in ConnectOne Bancorp during the second quarter worth about $73,000. 67.70% of the stock is currently owned by institutional investors.

ConnectOne Bancorp Stock Performance

ConnectOne Bancorp stock opened at $31.59 on Friday. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.61. The stock has a market cap of $1.59 billion, a PE ratio of 10.36 and a beta of 1.03. ConnectOne Bancorp, Inc. has a 12-month low of $23.20 and a 12-month high of $34.14. The business’s 50-day moving average price is $32.52 and its two-hundred day moving average price is $30.24.

ConnectOne Bancorp (NASDAQ:CNOB) last posted its earnings results on Thursday, July 23rd. The financial services provider reported $0.84 EPS for the quarter, topping analysts’ consensus estimates of $0.82 by $0.02. ConnectOne Bancorp had a net margin of 20.21% and a return on equity of 11.24%. The firm had revenue of $122.77 million during the quarter, compared to analysts’ expectations of $121.55 million. As a group, analysts expect that ConnectOne Bancorp, Inc. will post 3.37 earnings per share for the current fiscal year.

ConnectOne Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Friday, August 14th were paid a $0.195 dividend. The ex-dividend date of this dividend was Friday, August 14th. This represents a $0.78 annualized dividend and a yield of 2.5%. ConnectOne Bancorp’s dividend payout ratio is presently 25.57%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CNOB. Weiss Ratings reiterated a “buy (b)” rating on shares of ConnectOne Bancorp in a research note on Monday, August 17th. Raymond James Financial reaffirmed a “market perform” rating on shares of ConnectOne Bancorp in a report on Wednesday, July 1st. Finally, Piper Sandler increased their price target on shares of ConnectOne Bancorp from $34.00 to $38.00 and gave the stock an “overweight” rating in a research report on Friday, June 26th. Four investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $35.00.

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.