Charles Schwab Investment Management Inc. Trims Stock Holdings in ConnectOne Bancorp, Inc. (NASDAQ:CNOB)

Charles Schwab Investment Management Inc. reduced its stake in ConnectOne Bancorp, Inc. (NASDAQ:CNOB) by 11.0% during the 4th quarter, Holdings Channel reports. The fund owned 340,320 shares of the financial services provider’s stock after selling 42,204 shares during the period. Charles Schwab Investment Management Inc.’s holdings in ConnectOne Bancorp were worth $7,797,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in CNOB. Wellington Management Group LLP purchased a new stake in shares of ConnectOne Bancorp in the third quarter valued at $14,127,000. Stieven Capital Advisors L.P. lifted its position in shares of ConnectOne Bancorp by 96.2% in the fourth quarter. Stieven Capital Advisors L.P. now owns 508,265 shares of the financial services provider’s stock valued at $11,644,000 after acquiring an additional 249,265 shares in the last quarter. Franklin Resources Inc. lifted its position in shares of ConnectOne Bancorp by 52.8% in the third quarter. Franklin Resources Inc. now owns 242,920 shares of the financial services provider’s stock valued at $6,262,000 after acquiring an additional 83,950 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of ConnectOne Bancorp by 32.3% in the fourth quarter. Bank of New York Mellon Corp now owns 250,818 shares of the financial services provider’s stock valued at $5,746,000 after acquiring an additional 61,165 shares in the last quarter. Finally, Barclays PLC lifted its position in shares of ConnectOne Bancorp by 52.0% in the third quarter. Barclays PLC now owns 114,708 shares of the financial services provider’s stock valued at $2,874,000 after acquiring an additional 39,249 shares in the last quarter. 67.70% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods increased their target price on ConnectOne Bancorp from $28.00 to $31.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th.

ConnectOne Bancorp Stock Performance

Shares of NASDAQ:CNOB opened at $23.55 on Monday. The firm has a market capitalization of $903.71 million, a PE ratio of 13.31 and a beta of 1.30. 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 business has a 50-day moving average of $24.58 and a two-hundred day moving average of $25.04. ConnectOne Bancorp, Inc. has a 12 month low of $17.07 and a 12 month high of $29.31.

ConnectOne Bancorp (NASDAQ:CNOB) last announced its quarterly earnings results on Thursday, January 30th. The financial services provider reported $0.52 EPS for the quarter, topping the consensus estimate of $0.42 by $0.10. ConnectOne Bancorp had a return on equity of 6.77% and a net margin of 13.80%. As a group, research analysts forecast that ConnectOne Bancorp, Inc. will post 2.23 earnings per share for the current year.

ConnectOne Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th were paid a dividend of $0.18 per share. The ex-dividend date was Tuesday, February 18th. This represents a $0.72 annualized dividend and a yield of 3.06%. ConnectOne Bancorp’s dividend payout ratio is presently 40.68%.

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.