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

ConnectOne Bancorp, Inc. (NASDAQ:CNOB) declared a quarterly dividend on Thursday, April 24th, Wall Street Journal reports. Stockholders of record on Thursday, May 15th will be paid a dividend of 0.18 per share by the financial services provider on Monday, June 2nd. This represents a $0.72 annualized dividend and a dividend yield of 2.92%. The ex-dividend date is Thursday, May 15th.

ConnectOne Bancorp has raised its dividend by an average of 17.3% annually over the last three years and has raised its dividend every year for the last 4 years. ConnectOne Bancorp has a payout ratio of 22.2% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect ConnectOne Bancorp to earn $3.26 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 22.1%.

ConnectOne Bancorp Trading Up 2.6%

Shares of ConnectOne Bancorp stock opened at $24.62 on Tuesday. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.01 and a quick ratio of 1.01. The business has a fifty day simple moving average of $22.91 and a two-hundred day simple moving average of $24.43. ConnectOne Bancorp has a 1 year low of $17.07 and a 1 year high of $29.31. The company has a market capitalization of $947.13 million, a price-to-earnings ratio of 13.91 and a beta of 1.12.

ConnectOne Bancorp (NASDAQ:CNOB) last released its quarterly earnings results on Thursday, April 24th. The financial services provider reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.05. ConnectOne Bancorp had a net margin of 13.80% and a return on equity of 6.77%. The firm had revenue of $70.21 million for the quarter, compared to analysts’ expectations of $67.90 million. Research analysts forecast that ConnectOne Bancorp will post 2.23 EPS for the current year.

Analysts Set New Price Targets

Several research firms have commented on CNOB. Keefe, Bruyette & Woods decreased their target price on shares of ConnectOne Bancorp from $32.00 to $31.00 and set an “outperform” rating on the stock in a report on Friday, April 25th. Hovde Group raised their target price on ConnectOne Bancorp from $29.00 to $29.50 and gave the company an “outperform” rating in a report on Thursday, April 24th.

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.