TowneBank (NASDAQ:TOWN) Declares $0.25 Quarterly Dividend

TowneBank (NASDAQ:TOWN) declared a quarterly dividend on Wednesday, February 26th, RTT News reports. Shareholders of record on Monday, March 31st will be paid 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 2.75%. The ex-dividend date of this dividend is Monday, March 31st.

TowneBank has raised its dividend payment by an average of 8.6% annually over the last three years and has raised its dividend annually for the last 13 consecutive years. TowneBank has a dividend payout ratio of 30.9% indicating that its dividend is sufficiently covered by earnings. Equities 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 Price Performance

TOWN opened at $36.34 on Friday. The company’s 50 day simple moving average is $35.18 and its 200-day simple moving average is $34.61. TowneBank has a one year low of $25.70 and a one year high of $38.28. The stock has a market capitalization of $2.73 billion, a P/E ratio of 16.90 and a beta of 0.93.

TowneBank (NASDAQ:TOWN) last released its earnings results on Wednesday, January 22nd. The bank reported $0.55 earnings per share for the quarter, topping analysts’ consensus estimates of $0.48 by $0.07. TowneBank had a return on equity of 7.77% and a net margin of 15.77%. As a group, analysts anticipate that TowneBank will post 2.6 EPS for the current year.

Analyst Ratings Changes

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

About TowneBank

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.