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

ConnectOne Bancorp, Inc. (NASDAQ:CNOB) announced a quarterly dividend on Thursday, January 29th. Stockholders of record on Friday, February 13th will be given a dividend of 0.18 per share by the financial services provider on Monday, March 2nd. This represents a c) dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date is Friday, February 13th.

ConnectOne Bancorp has raised its dividend payment by an average of 0.2%annually over the last three years and has raised its dividend every year for the last 4 years. ConnectOne Bancorp has a payout ratio of 22.2% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect ConnectOne Bancorp to earn $3.26 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 22.1%.

ConnectOne Bancorp Stock Down 0.9%

Shares of ConnectOne Bancorp stock traded down $0.24 during trading on Thursday, hitting $27.61. 353,575 shares of the stock traded hands, compared to its average volume of 231,643. The stock has a market cap of $1.39 billion, a P/E ratio of 12.22 and a beta of 1.13. The company has a fifty day moving average price of $26.74 and a two-hundred day moving average price of $25.32. ConnectOne Bancorp has a twelve month low of $20.61 and a twelve month high of $29.28. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.03 and a current ratio of 1.03.

ConnectOne Bancorp (NASDAQ:CNOB) last issued its quarterly earnings data on Thursday, January 29th. The financial services provider reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.09. The firm had revenue of $114.63 million for the quarter, compared to analyst estimates of $114.80 million. ConnectOne Bancorp had a net margin of 9.90% and a return on equity of 8.22%. Equities research analysts predict that ConnectOne Bancorp will post 2.23 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on CNOB. Wall Street Zen lowered shares of ConnectOne Bancorp from a “buy” rating to a “hold” rating in a research note on Saturday, January 10th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of ConnectOne Bancorp in a research report on Wednesday, January 21st. Finally, Piper Sandler assumed coverage on ConnectOne Bancorp in a report on Friday, November 7th. They set an “overweight” rating and a $28.00 price objective on the stock. Three analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $29.50.

ConnectOne Bancorp Company Profile

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.