TowneBank (NASDAQ:TOWN – Get 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.
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.
Get Our Latest Report on TowneBank
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.
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