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

ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Get Free Report) announced a quarterly dividend on Thursday, October 24th, Zacks reports. Investors of record on Friday, November 15th will be paid 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 2.97%. The ex-dividend date of this dividend is Friday, November 15th.

ConnectOne Bancorp has raised its dividend payment by an average of 22.7% annually over the last three years. ConnectOne Bancorp has a dividend payout ratio of 31.7% meaning its dividend is sufficiently covered by earnings. Equities 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 Price Performance

CNOB traded down $0.41 during midday trading on Friday, hitting $24.21. 216,990 shares of the company traded hands, compared to its average volume of 183,594. The company has a market capitalization of $928.04 million, a price-to-earnings ratio of 13.03 and a beta of 1.25. The business has a 50 day simple moving average of $24.79 and a two-hundred day simple moving average of $21.51. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.07. ConnectOne Bancorp has a 52-week low of $14.51 and a 52-week high of $27.13.

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) last posted its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.40 by $0.06. The company had revenue of $134.41 million for the quarter, compared to analysts' expectations 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 firm posted $0.51 EPS. On average, equities analysts forecast that ConnectOne Bancorp will post 1.78 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on CNOB shares. Piper Sandler raised their price objective on ConnectOne Bancorp from $22.00 to $25.00 and gave the company an "overweight" rating in a report on Friday, July 26th. Keefe, Bruyette & Woods restated a "market perform" rating and set a $26.00 price target (up from $22.00) on shares of ConnectOne Bancorp in a research report on Friday, July 26th. Two research analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target 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.