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

ConnectOne Bancorp, Inc. (NASDAQ:CNOB) declared a quarterly dividend on Thursday, October 24th, Zacks reports. Shareholders of record on Friday, November 15th will be given a dividend of 0.18 per share by the financial services provider on Monday, December 2nd. This represents a $0.72 annualized dividend and a yield of 2.92%. The ex-dividend date of this dividend is Friday, November 15th.

ConnectOne Bancorp has increased its dividend by an average of 22.7% per year over the last three years. ConnectOne Bancorp has a dividend payout ratio of 31.7% indicating that its dividend is sufficiently covered by earnings. Research analysts expect ConnectOne Bancorp to earn $2.40 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 30.0%.

ConnectOne Bancorp Stock Down 3.3 %

NASDAQ CNOB opened at $24.62 on Friday. The stock has a market capitalization of $943.76 million, a P/E ratio of 13.03 and a beta of 1.25. ConnectOne Bancorp has a 52 week low of $14.51 and a 52 week high of $27.13. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.01 and a current ratio of 1.01. The stock has a fifty day moving average of $24.79 and a 200-day moving average of $21.51.

ConnectOne Bancorp (NASDAQ:CNOB) last announced its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.40 by $0.06. The firm had revenue of $134.41 million during the quarter, compared to analyst estimates of $64.62 million. ConnectOne Bancorp had a return on equity of 7.13% and a net margin of 14.56%. During the same period last year, the company earned $0.51 earnings per share. On average, equities research analysts forecast that ConnectOne Bancorp will post 1.78 EPS for the current year.

Analyst Ratings Changes

Several brokerages recently weighed in on CNOB. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $26.00 price objective (up from $22.00) on shares of ConnectOne Bancorp in a report on Friday, July 26th. Piper Sandler lifted their price objective on ConnectOne Bancorp from $22.00 to $25.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Two research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $26.33.

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.