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

ConnectOne Bancorp, Inc. (NASDAQ:CNOB) declared a quarterly dividend on Thursday, July 25th, Zacks reports. Stockholders 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 annualized dividend and a dividend yield of 2.95%. The ex-dividend date 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% indicating that 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 Trading Up 4.9 %

Shares of NASDAQ CNOB opened at $24.37 on Friday. ConnectOne Bancorp has a 12-month low of $14.51 and a 12-month high of $25.41. The company has a market cap of $934.10 million, a price-to-earnings ratio of 12.89 and a beta of 1.27. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.07. The stock’s 50 day simple moving average is $19.40 and its 200 day simple moving average is $19.91.

ConnectOne Bancorp (NASDAQ:CNOB) last posted its earnings results on Thursday, April 25th. The financial services provider reported $0.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.01). The company had revenue of $64.15 million during the quarter, compared to the consensus estimate of $63.93 million. ConnectOne Bancorp had a net margin of 15.29% and a return on equity of 7.39%. Equities research analysts expect that ConnectOne Bancorp will post 1.66 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. StockNews.com upgraded shares of ConnectOne Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, May 10th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $26.00 price target (up previously from $22.00) on shares of ConnectOne Bancorp in a report on Friday. Two equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, ConnectOne Bancorp currently has an average rating of “Moderate Buy” and an average price target 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.