Dimensional Fund Advisors LP Lowers Stock Position in ConnectOne Bancorp, Inc. (NASDAQ:CNOB)

Dimensional Fund Advisors LP cut its holdings in shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Free Report) by 1.9% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,267,901 shares of the financial services provider's stock after selling 43,863 shares during the quarter. Dimensional Fund Advisors LP owned 5.92% of ConnectOne Bancorp worth $42,839,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Parallel Advisors LLC increased its position in shares of ConnectOne Bancorp by 206.8% during the fourth quarter. Parallel Advisors LLC now owns 1,123 shares of the financial services provider's stock worth $26,000 after acquiring an additional 757 shares during the period. Bryn Mawr Capital Management LLC purchased a new stake in ConnectOne Bancorp during the 2nd quarter worth about $171,000. Principal Financial Group Inc. purchased a new position in shares of ConnectOne Bancorp in the 1st quarter valued at about $381,000. Trexquant Investment LP grew its position in shares of ConnectOne Bancorp by 11.2% during the fourth quarter. Trexquant Investment LP now owns 21,936 shares of the financial services provider's stock worth $503,000 after buying an additional 2,206 shares in the last quarter. Finally, GSA Capital Partners LLP purchased a new stake in shares of ConnectOne Bancorp during the first quarter worth approximately $461,000. Hedge funds and other institutional investors own 67.70% of the company's stock.

Analysts Set New Price Targets

Several research analysts have commented on CNOB shares. Keefe, Bruyette & Woods reiterated a "market perform" rating and set a $26.00 price target (up previously from $22.00) on shares of ConnectOne Bancorp in a report on Friday, July 26th. Piper Sandler lifted their price objective on shares of ConnectOne Bancorp from $22.00 to $25.00 and gave the stock 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 assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, ConnectOne Bancorp presently has an average rating of "Moderate Buy" and a consensus target price of $25.00.

ConnectOne Bancorp Stock Performance

Shares of CNOB opened at $25.05 on Tuesday. The company has a market capitalization of $960.24 million, a price-to-earnings ratio of 13.25 and a beta of 1.25. ConnectOne Bancorp, Inc. has a 52-week low of $14.51 and a 52-week high of $26.53. 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 has a 50 day moving average price of $23.81 and a 200 day moving average price of $20.71.

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) last issued its earnings results on Thursday, July 25th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.06. ConnectOne Bancorp had a net margin of 14.56% and a return on equity of 7.13%. The business had revenue of $134.41 million during the quarter, compared to analysts' expectations of $64.62 million. During the same quarter in the prior year, the business posted $0.51 EPS. Research analysts predict that ConnectOne Bancorp, Inc. will post 1.76 EPS for the current fiscal year.

ConnectOne Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders 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 dividend yield of 2.87%. The ex-dividend date was Thursday, August 15th. ConnectOne Bancorp's dividend payout ratio (DPR) is currently 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.