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

ConnectOne Bancorp, Inc. (NASDAQ:CNOB) declared a quarterly dividend on Thursday, January 29th. Stockholders of record on Friday, February 13th will be given a dividend of 0.18 per share by the financial services provider on Monday, March 2nd. This represents a c) annualized dividend and a dividend yield of 2.6%. The ex-dividend date of this dividend is Friday, February 13th.

ConnectOne Bancorp has increased its dividend by an average of 0.2%per year over the last three years and has increased its dividend every year for the last 4 years. ConnectOne Bancorp has a payout ratio of 22.2% indicating that its dividend is sufficiently covered by earnings. Analysts expect ConnectOne Bancorp to earn $3.26 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 22.1%.

ConnectOne Bancorp Stock Performance

NASDAQ CNOB traded down $0.24 during trading hours on Thursday, reaching $27.61. The company’s stock had a trading volume of 353,575 shares, compared to its average volume of 231,643. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.73. The business has a 50-day simple moving average of $26.74 and a 200 day simple moving average of $25.32. ConnectOne Bancorp has a 52 week low of $20.61 and a 52 week high of $29.28. The stock has a market cap of $1.39 billion, a PE ratio of 12.22 and a beta of 1.13.

ConnectOne Bancorp (NASDAQ:CNOB) last announced its quarterly earnings results on Thursday, January 29th. The financial services provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.09. ConnectOne Bancorp had a return on equity of 8.22% and a net margin of 9.90%.The business had revenue of $114.63 million for the quarter, compared to analysts’ expectations of $114.80 million. Equities research analysts predict that ConnectOne Bancorp will post 2.23 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ConnectOne Bancorp

Several large investors have recently made changes to their positions in CNOB. Farther Finance Advisors LLC lifted its position in shares of ConnectOne Bancorp by 275.3% in the second quarter. Farther Finance Advisors LLC now owns 1,471 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 1,079 shares in the last quarter. Osaic Holdings Inc. increased its stake in ConnectOne Bancorp by 728.4% in the 2nd quarter. Osaic Holdings Inc. now owns 1,781 shares of the financial services provider’s stock valued at $41,000 after buying an additional 1,566 shares during the period. PNC Financial Services Group Inc. lifted its position in ConnectOne Bancorp by 107.9% in the 2nd quarter. PNC Financial Services Group Inc. now owns 1,842 shares of the financial services provider’s stock worth $43,000 after buying an additional 956 shares in the last quarter. State of Alaska Department of Revenue acquired a new stake in shares of ConnectOne Bancorp during the 3rd quarter valued at $48,000. Finally, Ameritas Investment Partners Inc. grew its holdings in shares of ConnectOne Bancorp by 28.8% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 4,746 shares of the financial services provider’s stock valued at $110,000 after acquiring an additional 1,061 shares in the last quarter. Institutional investors own 67.70% of the company’s stock.

ConnectOne Bancorp Company Profile

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.