Bank of New York Mellon Corp Buys New Stake in ConnectOne Bancorp, Inc. $CNOB

Key Points

• Bank of New York Mellon purchased 284,124 shares of ConnectOne Bancorp, worth approximately $9.5 million, giving it a 0.56% stake. Institutional investors and hedge funds collectively own 67.70% of CNOB.
• Analyst sentiment remains positive: four analysts rate CNOB a Buy and one rates it Hold, producing a consensus “Moderate Buy” rating and a $35 average price target. Piper Sandler raised its target to $38.
• ConnectOne Bancorp exceeded quarterly earnings expectations, reporting $0.84 EPS versus the $0.82 consensus and $121.57 million in revenue. The company also pays a quarterly dividend of $0.195 per share, or $0.78 annualized, yielding about 2.5%.

Bank of New York Mellon Corp purchased a new stake in ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 284,124 shares of the financial services provider's stock, valued at approximately $9,501,000. Bank of New York Mellon Corp owned approximately 0.56% of ConnectOne Bancorp at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in CNOB. Clearstead Advisors LLC raised its position in shares of ConnectOne Bancorp by 195.6% during the 4th quarter. Clearstead Advisors LLC now owns 1,330 shares of the financial services provider's stock worth $35,000 after acquiring an additional 880 shares in the last quarter. Osaic Holdings Inc. boosted its holdings in ConnectOne Bancorp by 728.4% in the second quarter. Osaic Holdings Inc. now owns 1,781 shares of the financial services provider's stock valued at $41,000 after purchasing an additional 1,566 shares in the last quarter. State of Wyoming purchased a new position in ConnectOne Bancorp in the fourth quarter valued at approximately $73,000. Russell Investments Group Ltd. increased its stake in ConnectOne Bancorp by 791.0% in the third quarter. Russell Investments Group Ltd. now owns 4,553 shares of the financial services provider's stock valued at $113,000 after purchasing an additional 4,042 shares during the last quarter. Finally, Shulman DeMeo Asset Management LLC acquired a new stake in ConnectOne Bancorp during the second quarter worth approximately $208,000. 67.70% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have recently issued reports on CNOB. Piper Sandler upped their target price on shares of ConnectOne Bancorp from $34.00 to $38.00 and gave the company an "overweight" rating in a report on Friday, June 26th. Weiss Ratings reiterated a "buy (b)" rating on shares of ConnectOne Bancorp in a research note on Monday, August 17th. Finally, Raymond James Financial reissued a "market perform" rating on shares of ConnectOne Bancorp in a research report on Wednesday, July 1st. Four equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, ConnectOne Bancorp currently has a consensus rating of "Moderate Buy" and a consensus price target of $35.00.

ConnectOne Bancorp Price Performance

Shares of NASDAQ CNOB opened at $31.73 on Thursday. ConnectOne Bancorp, Inc. has a 1-year low of $23.20 and a 1-year high of $34.14. The company has a market cap of $1.60 billion, a PE ratio of 10.40 and a beta of 1.03. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.04 and a quick ratio of 1.04. The stock has a fifty day moving average price of $32.67 and a 200 day moving average price of $30.06.

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.84 EPS for the quarter, beating analysts' consensus estimates of $0.82 by $0.02. ConnectOne Bancorp had a net margin of 20.21% and a return on equity of 11.24%. The firm had revenue of $121.57 million during the quarter, compared to the consensus estimate of $121.55 million. Sell-side analysts forecast that ConnectOne Bancorp, Inc. will post 3.37 EPS for the current year.

ConnectOne Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th were paid a dividend of $0.195 per share. The ex-dividend date of this dividend was Friday, August 14th. This represents a $0.78 dividend on an annualized basis and a dividend yield of 2.5%. ConnectOne Bancorp's dividend payout ratio is 25.57%.

About ConnectOne Bancorp

ConnectOne Bancorp is a New Jersey‐based bank holding company whose primary subsidiary, ConnectOne Bank, offers a suite of commercial banking services to small and medium‐sized businesses, professionals and individuals. Established in 2005 and headquartered in Englewood Cliffs, New Jersey, the company seeks to deliver customized lending and deposit solutions through a network of branches across northern New Jersey and the New York metropolitan area.

The company's lending portfolio centers on commercial real estate financing, construction lending, owner‐occupied real estate loans and working capital lines of credit.

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