Victory Capital Management Inc. Increases Position in ConnectOne Bancorp, Inc. (NASDAQ:CNOB)

Victory Capital Management Inc. grew its stake in ConnectOne Bancorp, Inc. (NASDAQ:CNOB) by 2.1% during the first quarter, HoldingsChannel reports. The fund owned 53,100 shares of the financial services provider’s stock after acquiring an additional 1,100 shares during the quarter. Victory Capital Management Inc.’s holdings in ConnectOne Bancorp were worth $1,291,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in CNOB. Raymond James Financial Inc. purchased a new position in shares of ConnectOne Bancorp in the 4th quarter valued at $1,303,000. KLP Kapitalforvaltning AS purchased a new position in shares of ConnectOne Bancorp in the 4th quarter valued at $149,000. Vanguard Group Inc. increased its holdings in shares of ConnectOne Bancorp by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 2,166,557 shares of the financial services provider’s stock valued at $49,636,000 after acquiring an additional 19,348 shares during the period. ExodusPoint Capital Management LP increased its holdings in shares of ConnectOne Bancorp by 524.4% in the 4th quarter. ExodusPoint Capital Management LP now owns 56,699 shares of the financial services provider’s stock valued at $1,299,000 after acquiring an additional 47,619 shares during the period. Finally, Wells Fargo & Company MN increased its holdings in shares of ConnectOne Bancorp by 31.5% in the 4th quarter. Wells Fargo & Company MN now owns 158,132 shares of the financial services provider’s stock valued at $3,623,000 after acquiring an additional 37,868 shares during the period. 67.70% of the stock is currently owned by hedge funds and other institutional investors.

ConnectOne Bancorp Stock Down 0.8%

Shares of CNOB stock opened at $23.29 on Thursday. ConnectOne Bancorp, Inc. has a 1-year low of $20.08 and a 1-year high of $29.31. The stock’s fifty day moving average price is $23.60 and its 200 day moving average price is $23.74. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.01 and a quick ratio of 1.01. The company has a market cap of $895.97 million, a price-to-earnings ratio of 26.77 and a beta of 1.10.

ConnectOne Bancorp (NASDAQ:CNOB) last issued its quarterly earnings results on Tuesday, July 29th. The financial services provider reported $0.55 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.03. ConnectOne Bancorp had a return on equity of 7.51% and a net margin of 6.85%. The company had revenue of $84.65 million during the quarter, compared to analysts’ expectations of $72.80 million. On average, research analysts expect 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 Tuesday, September 2nd. Shareholders of record on Friday, August 15th will be given a dividend of $0.18 per share. The ex-dividend date is Friday, August 15th. This represents a $0.72 dividend on an annualized basis and a yield of 3.09%. ConnectOne Bancorp’s dividend payout ratio is currently 38.92%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Keefe, Bruyette & Woods cut their price target on ConnectOne Bancorp from $32.00 to $31.00 and set an “outperform” rating on the stock in a report on Friday, April 25th. Hovde Group boosted their target price on ConnectOne Bancorp from $29.00 to $29.50 and gave the stock an “outperform” rating in a research note on Thursday, April 24th.

ConnectOne Bancorp Company Profile

ConnectOne Bancorp, Inc operates as the bank holding company for ConnectOne Bank that provides commercial banking products and services for small and mid-sized businesses, local professionals, and individuals in the New York Metropolitan area and South Florida market. The company offers personal and business checking, money market, and time and savings accounts; credit cards, wire transfers, safe deposit boxes, automated teller services and telephone, and internet and mobile banking.