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

Key Points

• ConnectOne announced a quarterly dividend of $0.195 per share, payable June 1 to shareholders of record May 15 (ex-dividend May 15), an 8.3% increase that implies a 2.7% yield.
• Dividend looks sustainable with a current payout ratio of 22.2%, an expected payout ratio of ~20.5% next year, and four consecutive years of annual dividend increases.
• Q1 showed mixed results — EPS of $0.79 beat estimates by $0.01 while revenue of $116.6M missed expectations, and the stock climbed about 3.3% to $28.93 after the report.

ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Get Free Report) announced a quarterly dividend on Thursday, April 23rd. Stockholders of record on Friday, May 15th will be given a dividend of 0.195 per share by the financial services provider on Monday, June 1st. This represents a c) dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend is Friday, May 15th. This is a 8.3% increase from ConnectOne Bancorp's previous quarterly dividend of $0.18.

ConnectOne Bancorp has raised its dividend by an average of 0.1%annually over the last three years and has raised its dividend annually for the last 4 consecutive years. ConnectOne Bancorp has a payout ratio of 22.2% meaning its dividend is sufficiently covered by earnings. Equities analysts expect ConnectOne Bancorp to earn $3.52 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 20.5%.

ConnectOne Bancorp Stock Up 3.3%

Shares of NASDAQ:CNOB traded up $0.92 during trading on Thursday, reaching $28.93. The stock had a trading volume of 491,557 shares, compared to its average volume of 321,167. ConnectOne Bancorp has a one year low of $21.79 and a one year high of $29.28. The company has a market capitalization of $1.45 billion, a P/E ratio of 19.29 and a beta of 1.08. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.76. The firm's 50-day simple moving average is $27.02 and its 200 day simple moving average is $26.34.

ConnectOne Bancorp (NASDAQ:CNOB - Get Free Report) last released its quarterly earnings results on Thursday, April 23rd. The financial services provider reported $0.79 earnings per share for the quarter, beating analysts' consensus estimates of $0.78 by $0.01. ConnectOne Bancorp had a net margin of 11.83% and a return on equity of 9.33%. The business had revenue of $116.64 million for the quarter, compared to analysts' expectations of $119.59 million. As a group, research analysts expect that ConnectOne Bancorp will post 3.18 EPS for the current fiscal year.

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.

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