Wellington Management Group LLP Has $9.63 Million Stock Holdings in ConnectOne Bancorp, Inc. (NASDAQ:CNOB)

Wellington Management Group LLP cut its holdings in shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Free Report) by 25.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 420,166 shares of the financial services provider's stock after selling 143,771 shares during the period. Wellington Management Group LLP owned approximately 1.09% of ConnectOne Bancorp worth $9,626,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in CNOB. Stieven Capital Advisors L.P. boosted its position in shares of ConnectOne Bancorp by 96.2% during the fourth quarter. Stieven Capital Advisors L.P. now owns 508,265 shares of the financial services provider's stock worth $11,644,000 after buying an additional 249,265 shares during the period. Bank of America Corp DE lifted its position in ConnectOne Bancorp by 23.2% in the fourth quarter. Bank of America Corp DE now owns 826,463 shares of the financial services provider's stock worth $18,934,000 after purchasing an additional 155,573 shares during the period. Earnest Partners LLC lifted its position in ConnectOne Bancorp by 42.4% in the fourth quarter. Earnest Partners LLC now owns 282,221 shares of the financial services provider's stock worth $6,466,000 after purchasing an additional 84,028 shares during the period. Bank of New York Mellon Corp lifted its position in ConnectOne Bancorp by 32.3% in the fourth quarter. Bank of New York Mellon Corp now owns 250,818 shares of the financial services provider's stock worth $5,746,000 after purchasing an additional 61,165 shares during the period. Finally, Fourthstone LLC acquired a new stake in ConnectOne Bancorp in the fourth quarter worth approximately $1,322,000. 67.70% of the stock is currently owned by institutional investors and hedge funds.

ConnectOne Bancorp Stock Up 0.2%

NASDAQ:CNOB traded up $0.05 during trading hours on Wednesday, hitting $22.67. 438,274 shares of the stock traded hands, compared to its average volume of 204,663. The firm has a 50 day moving average price of $22.83 and a 200 day moving average price of $24.12. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.07. ConnectOne Bancorp, Inc. has a fifty-two week low of $17.07 and a fifty-two week high of $29.31. The firm has a market cap of $872.11 million, a price-to-earnings ratio of 12.81 and a beta of 1.12.

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) last announced its earnings results on Thursday, April 24th. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.05. ConnectOne Bancorp had a net margin of 13.80% and a return on equity of 6.77%. The company had revenue of $70.21 million for the quarter, compared to the consensus estimate of $67.90 million. Equities research analysts anticipate that ConnectOne Bancorp, Inc. will post 2.23 earnings per share for the current year.

ConnectOne Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Thursday, May 15th were paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 3.18%. The ex-dividend date of this dividend was Thursday, May 15th. ConnectOne Bancorp's dividend payout ratio (DPR) is currently 38.92%.

Analysts Set New Price Targets

Several research firms have issued reports on CNOB. Keefe, Bruyette & Woods dropped their price target on ConnectOne Bancorp from $32.00 to $31.00 and set an "outperform" rating on the stock in a report on Friday, April 25th. Hovde Group upped their price target on ConnectOne Bancorp from $29.00 to $29.50 and gave the company an "outperform" rating in a report on Thursday, April 24th.

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.