TowneBank (NASDAQ:TOWN) Announces $0.25 Quarterly Dividend

TowneBank (NASDAQ:TOWN) announced a quarterly dividend on Friday, November 29th,Wall Street Journal reports. Investors of record on Tuesday, December 31st will be paid a dividend of 0.25 per share by the bank on Tuesday, January 14th. This represents a $1.00 annualized dividend and a dividend yield of 2.73%. The ex-dividend date is Tuesday, December 31st.

TowneBank has increased its dividend payment by an average of 10.8% annually over the last three years and has raised its dividend every year for the last 12 years. TowneBank has a dividend payout ratio of 38.9% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect TowneBank to earn $2.53 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 39.5%.

TowneBank Trading Down 0.1 %

Shares of NASDAQ TOWN opened at $36.63 on Friday. The company has a market cap of $2.75 billion, a price-to-earnings ratio of 18.41 and a beta of 0.89. TowneBank has a 12-month low of $25.70 and a 12-month high of $37.77. The stock’s 50 day simple moving average is $34.22 and its 200 day simple moving average is $31.55.

TowneBank (NASDAQ:TOWN) last announced its quarterly earnings results on Wednesday, October 23rd. The bank reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.02. The business had revenue of $258.86 million for the quarter, compared to the consensus estimate of $179.80 million. TowneBank had a return on equity of 7.32% and a net margin of 14.89%. During the same quarter last year, the business posted $0.60 EPS. As a group, equities analysts forecast that TowneBank will post 2.07 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods raised TowneBank from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $35.00 to $40.00 in a research note on Wednesday, October 2nd.

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.