Goldman Sachs Group Inc. Has $19.82 Million Stock Position in ConnectOne Bancorp, Inc. (NASDAQ:CNOB)

Goldman Sachs Group Inc. reduced its position in shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB) by 6.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 864,980 shares of the financial services provider’s stock after selling 61,059 shares during the period. Goldman Sachs Group Inc. owned approximately 2.25% of ConnectOne Bancorp worth $19,817,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in CNOB. Parallel Advisors LLC raised its position in ConnectOne Bancorp by 206.8% during the fourth quarter. Parallel Advisors LLC now owns 1,123 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 757 shares in the last quarter. Sound Income Strategies LLC acquired a new position in ConnectOne Bancorp during the fourth quarter valued at approximately $53,000. GAMMA Investing LLC acquired a new position in ConnectOne Bancorp during the fourth quarter valued at approximately $80,000. Quest Partners LLC acquired a new position in ConnectOne Bancorp during the fourth quarter valued at approximately $165,000. Finally, Bryn Mawr Capital Management LLC acquired a new position in ConnectOne Bancorp during the fourth quarter valued at approximately $207,000. 67.70% of the stock is currently owned by institutional investors and hedge funds.

ConnectOne Bancorp Stock Performance

Shares of ConnectOne Bancorp stock opened at $17.77 on Thursday. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.07. ConnectOne Bancorp, Inc. has a twelve month low of $14.51 and a twelve month high of $24.44. The stock has a market cap of $681.12 million, a price-to-earnings ratio of 9.40 and a beta of 1.27. The company’s fifty day moving average is $18.89 and its 200 day moving average is $20.23.

ConnectOne Bancorp (NASDAQ:CNOB) last issued its quarterly earnings data on Thursday, April 25th. The financial services provider reported $0.41 earnings per share for the quarter, missing the consensus estimate of $0.42 by ($0.01). ConnectOne Bancorp had a return on equity of 7.39% and a net margin of 15.29%. The business had revenue of $64.15 million during the quarter, compared to the consensus estimate of $63.93 million. Sell-side analysts forecast that ConnectOne Bancorp, Inc. will post 1.66 EPS for the current year.

ConnectOne Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 3rd. Investors of record on Wednesday, May 15th were paid a $0.18 dividend. This is a boost from ConnectOne Bancorp’s previous quarterly dividend of $0.17. The ex-dividend date was Tuesday, May 14th. This represents a $0.72 annualized dividend and a dividend yield of 4.05%. ConnectOne Bancorp’s payout ratio is currently 38.10%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on CNOB. StockNews.com upgraded shares of ConnectOne Bancorp from a “sell” rating to a “hold” rating in a report on Friday, May 10th. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $22.00 price target (down from $24.00) on shares of ConnectOne Bancorp in a report on Friday, May 31st. Two analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, ConnectOne Bancorp currently has a consensus rating of “Moderate Buy” and a consensus price target of $24.00.

ConnectOne Bancorp 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.