ConnectOne Bancorp, Inc. (NASDAQ:CNOB) Plans Dividend Increase – $0.20 Per Share

ConnectOne Bancorp, Inc. (NASDAQ:CNOB) declared a quarterly dividend on Thursday, April 23rd. Shareholders of record on Friday, May 15th will be given a dividend of 0.195 per share by the financial services provider on Monday, June 1st. This represents a c) dividend on an annualized basis and a yield of 2.7%. The ex-dividend date is Friday, May 15th. This is a 8.3% increase from ConnectOne Bancorp’s previous quarterly dividend of $0.18.

ConnectOne Bancorp has increased its dividend payment by an average of 0.1%per year over the last three years and has raised its dividend annually for the last 4 consecutive years. ConnectOne Bancorp has a dividend payout ratio of 22.2% indicating that its dividend is sufficiently covered by earnings. Analysts expect ConnectOne Bancorp to earn $3.52 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 20.5%.

ConnectOne Bancorp Stock Performance

CNOB traded up $0.92 during trading on Thursday, reaching $28.93. 491,557 shares of the company’s stock were exchanged, compared to its average volume of 321,167. ConnectOne Bancorp has a 1 year low of $21.79 and a 1 year high of $29.28. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.04 and a quick ratio of 1.04. The stock has a market capitalization of $1.45 billion, a P/E ratio of 19.29 and a beta of 1.08. The company’s fifty day simple moving average is $27.02 and its 200-day simple moving average is $26.34.

ConnectOne Bancorp (NASDAQ:CNOB) last posted its quarterly earnings results on Thursday, April 23rd. The financial services provider reported $0.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.78 by $0.01. ConnectOne Bancorp had a net margin of 11.83% and a return on equity of 9.33%. The company had revenue of $116.64 million during the quarter, compared to analyst estimates of $119.59 million. As a group, research analysts predict that ConnectOne Bancorp will post 3.18 earnings per share for the current fiscal year.

About ConnectOne Bancorp

ConnectOne Bancorp is a New Jersey‐based bank holding company whose primary subsidiary, ConnectOne Bank, offers a suite of commercial banking services to small and medium‐sized businesses, professionals and individuals. Established in 2005 and headquartered in Englewood Cliffs, New Jersey, the company seeks to deliver customized lending and deposit solutions through a network of branches across northern New Jersey and the New York metropolitan area.

The company’s lending portfolio centers on commercial real estate financing, construction lending, owner‐occupied real estate loans and working capital lines of credit.