ConnectOne Bancorp, Inc. (NASDAQ:CNOB) Announces $0.18 Quarterly Dividend

ConnectOne Bancorp, Inc. (NASDAQ:CNOB) declared a quarterly dividend on Thursday, July 25th, Zacks reports. Investors of record on Thursday, August 15th will be given a dividend of 0.18 per share by the financial services provider on Tuesday, September 3rd. This represents a $0.72 dividend on an annualized basis and a yield of 3.30%. The ex-dividend date is Thursday, August 15th.

ConnectOne Bancorp has raised its dividend payment by an average of 22.7% per year over the last three years. ConnectOne Bancorp has a payout ratio of 34.3% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect ConnectOne Bancorp to earn $2.10 per share next year, which means the company should continue to be able to cover its $0.72 annual dividend with an expected future payout ratio of 34.3%.

ConnectOne Bancorp Stock Up 2.8 %

NASDAQ CNOB opened at $21.85 on Wednesday. The business has a fifty day moving average price of $20.10 and a two-hundred day moving average price of $19.83. The stock has a market capitalization of $837.58 million, a PE ratio of 11.56 and a beta of 1.27. ConnectOne Bancorp has a fifty-two week low of $14.51 and a fifty-two week high of $25.53. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.01 and a quick ratio of 1.01.

ConnectOne Bancorp (NASDAQ:CNOB) last announced its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.06. The business had revenue of $134.41 million during the quarter, compared to the consensus estimate of $64.62 million. ConnectOne Bancorp had a return on equity of 7.16% and a net margin of 14.56%. During the same period in the prior year, the company earned $0.51 EPS. Equities analysts expect that ConnectOne Bancorp will post 1.74 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on CNOB shares. Piper Sandler raised their price target on shares of ConnectOne Bancorp from $22.00 to $25.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. StockNews.com upgraded shares of ConnectOne Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, May 10th. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $26.00 target price (up previously from $22.00) on shares of ConnectOne Bancorp in a research note on Friday, July 26th. Two equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $25.00.

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.