ConnectOne Bancorp's Preferred Stock Series A Yield Pushes Past 5.5%

In trading on Thursday, shares of ConnectOne Bancorp Inc's Dep Shares 5.25% Reset Rate Non-Cumul Preferred Stock Ser A (Symbol: CNOBP) were yielding above the 5.5% mark based on its quarterly dividend (annualized to $1.3125), with shares changing hands as low as $23.50 on the day. This compares to an average yield of 6.52% in the "Financial" preferred stock category, according to Preferred Stock Channel. As of last close, CNOBP was trading at a 3.92% discount to its liquidation preference amount, versus the average discount of 8.82% in the "Financial" category. Investors should keep in mind that the shares are not cumulative, meaning that in the event of a missed payment, the company does not have to pay the balance of missed dividends to preferred shareholders before resuming a common dividend.

The chart below shows the one year performance of CNOBP shares, versus CNOB:

Below is a dividend history chart for CNOBP, showing historical dividend payments on ConnectOne Bancorp Inc's Dep Shares 5.25% Reset Rate Non-Cumul Preferred Stock Ser A: Free Report: Top 8%+ Dividends (paid monthly)

In Thursday trading, ConnectOne Bancorp Inc's Dep Shares 5.25% Reset Rate Non-Cumul Preferred Stock Ser A (Symbol: CNOBP) is currently off about 1.4% on the day, while the common shares (Symbol: CNOB) are down about 1.6%.

Also see: • Stock market game
• POOL Insider Buying
• Institutional Holders of LFT


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.