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

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 2.95%. The ex-dividend date of this dividend is Thursday, August 15th.

ConnectOne Bancorp has increased its dividend payment 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 Up 4.9 %

Shares of CNOB stock opened at $24.37 on Friday. ConnectOne Bancorp has a twelve month low of $14.51 and a twelve month high of $25.41. The stock has a market cap of $934.10 million, a P/E ratio of 12.89 and a beta of 1.27. The stock has a 50 day moving average of $19.40 and a 200 day moving average of $19.91. 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 earnings results on Thursday, April 25th. The financial services provider reported $0.41 earnings per share for the quarter, missing the consensus estimate of $0.42 by ($0.01). ConnectOne Bancorp had a net margin of 15.29% and a return on equity of 7.39%. The firm had revenue of $64.15 million for the quarter, compared to analysts’ expectations of $63.93 million. As a group, sell-side analysts expect that ConnectOne Bancorp will post 1.66 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on CNOB. StockNews.com raised shares of ConnectOne Bancorp from a “sell” rating to a “hold” rating in a report on Friday, May 10th. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $26.00 price target (up previously from $22.00) on shares of ConnectOne Bancorp in a research note on Friday. Two research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price 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.