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

ConnectOne Bancorp, Inc. (NASDAQ:CNOB) announced a quarterly dividend on Thursday, January 29th. Investors 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 raised its dividend payment by an average of 0.2%per year over the last three years and has increased 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. 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 Trading Down 1.1%

CNOB stock opened at $27.53 on Friday. ConnectOne Bancorp has a fifty-two week low of $20.61 and a fifty-two week high of $29.28. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.03 and a current ratio of 1.03. The firm has a fifty day moving average price of $26.74 and a 200 day moving average price of $25.32. The firm has a market cap of $1.38 billion, a PE ratio of 21.91 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 EPS for the quarter, beating analysts’ consensus estimates of $0.74 by $0.09. ConnectOne Bancorp had a net margin of 9.90% and a return on equity of 8.22%. The firm had revenue of $114.63 million during the quarter, compared to the consensus estimate of $114.80 million. Sell-side analysts anticipate that ConnectOne Bancorp will post 2.23 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in CNOB. Farther Finance Advisors LLC boosted its stake in ConnectOne Bancorp by 275.3% in the 2nd quarter. Farther Finance Advisors LLC now owns 1,471 shares of the financial services provider’s stock worth $34,000 after buying an additional 1,079 shares during the last quarter. Osaic Holdings Inc. lifted its stake in shares of ConnectOne Bancorp by 728.4% during the second quarter. Osaic Holdings Inc. now owns 1,781 shares of the financial services provider’s stock worth $41,000 after purchasing an additional 1,566 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in shares of ConnectOne Bancorp by 107.9% in the second 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 during the period. State of Alaska Department of Revenue acquired a new position in ConnectOne Bancorp during the 3rd quarter worth approximately $48,000. Finally, Ameritas Investment Partners Inc. raised its stake in shares of ConnectOne Bancorp by 28.8% during the second quarter. Ameritas Investment Partners Inc. now owns 4,746 shares of the financial services provider’s stock valued at $110,000 after purchasing an additional 1,061 shares during the period. 67.70% of the stock is currently owned by institutional investors and hedge funds.

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.