Gator Capital Management LLC Acquires 24,182 Shares of ConnectOne Bancorp, Inc. $CNOB

Gator Capital Management LLC lifted its holdings in shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB) by 8.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 306,247 shares of the financial services provider’s stock after purchasing an additional 24,182 shares during the quarter. ConnectOne Bancorp accounts for approximately 1.9% of Gator Capital Management LLC’s portfolio, making the stock its 20th largest position. Gator Capital Management LLC owned about 0.61% of ConnectOne Bancorp worth $7,598,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of CNOB. 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. PNC Financial Services Group Inc. grew its stake in 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 worth $43,000 after buying an additional 956 shares in the last quarter. State of Alaska Department of Revenue purchased a new position in ConnectOne Bancorp in the 3rd quarter worth approximately $48,000. Ameritas Investment Partners Inc. increased its holdings in shares of ConnectOne Bancorp by 28.8% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 4,746 shares of the financial services provider’s stock worth $110,000 after buying an additional 1,061 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its holdings 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 worth $113,000 after buying an additional 4,042 shares during the last quarter. 67.70% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

CNOB has been the subject of a number of research analyst reports. Wall Street Zen downgraded shares of ConnectOne Bancorp from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. Weiss Ratings reissued a “hold (c)” rating on shares of ConnectOne Bancorp in a research note on Wednesday, January 21st. Hovde Group lowered their price target on ConnectOne Bancorp from $32.50 to $32.00 and set an “outperform” rating on the stock in a research report on Friday, January 30th. Finally, Keefe, Bruyette & Woods lifted their price target on ConnectOne Bancorp from $30.00 to $32.00 and gave the stock 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 given a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $30.67.

ConnectOne Bancorp Trading Down 0.2%

CNOB stock opened at $25.43 on Friday. The company has a market capitalization of $1.28 billion, a PE ratio of 16.95 and a beta of 1.13. ConnectOne Bancorp, Inc. has a one year low of $20.61 and a one year high of $29.28. The company’s 50 day moving average price is $27.09 and its two-hundred day moving average price is $25.96. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.04 and a current ratio of 1.04.

ConnectOne Bancorp (NASDAQ:CNOB) last announced its quarterly earnings data 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. 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 analyst estimates of $114.80 million. As a group, analysts predict that ConnectOne Bancorp, Inc. will post 2.23 earnings per share for the current fiscal year.

ConnectOne Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 2nd. Shareholders of record on Friday, February 13th were paid a $0.18 dividend. The ex-dividend date of this dividend was Friday, February 13th. This represents a $0.72 annualized dividend and a yield of 2.8%. ConnectOne Bancorp’s payout ratio is currently 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.