ConnectOne Bancorp, Inc. (NASDAQ:CNOB) Increases Dividend to $0.18 Per Share

ConnectOne Bancorp, Inc. (NASDAQ:CNOB) declared a quarterly dividend on Thursday, April 25th, Zacks reports. Stockholders of record on Wednesday, May 15th will be paid a dividend of 0.18 per share by the financial services provider on Friday, May 24th. This represents a $0.72 annualized dividend and a dividend yield of 3.88%. The ex-dividend date of this dividend is Tuesday, May 14th. This is a positive change from ConnectOne Bancorp’s previous quarterly dividend of $0.17.

ConnectOne Bancorp has increased its dividend payment by an average of 22.7% per year over the last three years and has raised its dividend annually for the last 3 consecutive years. ConnectOne Bancorp has a payout ratio of 30.9% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect ConnectOne Bancorp to earn $2.20 per share next year, which means the company should continue to be able to cover its $0.68 annual dividend with an expected future payout ratio of 30.9%.

ConnectOne Bancorp Stock Up 0.6 %

Shares of ConnectOne Bancorp stock traded up $0.11 during trading hours on Friday, hitting $18.57. The company had a trading volume of 1,771 shares, compared to its average volume of 171,264. The company’s 50-day moving average is $19.21 and its two-hundred day moving average is $20.06. ConnectOne Bancorp has a twelve month low of $13.11 and a twelve month high of $24.44. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.14 and a quick ratio of 1.14. The company has a market cap of $711.79 million, a P/E ratio of 8.92 and a beta of 1.25.

ConnectOne Bancorp (NASDAQ:CNOB) last issued its earnings results on Thursday, January 25th. The financial services provider reported $0.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.03. ConnectOne Bancorp had a net margin of 17.26% and a return on equity of 8.14%. The business had revenue of $66.03 million during the quarter, compared to analysts’ expectations of $65.50 million. Analysts anticipate that ConnectOne Bancorp will post 1.76 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently commented on CNOB shares. Keefe, Bruyette & Woods upped their price target on shares of ConnectOne Bancorp from $25.00 to $27.00 and gave the company an “outperform” rating in a research report on Friday, January 26th. Piper Sandler upped their price target on shares of ConnectOne Bancorp from $24.00 to $25.00 and gave the company an “overweight” rating in a research report on Friday, January 26th. StockNews.com downgraded shares of ConnectOne Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday. Finally, Raymond James upped their price objective on shares of ConnectOne Bancorp from $26.00 to $28.00 and gave the stock a “strong-buy” rating in a research report on Monday, January 29th. One equities research analyst has rated the stock with a sell rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $25.25.

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.