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

TowneBank (NASDAQ:TOWNGet Free Report) declared a quarterly dividend on Wednesday, November 27th,Wall Street Journal reports. Stockholders of record on Tuesday, December 31st will be given 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 2.91%. The ex-dividend date of this dividend is Tuesday, December 31st.

TowneBank has increased its dividend by an average of 10.8% per year over the last three years and has increased its dividend every year for the last 12 years. TowneBank has a dividend payout ratio of 39.4% meaning its dividend is sufficiently covered by earnings. 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 Price Performance

TowneBank stock opened at $34.42 on Friday. TowneBank has a one year low of $25.70 and a one year high of $38.28. The business’s fifty day moving average is $35.14 and its 200 day moving average is $32.77. The stock has a market capitalization of $2.58 billion, a PE ratio of 17.30 and a beta of 0.91.

TowneBank (NASDAQ:TOWNGet Free Report) last announced its quarterly earnings results on Wednesday, October 23rd. The bank reported $0.58 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.02. TowneBank had a net margin of 14.89% and a return on equity of 7.32%. The firm had revenue of $258.86 million during the quarter, compared to analyst estimates of $179.80 million. During the same period in the previous year, the business posted $0.60 earnings per share. As a group, sell-side analysts expect that TowneBank will post 2.07 EPS for the current fiscal year.

Analysts Set New Price Targets

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

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About TowneBank

(Get Free Report)

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.

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Dividend History for TowneBank (NASDAQ:TOWN)

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