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

ConnectOne Bancorp, Inc. (NASDAQ:CNOB) announced a quarterly dividend on Thursday, April 25th, Zacks reports. Shareholders of record on Wednesday, May 15th will be given a dividend of 0.18 per share by the financial services provider on Monday, June 3rd. This represents a $0.72 dividend on an annualized basis and a yield of 3.93%. The ex-dividend date of this dividend is Tuesday, May 14th. This is an increase from ConnectOne Bancorp’s previous quarterly dividend of $0.17.

ConnectOne Bancorp has increased its dividend payment by an average of 22.7% per year over the last three years and has raised its dividend every year for the last 3 years. ConnectOne Bancorp has a payout ratio of 30.9% meaning its dividend is sufficiently covered by earnings. Research analysts expect ConnectOne Bancorp to earn $2.20 per share next year, which means the company should continue to be able to cover its $0.68 annual dividend with an expected future payout ratio of 30.9%.

ConnectOne Bancorp Stock Down 0.9 %

CNOB opened at $18.30 on Friday. The business’s fifty day moving average is $19.16 and its two-hundred day moving average is $20.06. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.14 and a current ratio of 1.14. The company has a market cap of $701.44 million, a price-to-earnings ratio of 9.68 and a beta of 1.25. ConnectOne Bancorp has a one year low of $13.11 and a one year high of $24.44.

ConnectOne Bancorp (NASDAQ:CNOB) last posted its earnings results on Thursday, January 25th. The financial services provider reported $0.50 EPS for the quarter, topping analysts’ consensus estimates of $0.47 by $0.03. The company had revenue of $66.03 million for the quarter, compared to the consensus estimate of $65.50 million. ConnectOne Bancorp had a return on equity of 7.41% and a net margin of 15.29%. Analysts anticipate that ConnectOne Bancorp will post 1.76 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have commented on CNOB. StockNews.com downgraded ConnectOne Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday. Piper Sandler boosted their target price on ConnectOne Bancorp from $24.00 to $25.00 and gave the stock an “overweight” rating in a research report on Friday, January 26th. Raymond James boosted their target price on ConnectOne Bancorp from $26.00 to $28.00 and gave the stock a “strong-buy” rating in a research report on Monday, January 29th. Finally, Keefe, Bruyette & Woods restated an “outperform” rating and issued a $24.00 price objective (down from $27.00) on shares of ConnectOne Bancorp in a research report on Friday. One investment analyst has rated the stock with a sell rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, ConnectOne Bancorp currently has a consensus rating of “Moderate Buy” and a consensus target price of $24.50.

ConnectOne Bancorp Company Profile

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.