Millennium Management LLC lowered its position in shares of ConnectOne Bancorp Inc (NASDAQ:CNOB) by 43.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 268,014 shares of the financial services provider’s stock after selling 207,891 shares during the quarter. Millennium Management LLC owned 0.83% of ConnectOne Bancorp worth $4,950,000 at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in the business. Hennessy Advisors Inc. boosted its holdings in shares of ConnectOne Bancorp by 9.6% in the 4th quarter. Hennessy Advisors Inc. now owns 285,000 shares of the financial services provider’s stock valued at $5,264,000 after buying an additional 25,000 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in shares of ConnectOne Bancorp by 0.8% in the 3rd quarter. Renaissance Technologies LLC now owns 1,055,831 shares of the financial services provider’s stock valued at $25,076,000 after buying an additional 8,255 shares during the last quarter. BlackRock Inc. boosted its holdings in shares of ConnectOne Bancorp by 1.0% in the 3rd quarter. BlackRock Inc. now owns 1,898,479 shares of the financial services provider’s stock valued at $45,089,000 after buying an additional 19,617 shares during the last quarter. California Public Employees Retirement System boosted its holdings in shares of ConnectOne Bancorp by 22.0% in the 4th quarter. California Public Employees Retirement System now owns 59,628 shares of the financial services provider’s stock valued at $1,101,000 after buying an additional 10,733 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in shares of ConnectOne Bancorp by 1.7% in the 3rd quarter. Bank of New York Mellon Corp now owns 164,598 shares of the financial services provider’s stock valued at $3,909,000 after buying an additional 2,770 shares during the last quarter. 60.39% of the stock is owned by hedge funds and other institutional investors.
In related news, Director William Thompson sold 2,700 shares of the stock in a transaction on Wednesday, January 30th. The stock was sold at an average price of $20.11, for a total value of $54,297.00. Following the sale, the director now owns 74,787 shares in the company, valued at approximately $1,503,966.57. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 7.67% of the stock is currently owned by corporate insiders.
CNOB opened at $20.50 on Tuesday. ConnectOne Bancorp Inc has a 1-year low of $17.07 and a 1-year high of $29.60. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.21. The firm has a market capitalization of $738.98 million, a P/E ratio of 9.19 and a beta of 0.87.
ConnectOne Bancorp (NASDAQ:CNOB) last posted its quarterly earnings results on Thursday, January 24th. The financial services provider reported $0.59 earnings per share for the quarter, beating analysts’ consensus estimates of $0.55 by $0.04. ConnectOne Bancorp had a return on equity of 12.31% and a net margin of 27.20%. The business had revenue of $41.68 million for the quarter, compared to analysts’ expectations of $43.01 million. As a group, equities analysts expect that ConnectOne Bancorp Inc will post 2.18 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Monday, April 15th will be paid a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a yield of 1.76%. The ex-dividend date is Friday, April 12th. This is a boost from ConnectOne Bancorp’s previous quarterly dividend of $0.08. ConnectOne Bancorp’s dividend payout ratio is 16.14%.
Several equities research analysts have recently commented on CNOB shares. Zacks Investment Research downgraded ConnectOne Bancorp from a “hold” rating to a “sell” rating in a report on Thursday, March 28th. BidaskClub raised ConnectOne Bancorp from a “strong sell” rating to a “sell” rating in a report on Wednesday, January 2nd. ValuEngine raised ConnectOne Bancorp from a “strong sell” rating to a “sell” rating in a report on Wednesday, January 2nd. Finally, TheStreet cut ConnectOne Bancorp from a “b-” rating to a “c+” rating in a research note on Wednesday, December 19th. One equities research analyst has rated the stock with a sell rating and two have issued a hold rating to the company’s stock. The stock presently has a consensus rating of “Hold”.
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About ConnectOne Bancorp
ConnectOne Bancorp, Inc operates as the bank holding company for ConnectOne Bank, a state chartered bank that provides various commercial banking products and services. The company offers a range of deposit products, including personal and business checking accounts, retirement accounts, money market accounts, and time and savings accounts.
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