ConnectOne Bancorp Inc (NASDAQ:CNOB) Plans $0.09 Quarterly Dividend

ConnectOne Bancorp Inc (NASDAQ:CNOB) announced a quarterly dividend on Friday, July 31st, Wall Street Journal reports. Investors of record on Monday, August 17th will be given a dividend of 0.09 per share by the financial services provider on Tuesday, September 1st. This represents a $0.36 dividend on an annualized basis and a dividend yield of 2.61%. The ex-dividend date of this dividend is Friday, August 14th.

ConnectOne Bancorp has increased its dividend by an average of 15.0% per year over the last three years and has raised its dividend every year for the last 1 years. ConnectOne Bancorp has a payout ratio of 19.4% indicating that its dividend is sufficiently covered by earnings. Analysts expect ConnectOne Bancorp to earn $1.72 per share next year, which means the company should continue to be able to cover its $0.36 annual dividend with an expected future payout ratio of 20.9%.

ConnectOne Bancorp stock opened at $13.79 on Friday. ConnectOne Bancorp has a 52-week low of $8.85 and a 52-week high of $26.50. The company has a quick ratio of 1.00, a current ratio of 1.01 and a debt-to-equity ratio of 0.18. The firm has a market capitalization of $563.41 million, a price-to-earnings ratio of 7.39 and a beta of 1.37. The firm has a 50-day moving average price of $14.46 and a two-hundred day moving average price of $16.83.

ConnectOne Bancorp (NASDAQ:CNOB) last issued its quarterly earnings data on Thursday, July 30th. The financial services provider reported $0.37 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.39 by ($0.02). ConnectOne Bancorp had a return on equity of 9.22% and a net margin of 20.73%. The business had revenue of $65.41 million for the quarter, compared to analyst estimates of $60.31 million. Research analysts expect that ConnectOne Bancorp will post 1.72 earnings per share for the current year.

In related news, Director Frank Huttle III sold 80,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $15.55, for a total value of $1,244,000.00. Insiders own 7.52% of the company’s stock.

A number of research analysts have issued reports on the company. Zacks Investment Research upgraded ConnectOne Bancorp from a “strong sell” rating to a “hold” rating in a research report on Tuesday, June 30th. Keefe, Bruyette & Woods upped their price objective on shares of ConnectOne Bancorp from $18.50 to $19.50 and gave the stock an “outperform” rating in a report on Friday. BidaskClub lowered shares of ConnectOne Bancorp from a “hold” rating to a “sell” rating in a research report on Saturday, July 11th. Finally, Raymond James dropped their price target on shares of ConnectOne Bancorp from $24.00 to $21.00 and set a “strong-buy” rating on the stock in a research report on Friday, May 1st. Two analysts have rated the stock with a sell rating, one has assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. ConnectOne Bancorp currently has a consensus rating of “Hold” and an average price target of $24.25.

About ConnectOne Bancorp

ConnectOne Bancorp, Inc operates as the bank holding company for ConnectOne Bank, a state chartered bank that provides various commercial banking products and services. The company offers a range of deposit products, including personal and business checking accounts, retirement accounts, money market accounts, and time and savings accounts.

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Dividend History for ConnectOne Bancorp (NASDAQ:CNOB)

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