ConnectOne Bancorp, Inc. to Issue Quarterly Dividend of $0.18 (NASDAQ:CNOB)

ConnectOne Bancorp, Inc. (NASDAQ:CNOB) announced a quarterly dividend on Thursday, July 25th, Zacks reports. Investors of record on Thursday, August 15th will be paid 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 2.95%. The ex-dividend date of this dividend is Thursday, August 15th.

ConnectOne Bancorp has raised its dividend by an average of 22.7% per year over the last three years. ConnectOne Bancorp has a dividend payout ratio of 34.8% meaning its dividend is sufficiently covered by earnings. Research analysts expect ConnectOne Bancorp to earn $2.04 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 35.3%.

ConnectOne Bancorp Stock Performance

NASDAQ CNOB opened at $24.37 on Friday. The stock has a market capitalization of $934.10 million, a price-to-earnings ratio of 12.89 and a beta of 1.27. The business’s 50 day moving average is $19.40 and its two-hundred day moving average is $19.91. ConnectOne Bancorp has a 12-month low of $14.51 and a 12-month high of $25.41. 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 (NASDAQ:CNOB) last posted its quarterly earnings results on Thursday, April 25th. The financial services provider reported $0.41 earnings per share for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.01). The business had revenue of $64.15 million during the quarter, compared to analysts’ expectations of $63.93 million. ConnectOne Bancorp had a net margin of 15.29% and a return on equity of 7.39%. Research analysts expect that ConnectOne Bancorp will post 1.66 EPS for the current year.

Analysts Set New Price Targets

CNOB has been the topic of several research analyst reports. StockNews.com upgraded shares of ConnectOne Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, May 10th. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $26.00 price objective (up previously from $22.00) on shares of ConnectOne Bancorp in a research note on Friday. Two analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average 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.