ConnectOne Bancorp, Inc. $CNOB Shares Sold by Renaissance Technologies LLC

Renaissance Technologies LLC lowered its stake in ConnectOne Bancorp, Inc. (NASDAQ:CNOB) by 26.1% during the first quarter, Holdings Channel.com reports. The fund owned 290,905 shares of the financial services provider’s stock after selling 102,673 shares during the quarter. Renaissance Technologies LLC’s holdings in ConnectOne Bancorp were worth $7,788,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Wellington Management Group LLP raised its position in ConnectOne Bancorp by 76.8% during the third quarter. Wellington Management Group LLP now owns 2,882,584 shares of the financial services provider’s stock worth $71,517,000 after acquiring an additional 1,252,614 shares during the period. UBS Group AG grew its position in shares of ConnectOne Bancorp by 579.2% in the fourth quarter. UBS Group AG now owns 705,119 shares of the financial services provider’s stock valued at $18,488,000 after purchasing an additional 601,310 shares during the period. Algebris UK Ltd. increased its stake in shares of ConnectOne Bancorp by 36.5% during the fourth quarter. Algebris UK Ltd. now owns 846,865 shares of the financial services provider’s stock worth $22,215,000 after purchasing an additional 226,523 shares in the last quarter. Millennium Management LLC acquired a new position in shares of ConnectOne Bancorp during the 3rd quarter worth about $4,180,000. Finally, BW Gestao de Investimentos Ltda. acquired a new position in shares of ConnectOne Bancorp during the 4th quarter worth about $4,261,000. Hedge funds and other institutional investors own 67.70% of the company’s stock.

ConnectOne Bancorp Stock Performance

NASDAQ:CNOB opened at $33.47 on Tuesday. ConnectOne Bancorp, Inc. has a fifty-two week low of $22.07 and a fifty-two week high of $34.14. The company has a 50 day moving average price of $32.22 and a 200 day moving average price of $29.31. The stock has a market capitalization of $1.68 billion, a P/E ratio of 10.97 and a beta of 1.05. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.97 and a current ratio of 0.97.

ConnectOne Bancorp (NASDAQ:CNOB) last posted its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.82 by $0.02. The firm had revenue of $122.77 million for the quarter, compared to the consensus estimate of $121.55 million. ConnectOne Bancorp had a return on equity of 11.35% and a net margin of 20.21%. Equities research analysts forecast that ConnectOne Bancorp, Inc. will post 3.37 EPS for the current year.

ConnectOne Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be paid a dividend of $0.195 per share. This represents a $0.78 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend is Friday, August 14th. ConnectOne Bancorp’s dividend payout ratio is presently 25.57%.

Analyst Ratings Changes

A number of brokerages have commented on CNOB. Raymond James Financial reissued a “market perform” rating on shares of ConnectOne Bancorp in a report on Wednesday, July 1st. Piper Sandler boosted their price target on ConnectOne Bancorp from $34.00 to $38.00 and gave the stock an “overweight” rating in a research report on Friday, June 26th. Hovde Group boosted their price target on ConnectOne Bancorp from $32.00 to $34.00 and gave the stock an “outperform” rating in a research report on Friday, April 24th. Weiss Ratings raised shares of ConnectOne Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, May 20th. Finally, Keefe, Bruyette & Woods upped their target price on shares of ConnectOne Bancorp from $32.00 to $34.00 and gave the stock an “outperform” rating in a report on Friday, April 24th. Four research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, ConnectOne Bancorp presently has an average rating of “Moderate Buy” and an average target price 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.