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

TowneBank (NASDAQ:TOWN) declared a quarterly dividend on Wednesday, February 26th, RTT News reports. Stockholders of record on Monday, March 31st will be given a dividend of 0.25 per share by the bank on Friday, April 11th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.90%. The ex-dividend date is Monday, March 31st.

TowneBank has increased its dividend payment by an average of 8.6% annually over the last three years and has increased its dividend annually for the last 13 consecutive years. TowneBank has a payout ratio of 30.9% indicating that its dividend is sufficiently covered by earnings. Research analysts expect TowneBank to earn $3.35 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 29.9%.

TowneBank Stock Performance

TowneBank stock opened at $34.45 on Friday. TowneBank has a 1 year low of $25.70 and a 1 year high of $38.28. The firm has a 50 day moving average price of $35.64 and a 200 day moving average price of $34.84. The company has a market cap of $2.58 billion, a price-to-earnings ratio of 16.02 and a beta of 0.88.

TowneBank (NASDAQ:TOWN) last announced its quarterly earnings data on Wednesday, January 22nd. The bank reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.07. TowneBank had a net margin of 15.77% and a return on equity of 7.77%. Sell-side analysts predict that TowneBank will post 2.6 EPS for the current year.

Wall Street Analyst Weigh In

Separately, Stephens restated an “equal weight” rating and issued a $41.00 price objective on shares of TowneBank in a report on Thursday, January 23rd.

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.