FMR LLC Discloses 8.743% Passive Stake in ConnectOne Bancorp
Ticker: CNOBP · Form: SC 13G · Filed: Feb 9, 2024 · CIK: 712771
| Field | Detail |
|---|---|
| Company | Connectone Bancorp, Inc. (CNOBP) |
| Form Type | SC 13G |
| Filed Date | Feb 9, 2024 |
| Risk Level | low |
| Sentiment | bullish |
Complexity: simple
Sentiment: bullish
Topics: institutional-ownership, passive-investment, SC-13G
TL;DR
**FMR LLC just revealed an 8.743% stake in ConnectOne Bancorp, signaling institutional confidence.**
AI Summary
FMR LLC, a major investment management firm, and its principal owner, Abigail P. Johnson, have disclosed a significant passive stake in ConnectOne Bancorp, Inc. (NASDAQ: CNOB). As of December 31, 2023, FMR LLC beneficially owns 3,375,725 shares, representing 8.743% of ConnectOne Bancorp's common stock. This filing indicates a substantial, non-controlling investment by a prominent institutional investor, suggesting a vote of confidence in the regional bank's long-term prospects, which could be a positive signal for current and prospective shareholders.
Why It Matters
This filing reveals a major institutional investor's significant stake, which can influence market perception and potentially provide stability to the stock.
Risk Assessment
Risk Level: low — This is a passive investment by a large institution, generally indicating a long-term holding strategy rather than an activist one, which reduces immediate risk.
Analyst Insight
A smart investor would view this as a positive signal, indicating that a major institutional investor sees value in ConnectOne Bancorp, potentially warranting further research into the company's fundamentals.
Key Numbers
- 3,375,725 — Shares Beneficially Owned (Represents the total common stock shares of ConnectOne Bancorp, Inc. held by FMR LLC and Abigail P. Johnson.)
- 8.743% — Percent of Class (Indicates the significant ownership stake FMR LLC and Abigail P. Johnson have in ConnectOne Bancorp, Inc.)
Key Players & Entities
- FMR LLC (company) — reporting person, parent holding company
- Abigail P. Johnson (person) — reporting person, principal owner of FMR LLC
- ConnectOne Bancorp, Inc. (company) — issuer of the common stock
- 3,375,725 (dollar_amount) — shares beneficially owned by FMR LLC and Abigail P. Johnson
- 8.743% (dollar_amount) — percentage of class owned by FMR LLC and Abigail P. Johnson
Forward-Looking Statements
- ConnectOne Bancorp's stock price will experience increased stability due to the significant institutional backing from FMR LLC. (ConnectOne Bancorp, Inc.) — medium confidence, target: 6 months
- FMR LLC will maintain its passive investment in ConnectOne Bancorp, not seeking to influence management or corporate strategy. (FMR LLC) — high confidence, target: 12 months
FAQ
Who is the primary reporting person in this SC 13G filing for ConnectOne Bancorp, Inc.?
The primary reporting person is FMR LLC, a parent holding company, as stated in Item 1 and Item 3 of the filing.
What percentage of ConnectOne Bancorp, Inc.'s common stock does FMR LLC beneficially own?
FMR LLC beneficially owns 8.743% of ConnectOne Bancorp, Inc.'s common stock, as detailed in Item 11 and Item 4(b) of the filing.
How many shares of ConnectOne Bancorp, Inc. common stock are beneficially owned by FMR LLC?
FMR LLC beneficially owns 3,375,725 shares of ConnectOne Bancorp, Inc. common stock, as reported in Item 7 and Item 4(a) of the filing.
Under which rule is this Schedule 13G filed?
This Schedule 13G is filed pursuant to Rule 13d-1(b), as indicated by the checked box in the filing.
Who is Abigail P. Johnson in relation to this filing?
Abigail P. Johnson is also a reporting person, associated with FMR LLC, and beneficially owns the same 3,375,725 shares, representing 8.743% of the class, as shown in her separate reporting person section.
Filing Details
This Form SC 13G (Form SC 13G) was filed with the SEC on February 9, 2024 by Abigail P. Johnson regarding ConnectOne Bancorp, Inc. (CNOBP).