ConnectOne Bancorp, Inc. (NASDAQ:CNOB) Announces Quarterly Dividend of $0.20

ConnectOne Bancorp, Inc. (NASDAQ:CNOB) announced a quarterly dividend on Thursday, July 23rd. Investors of record on Friday, August 14th will be given a dividend of 0.195 per share by the financial services provider on Tuesday, September 1st. This represents a c) annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend is Friday, August 14th.

ConnectOne Bancorp has raised its dividend payment by an average of 0.1%per year over the last three years and has increased its dividend annually for the last 4 consecutive years. ConnectOne Bancorp has a dividend payout ratio of 24.1% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect ConnectOne Bancorp to earn $3.57 per share next year, which means the company should continue to be able to cover its $0.78 annual dividend with an expected future payout ratio of 21.8%.

ConnectOne Bancorp Stock Down 4.8%

NASDAQ CNOB traded down $1.60 during trading hours on Thursday, hitting $31.40. 735,787 shares of the company traded hands, compared to its average volume of 368,757. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.97 and a current ratio of 0.97. The business’s 50-day moving average is $31.70 and its 200-day moving average is $28.95. The stock has a market capitalization of $1.58 billion, a price-to-earnings ratio of 18.15 and a beta of 1.05. ConnectOne Bancorp has a twelve month low of $22.07 and a twelve month high of $34.14.

ConnectOne Bancorp (NASDAQ:CNOB) last posted its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.82 by $0.02. ConnectOne Bancorp had a return on equity of 10.17% and a net margin of 13.21%.The firm had revenue of $121.57 million for the quarter, compared to analyst estimates of $121.55 million. Sell-side analysts anticipate that ConnectOne Bancorp will post 3.28 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts recently weighed in on CNOB shares. Weiss Ratings raised shares of ConnectOne Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, May 20th. Piper Sandler upped their price target on shares of ConnectOne Bancorp from $34.00 to $38.00 and gave the stock an “overweight” rating in a research report on Friday, June 26th. Keefe, Bruyette & Woods increased their price target on shares of ConnectOne Bancorp from $32.00 to $34.00 and gave the company an “outperform” rating in a research note on Friday, April 24th. Raymond James Financial reissued a “market perform” rating on shares of ConnectOne Bancorp in a research report on Wednesday, July 1st. Finally, Hovde Group boosted their price objective on shares of ConnectOne Bancorp from $32.00 to $34.00 and gave the stock an “outperform” rating in a research note on Friday, April 24th. Four equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $35.00.

About ConnectOne Bancorp

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.