Thrivent Financial for Lutherans Acquires New Shares in ConnectOne Bancorp, Inc. (NASDAQ:CNOB)

Thrivent Financial for Lutherans acquired a new position in shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 87,278 shares of the financial services provider's stock, valued at approximately $1,648,000. Thrivent Financial for Lutherans owned approximately 0.23% of ConnectOne Bancorp as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Parallel Advisors LLC raised its position in 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 in the last quarter. Bryn Mawr Capital Management LLC bought a new position in ConnectOne Bancorp during the second quarter worth about $171,000. Hsbc Holdings PLC increased its position in ConnectOne Bancorp by 6.7% during the second quarter. Hsbc Holdings PLC now owns 17,938 shares of the financial services provider's stock worth $332,000 after buying an additional 1,131 shares during the last quarter. Principal Financial Group Inc. bought a new stake in ConnectOne Bancorp in the first quarter valued at approximately $381,000. Finally, GSA Capital Partners LLP bought a new stake in ConnectOne Bancorp in the first quarter valued at approximately $461,000. Institutional investors and hedge funds own 67.70% of the company's stock.

ConnectOne Bancorp Price Performance

CNOB remained flat at $24.41 during trading on Thursday. The company had a trading volume of 185,870 shares, compared to its average volume of 182,719. 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 has a 50 day simple moving average of $23.89 and a 200 day simple moving average of $20.81. ConnectOne Bancorp, Inc. has a twelve month low of $14.51 and a twelve month high of $26.53. The company has a market capitalization of $935.71 million, a price-to-earnings ratio of 12.92 and a beta of 1.25.

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) last released its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.46 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 for the quarter, compared to the consensus estimate of $64.62 million. During the same period in the prior year, the company posted $0.51 earnings per share. As a group, sell-side analysts predict that ConnectOne Bancorp, Inc. will post 1.76 EPS for the current fiscal year.

ConnectOne Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Thursday, August 15th were given a $0.18 dividend. The ex-dividend date was Thursday, August 15th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.95%. ConnectOne Bancorp's payout ratio is 38.10%.

Analyst Ratings Changes

A number of research analysts recently weighed in on CNOB shares. Keefe, Bruyette & Woods reissued a "market perform" rating and set a $26.00 target price (up from $22.00) on shares of ConnectOne Bancorp in a report on Friday, July 26th. Piper Sandler increased their price objective on shares of ConnectOne Bancorp from $22.00 to $25.00 and gave the company an "overweight" rating in a research report on Friday, July 26th. Two analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $25.00.

ConnectOne Bancorp Company 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.