ConnectOne Bancorp, Inc. (NASDAQ:CNOB) Shareholders Set to Receive $0.20 Quarterly Dividend

ConnectOne Bancorp, Inc. (NASDAQ:CNOB) announced a quarterly dividend on Thursday, October 22nd. Stockholders of record on Friday, November 13th will be given a dividend of $0.1950 per share by the financial services provider on Tuesday, December 1st. This represents a $0.78 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date is Friday, November 13th.

ConnectOne Bancorp has raised its dividend by an average of 0.1% annually over the last three years and has raised its dividend every year for the last 4 years. ConnectOne Bancorp has a payout ratio of 24.1% meaning its dividend is sufficiently covered by earnings. Analysts expect ConnectOne Bancorp to earn $3.69 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 21.1%.

ConnectOne Bancorp Trading Up 6.3%

Shares of ConnectOne Bancorp stock opened at $32.82 on Friday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.04 and a current ratio of 1.04. The firm has a 50-day moving average of $31.30 and a 200-day moving average of $31.18. ConnectOne Bancorp has a 52-week low of $23.20 and a 52-week high of $34.14. The stock has a market cap of $1.65 billion, a PE ratio of 9.77 and a beta of 1.08.

ConnectOne Bancorp (NASDAQ:CNOB) last issued its quarterly earnings data on Thursday, October 22nd. The financial services provider reported $0.95 earnings per share for the quarter, topping the consensus estimate of $0.85 by $0.10. The business had revenue of $127.23 million during the quarter, compared to analysts’ expectations of $125.36 million. ConnectOne Bancorp had a net margin of 20.21% and a return on equity of 11.24%. As a group, sell-side analysts forecast that ConnectOne Bancorp will post 3.35 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the stock. Raymond James Financial reaffirmed a “market perform” rating on shares of ConnectOne Bancorp in a report on Wednesday, July 1st. Weiss Ratings reiterated a “buy (b)” rating on shares of ConnectOne Bancorp in a research note on Monday, August 17th. Finally, Piper Sandler increased their price target on ConnectOne Bancorp from $34.00 to $38.00 and gave the stock an “overweight” rating in a research report on Friday, June 26th. Four investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $35.00.

About ConnectOne Bancorp

ConnectOne Bancorp, Inc is the parent company of ConnectOne Bank, a full-service commercial bank headquartered in Englewood Cliffs, New Jersey. The bank primarily serves businesses, entrepreneurs, professionals, nonprofit organizations and individuals in the New York metropolitan area and surrounding communities.

ConnectOne Bank provides a range of commercial and personal banking products, including checking and savings accounts, certificates of deposit, commercial and industrial loans, commercial real estate financing, construction loans, residential mortgage loans and consumer lending.