Bank of New York Mellon takes $9.5M stake in ConnectOne Bancorp
What's the deal? Bank of New YorkDealroom has a profile for this one. Try Dealroom → Mellon Corp bought a new stake in ConnectOne BancorpDealroom has a profile for this one. Try Dealroom → during the second quarter, acquiring 284,124 shares of the New Jersey-based bank holding company worth about $9,501,000.
The bigger picture: BNY MellonDealroom has a profile for this one. Try Dealroom → was one of several institutional investors adjusting positions in ConnectOneDealroom has a profile for this one. Try Dealroom →. Clearstead AdvisorsDealroom has a profile for this one. Try Dealroom → raised its stake by 195.6% in the fourth quarter, Osaic HoldingsDealroom has a profile for this one. Try Dealroom → grew its holdings by 728.4%, and Russell Investments GroupDealroom has a profile for this one. Try Dealroom → increased its position by 791% in the third quarter. Hedge funds and other institutional investors own 67.70% of the company.
What does ConnectOne do? Founded in 2005 and headquartered in Englewood Cliffs, New Jersey, ConnectOne BankDealroom has a profile for this one. Try Dealroom → offers commercial banking services to small and medium-sized businesses, professionals, and individuals. The company carries a market cap of $1.60 billion and a price-to-earnings ratio of 10.40.
By the numbers: ConnectOne reported earnings of $0.84 per share for the quarter ended July 23, beating the consensus estimate of $0.82. Revenue of $121.57 million matched expectations. The bank posted a net margin of 20.21% and a return on equity of 11.24%.
Shares: The stock opened at $31.73 on Thursday, up 2.9%, near its 52-week high of $34.14 and well above its low of $23.20. It also pays a quarterly dividend of $0.195, for a 2.5% yield and a payout ratio of 25.57%.
The signal: Analysts remain cautiously positive. Four rate the stock a buy and one a hold, giving ConnectOne a "Moderate Buy" consensus and an average price target of $35.00 — signalling room above current levels as institutional interest builds.
Read more: americanbankingnews.com
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