Bank of New York Mellon Corp Increases Position in ConnectOne Bancorp, Inc. $CNOB

Bank of New York Mellon Corp increased its holdings in ConnectOne Bancorp, Inc. by 39.8% in Q2, owning 340,974 shares worth $7.9 million. Several other hedge funds also modified their holdings. ConnectOne Bancorp's stock has a market cap of $1.17 billion and a P/E ratio of 26.85. The company reported Q3 earnings of $0.70 per share and announced a quarterly dividend of $0.18. Analysts have given the stock a consensus rating of 'Moderate Buy' with a target price of $29.50.

Bank of New York Mellon Corp boosted its holdings in shares of ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Free Report) by 39.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 340,974 shares of the financial services provider's stock after purchasing an additional 97,132 shares during the quarter. Bank of New York Mellon Corp owned about 0.89% of ConnectOne Bancorp worth $7,897,000 at the end of the most recent quarter.

Get ConnectOne Bancorp alerts:

The 5 top-rated dividend stocks by analysts

Several other hedge funds have also recently modified their holdings of the stock. Webster Bank N. A. bought a new position in ConnectOne Bancorp during the second quarter valued at approximately $31,000. Farther Finance Advisors LLC raised its holdings in shares of ConnectOne Bancorp by 275.3% during the 2nd quarter. Farther Finance Advisors LLC now owns 1,471 shares of the financial services provider's stock worth $34,000 after acquiring an additional 1,079 shares in the last quarter. Quarry LP bought a new position in shares of ConnectOne Bancorp during the 1st quarter valued at approximately $88,000. CWM LLC grew its holdings in shares of ConnectOne Bancorp by 530.0% in the second quarter. CWM LLC now owns 7,623 shares of the financial services provider's stock valued at $177,000 after purchasing an additional 6,413 shares in the last quarter. Finally, Efficient Advisors LLC purchased a new position in shares of ConnectOne Bancorp in the first quarter valued at $202,000. Hedge funds and other institutional investors own 67.70% of the company's stock.

ConnectOne Bancorp Stock Down 0.4%

Shares of CNOB opened at $23.36 on Friday. The firm has a market capitalization of $1.17 billion, a P/E ratio of 26.85 and a beta of 1.18. ConnectOne Bancorp, Inc. has a 12-month low of $20.61 and a 12-month high of $29.31. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.20. The firm has a fifty day moving average price of $24.64 and a 200-day moving average price of $24.16.

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) last posted its quarterly earnings results on Thursday, October 30th. The financial services provider reported $0.70 EPS for the quarter, topping the consensus estimate of $0.68 by $0.02. ConnectOne Bancorp had a net margin of 6.85% and a return on equity of 7.12%. The company had revenue of $110.78 million for the quarter, compared to the consensus estimate of $111.20 million. Equities research analysts expect that ConnectOne Bancorp, Inc. will post 2.23 earnings per share for the current year.

ConnectOne Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 1st. Investors of record on Friday, November 14th will be issued a $0.18 dividend. The ex-dividend date is Friday, November 14th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.1%. ConnectOne Bancorp's payout ratio is presently 58.06%.

Insider Transactions at ConnectOne Bancorp

In other ConnectOne Bancorp news, EVP Joseph T. Javitz sold 1,700 shares of the firm's stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $25.46, for a total transaction of $43,282.00. Following the transaction, the executive vice president owned 21,146 shares of the company's stock, valued at approximately $538,377.16. This trade represents a 7.44% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 6.24% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Piper Sandler began coverage on shares of ConnectOne Bancorp in a report on Friday, November 7th. They issued an "overweight" rating and a $28.00 target price on the stock. Wall Street Zen upgraded ConnectOne Bancorp from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of ConnectOne Bancorp in a report on Wednesday, October 8th. Three analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $29.50.

Read Our Latest Analysis on CNOB

ConnectOne Bancorp Profile

(Free Report)

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.

Should You Invest $1,000 in ConnectOne Bancorp Right Now?

Before you consider ConnectOne Bancorp, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and ConnectOne Bancorp wasn't on the list.

While ConnectOne Bancorp currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here