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

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 dividend on an annualized basis and a yield of 2.92%. The ex-dividend date is Friday, November 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 payout ratio of 31.7% meaning 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 Trading Down 3.3 %

Shares of NASDAQ CNOB opened at $24.62 on Friday. 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 has a market capitalization of $943.76 million, a PE ratio of 13.03 and a beta of 1.25. ConnectOne Bancorp has a twelve month low of $14.51 and a twelve month high of $27.13. The stock has a fifty day simple moving average of $24.79 and a 200-day simple moving average of $21.51.

ConnectOne Bancorp (NASDAQ:CNOB) last released its earnings results on Thursday, July 25th. The financial services provider reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.06. The company had revenue of $134.41 million during the quarter, compared to the consensus estimate 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 in the previous year, the company posted $0.51 EPS. On average, equities analysts forecast that ConnectOne Bancorp will post 1.78 earnings per share for the current year.

Analysts Set New Price Targets

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

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.