ConnectOne Bancorp, Inc. (NASDAQ:CNOB) experienced a significant growth in its stake as reported by Hennessy Advisors Inc. The financial services provider saw its stake increase by 32.1% during the second quarter, according to the 13F filing submitted to the Securities & Exchange Commission. This increase resulted in Hennessy Advisors Inc. owning approximately 185,000 shares of ConnectOne Bancorp’s stock, acquiring an additional 45,000 shares during the quarter. As of the most recent SEC filing, these shares were valued at $3,069,000 representing about 0.47% of ConnectOne Bancorp’s total worth.
ConnectOne Bancorp recently disclosed its quarterly earnings data on July 27th, revealing that it had achieved an earnings per share (EPS) of $0.51 for the quarter. This figure fell short of the consensus estimate by ($0.02). Despite this small deviation from expectations, the company generated revenue of $67.28 million during the same period in comparison to analysts’ projected revenue of $68.96 million.
The company’s net margin stood at an impressive 23.44%, indicating a favorable level of profitability during this period. Additionally, it recorded a return on equity of 10.09%. These positive metrics suggest ConnectOne Bancorp’s ability to effectively manage its operations and assets.
Analysts remain optimistic about ConnectOne Bancorp’s future performance and anticipate it will post earnings per share of 2.1 for the current fiscal year.
As with any investment decision or evaluation of a company’s financial health, it is crucial for investors and stakeholders to consider all available information and conduct comprehensive research on their own before making any decisions or conclusions.
In conclusion, Hennessy Advisors Inc.’s increased stake in ConnectOne Bancorp exemplifies growing investor confidence in the financial services provider’s potential for success and profitability moving forward.
ConnectOne Bancorp: Stock Activity and Investor Sentiment Highlight Potential Opportunities
ConnectOne Bancorp, a financial services provider, has seen some significant activity in its stock recently. Hedge funds and institutional investors have been modifying their holdings in the company, indicating a shift in investor sentiment.
Point72 Hong Kong Ltd acquired a new stake in ConnectOne Bancorp during the first quarter, investing approximately $29,000. Similarly, Group One Trading L.P. purchased shares worth about $32,000 during the same period. These moves suggest that these investors see potential in the company and believe it is undervalued.
Furthermore, Signaturefd LLC increased its position in ConnectOne Bancorp by 178.6% during the first quarter. This shows confidence in the company’s prospects and could also reflect positive performance. Similarly, Federated Hermes Inc. raised its holdings by 69.4% during the third quarter, indicating growing interest from institutional investors.
Advisor Group Holdings Inc., on the other hand, significantly increased its position in ConnectOne Bancorp by 1,290.9% during the first quarter. With an investment of $69,000 and an additional 1,988 shares purchased, this move demonstrates strong conviction from this institutional investor.
Interestingly enough, as Bloomberg.com reports show that 68.34% of ConnectOne Bancorp’s stock is owned by hedge funds and institutional investors. This level of ownership points to significant confidence from these market players who typically conduct thorough research before making investment decisions.
In terms of analyst reports on ConnectOne Bancorp’s stock performance, different opinions have emerged recently. StockNews.com initiated coverage on the company with a “hold” rating while Raymond James upgraded it from “market perform” to “strong-buy” and set a target price of $26 per share.
Piper Sandler also raised its target price for ConnectOne Bancorp from $19 to $23 per share in another report released last July. Lastly, TheStreet upgraded the company’s rating from “c+” to “b-“. The overall average rating for the stock is currently a “buy” with an average target price of $25.75 according to Bloomberg.com’s data.
In other news, Director William Thompson made a significant stock acquisition by purchasing 2,000 shares of ConnectOne Bancorp at an average price of $20.25 per share. This transaction amounted to a total of $40,500 and increased Thompson’s total holdings in the company to 100,850 shares, valued at approximately $2,042,212.50.
Additionally, Director Michael W. Kempner sold 47,500 shares of ConnectOne Bancorp’s stock on August 9th for an average price of $20.70 per share. This generated a total value of $983,250. Following the sale, Kempner still holds 276,338 shares in the company.
As for its current price performance, ConnectOne Bancorp opened at $17.72 on September 26th. The stock has a 50-day simple moving average of $19.26 and a 200-day simple moving average of $17.30. It also has a market capitalization of about $690.02 million and a PE ratio of 6.84.
ConnectOne Bancorp has experienced both highs and lows over the past year, with its lowest point reaching $13.11 and its highest reaching $26.55.
Overall, ConnectOne Bancorp’s stock activity and investor sentiment clearly indicate interest from hedge funds and institutional investors who have modified their holdings to capitalize on potential opportunities within this financial services provider.