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.
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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