Hsbc Holdings PLC Grows Stake in ConnectOne Bancorp, Inc. (NASDAQ:CNOB)

Hsbc Holdings PLC lifted its stake in ConnectOne Bancorp, Inc. (NASDAQ:CNOB) by 6.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 17,938 shares of the financial services provider’s stock after buying an additional 1,131 shares during the period. Hsbc Holdings PLC’s holdings in ConnectOne Bancorp were worth $332,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the stock. B. Riley Wealth Advisors Inc. lifted its position in ConnectOne Bancorp by 196.1% during the 1st quarter. B. Riley Wealth Advisors Inc. now owns 60,903 shares of the financial services provider’s stock worth $1,086,000 after acquiring an additional 40,334 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of ConnectOne Bancorp by 2.6% during the first quarter. Vanguard Group Inc. now owns 2,143,706 shares of the financial services provider’s stock valued at $41,802,000 after purchasing an additional 53,563 shares during the period. Cornercap Investment Counsel Inc. lifted its position in shares of ConnectOne Bancorp by 111.1% during the second quarter. Cornercap Investment Counsel Inc. now owns 55,406 shares of the financial services provider’s stock worth $1,047,000 after purchasing an additional 29,161 shares in the last quarter. BNP Paribas Financial Markets boosted its stake in shares of ConnectOne Bancorp by 19.8% in the first quarter. BNP Paribas Financial Markets now owns 48,504 shares of the financial services provider’s stock valued at $946,000 after purchasing an additional 8,026 shares during the period. Finally, Price T Rowe Associates Inc. MD grew its holdings in ConnectOne Bancorp by 4.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 36,860 shares of the financial services provider’s stock valued at $719,000 after purchasing an additional 1,535 shares in the last quarter. Institutional investors and hedge funds own 67.70% of the company’s stock.

Wall Street Analyst Weigh In

CNOB has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $26.00 price objective (up previously from $22.00) on shares of ConnectOne Bancorp in a report on Friday, July 26th. Piper Sandler boosted their price target on ConnectOne Bancorp from $22.00 to $25.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Two investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $25.00.

ConnectOne Bancorp Price Performance

Shares of CNOB stock opened at $24.41 on Thursday. The firm has a market cap of $935.71 million, a P/E ratio of 12.92 and a beta of 1.25. The firm has a fifty day moving average of $23.86 and a two-hundred day moving average of $20.79. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.01 and a quick ratio of 1.01. ConnectOne Bancorp, Inc. has a 1-year low of $14.51 and a 1-year high of $26.53.

ConnectOne Bancorp (NASDAQ:CNOB) last posted its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.46 EPS for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $64.62 million. During the same period last year, the firm earned $0.51 earnings per share. As a group, research analysts anticipate that ConnectOne Bancorp, Inc. will post 1.76 earnings per share for the current fiscal year.

ConnectOne Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Thursday, August 15th were paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 2.95%. 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.