Franklin Resources Inc. Sells 18,305 Shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB)

Franklin Resources Inc. lessened its stake in ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Free Report) by 7.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 224,615 shares of the financial services provider's stock after selling 18,305 shares during the period. Franklin Resources Inc. owned about 0.59% of ConnectOne Bancorp worth $5,146,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Barclays PLC boosted its holdings in ConnectOne Bancorp by 52.0% in the third quarter. Barclays PLC now owns 114,708 shares of the financial services provider's stock worth $2,874,000 after purchasing an additional 39,249 shares during the period. Salzhauer Michael lifted its stake in ConnectOne Bancorp by 15.4% in the fourth quarter. Salzhauer Michael now owns 76,496 shares of the financial services provider's stock valued at $1,753,000 after buying an additional 10,236 shares during the last quarter. Intech Investment Management LLC acquired a new stake in shares of ConnectOne Bancorp in the 4th quarter worth about $414,000. Stifel Financial Corp boosted its stake in ConnectOne Bancorp by 4.0% during the 3rd quarter. Stifel Financial Corp now owns 91,650 shares of the financial services provider's stock valued at $2,296,000 after purchasing an additional 3,565 shares during the period. Finally, Victory Capital Management Inc. raised its holdings in shares of ConnectOne Bancorp by 5.6% during the fourth quarter. Victory Capital Management Inc. now owns 52,000 shares of the financial services provider's stock valued at $1,191,000 after buying an additional 2,780 shares during the last quarter. 67.70% of the stock is owned by institutional investors and hedge funds.

ConnectOne Bancorp Price Performance

ConnectOne Bancorp stock traded down $0.05 during midday trading on Wednesday, hitting $21.51. The company's stock had a trading volume of 10,633 shares, compared to its average volume of 194,008. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.07. The stock's 50-day moving average price is $24.11 and its 200-day moving average price is $24.76. ConnectOne Bancorp, Inc. has a 12 month low of $17.07 and a 12 month high of $29.31. The company has a market capitalization of $825.42 million, a PE ratio of 12.13 and a beta of 1.09.

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) last announced its earnings results on Thursday, January 30th. The financial services provider reported $0.52 EPS for the quarter, beating 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%. Analysts anticipate that ConnectOne Bancorp, Inc. will post 2.23 earnings per share for the current fiscal year.

ConnectOne Bancorp Announces Dividend

The firm also recently announced 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 3.35%. ConnectOne Bancorp's dividend payout ratio (DPR) is presently 40.68%.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods raised ConnectOne Bancorp from a "market perform" rating to an "outperform" rating and raised their price target for the company from $31.00 to $32.00 in a report on Wednesday, March 26th.

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.