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

Key Points

• ConnectOne Bancorp, Inc. has declared a quarterly dividend of $0.18 per share, benefiting stockholders of record as of August 15, with payment scheduled for September 2.
• The company boasts a dividend payout ratio of 22.2%, indicating that its dividend is well-covered by earnings, with projected earnings of $3.26 per share for the next year.
• ConnectOne Bancorp's stock opened at $24.52 and has a market capitalization of approximately $943.28 million, with analysts rating the stock as "outperform" at target prices ranging from $29.00 to $31.00.

ConnectOne Bancorp, Inc. (NASDAQ:CNOB - Get Free Report) announced a quarterly dividend on Tuesday, July 29th, RTT News reports. Shareholders of record on Friday, August 15th will be given a dividend of 0.18 per share by the financial services provider on Tuesday, September 2nd. This represents a $0.72 annualized dividend and a yield of 3.09%. The ex-dividend date is Friday, August 15th.

ConnectOne Bancorp has a payout ratio of 22.2% indicating that its dividend is sufficiently covered by earnings. Equities 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 Down 0.8%

ConnectOne Bancorp stock traded down $0.19 during trading hours on Wednesday, hitting $23.29. 480,908 shares of the stock traded hands, compared to its average volume of 298,001. The firm's 50-day moving average price is $23.59 and its two-hundred day moving average price is $23.74. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.07. The company has a market cap of $895.97 million, a PE ratio of 26.77 and a beta of 1.10. ConnectOne Bancorp has a one year low of $20.08 and a one year high of $29.31.

Hedge Funds Weigh In On ConnectOne Bancorp

Hedge funds have recently added to or reduced their stakes in the company. AQR Capital Management LLC raised its holdings in ConnectOne Bancorp by 7.6% in the 1st quarter. AQR Capital Management LLC now owns 74,053 shares of the financial services provider's stock worth $1,800,000 after acquiring an additional 5,205 shares during the last quarter. Jane Street Group LLC raised its stake in ConnectOne Bancorp by 374.7% during the 1st quarter. Jane Street Group LLC now owns 64,537 shares of the financial services provider's stock valued at $1,569,000 after buying an additional 50,942 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in ConnectOne Bancorp by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,537 shares of the financial services provider's stock valued at $524,000 after buying an additional 914 shares during the last quarter. 67.70% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. Hovde Group lifted their target price on shares of ConnectOne Bancorp from $29.00 to $29.50 and gave the company an "outperform" rating in a report on Thursday, April 24th. Keefe, Bruyette & Woods lowered their target price on shares of ConnectOne Bancorp from $32.00 to $31.00 and set an "outperform" rating for the company in a report on Friday, April 25th.

About ConnectOne Bancorp

ConnectOne Bancorp, Inc operates as the bank holding company for ConnectOne Bank that provides commercial banking products and services for small and mid-sized businesses, local professionals, and individuals in the New York Metropolitan area and South Florida market. The company offers personal and business checking, money market, and time and savings accounts; credit cards, wire transfers, safe deposit boxes, automated teller services and telephone, and internet and mobile banking.