TowneBank Plans Quarterly Dividend of $0.25 (NASDAQ:TOWN)

TowneBank (NASDAQ:TOWN) declared a quarterly dividend on Wednesday, August 28th, Wall Street Journal reports. Investors of record on Monday, September 30th will be paid a dividend of 0.25 per share by the bank on Friday, October 11th. This represents a $1.00 annualized dividend and a yield of 3.04%. The ex-dividend date of this dividend is Monday, September 30th.

TowneBank has raised its dividend by an average of 10.8% per year over the last three years and has raised its dividend annually for the last 12 consecutive years. TowneBank has a dividend payout ratio of 39.4% meaning its dividend is sufficiently covered by earnings. Analysts expect TowneBank to earn $2.63 per share next year, which means the company should continue to be able to cover its $1.00 annual dividend with an expected future payout ratio of 38.0%.

TowneBank Price Performance

Shares of NASDAQ:TOWN opened at $32.93 on Friday. The firm has a market capitalization of $2.47 billion, a PE ratio of 16.38 and a beta of 0.89. The business has a 50 day simple moving average of $33.08 and a two-hundred day simple moving average of $29.27. TowneBank has a 1 year low of $21.63 and a 1 year high of $35.10.

TowneBank (NASDAQ:TOWN) last posted its quarterly earnings data on Wednesday, July 24th. The bank reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.48 by $0.09. TowneBank had a return on equity of 7.56% and a net margin of 15.33%. The company had revenue of $174.97 million during the quarter, compared to analysts’ expectations of $172.20 million. During the same quarter in the previous year, the business earned $0.52 EPS. TowneBank’s revenue was down 3.6% compared to the same quarter last year. Equities research analysts expect that TowneBank will post 2.15 EPS for the current fiscal year.

Analyst Ratings Changes

TOWN has been the topic of several recent analyst reports. StockNews.com raised shares of TowneBank from a “sell” rating to a “hold” rating in a research note on Monday, July 29th. Keefe, Bruyette & Woods upped their target price on shares of TowneBank from $30.00 to $35.00 and gave the stock a “market perform” rating in a research note on Monday, July 29th.

TowneBank Company Profile

TowneBank provides retail and commercial banking services for individuals, commercial enterprises, and professionals. The company operates through three segments: Banking, Realty, and Insurance. It accepts various deposits, including demand deposits, savings accounts, money rate savings, certificates of deposit, and individual retirement accounts.