ConnectOne Bancorp, Inc. (NASDAQ:CNOB) Shares Acquired by Principal Financial Group Inc.

Principal Financial Group Inc. boosted its stake in shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB) by 8.2% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 21,130 shares of the financial services provider’s stock after buying an additional 1,606 shares during the period. Principal Financial Group Inc. owned 0.06% of ConnectOne Bancorp worth $399,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in CNOB. Charles Schwab Investment Management Inc. increased its position in shares of ConnectOne Bancorp by 10.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 438,198 shares of the financial services provider’s stock worth $10,039,000 after purchasing an additional 41,010 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in ConnectOne Bancorp by 2.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,270,093 shares of the financial services provider’s stock worth $52,009,000 after acquiring an additional 58,277 shares in the last quarter. Trexquant Investment LP raised its stake in ConnectOne Bancorp by 11.2% during the 4th quarter. Trexquant Investment LP now owns 21,936 shares of the financial services provider’s stock worth $503,000 after acquiring an additional 2,206 shares in the last quarter. Quest Partners LLC acquired a new position in ConnectOne Bancorp during the fourth quarter worth approximately $165,000. Finally, Parallel Advisors LLC raised its position in ConnectOne Bancorp by 206.8% in the 4th 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 during the last quarter. 67.70% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently issued reports on CNOB. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $26.00 price target (up from $22.00) on shares of ConnectOne Bancorp in a report on Friday, July 26th. Piper Sandler raised their price target on ConnectOne Bancorp from $22.00 to $25.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. Two equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $25.00.

ConnectOne Bancorp Stock Up 1.8 %

Shares of NASDAQ:CNOB opened at $24.69 on Friday. ConnectOne Bancorp, Inc. has a 12-month low of $14.51 and a 12-month high of $25.71. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.07. The stock’s 50-day moving average price is $22.92 and its two-hundred day moving average price is $20.32. The firm has a market cap of $947.36 million, a price-to-earnings ratio of 13.06 and a beta of 1.25.

ConnectOne Bancorp (NASDAQ:CNOB) last issued its earnings results on Thursday, July 25th. The financial services provider reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.06. ConnectOne Bancorp had a return on equity of 7.13% and a net margin of 14.56%. The business had revenue of $134.41 million for the quarter, compared to analyst estimates of $64.62 million. During the same period last year, the company posted $0.51 EPS. On average, research analysts forecast that ConnectOne Bancorp, Inc. will post 1.76 EPS for the current year.

ConnectOne Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Thursday, August 15th were given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 2.92%. The ex-dividend date was Thursday, August 15th. ConnectOne Bancorp’s dividend payout ratio (DPR) is presently 38.10%.

About ConnectOne Bancorp

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.