TowneBank (NASDAQ:TOWN) to Issue Quarterly Dividend of $0.25

TowneBank (NASDAQ:TOWN) declared a quarterly dividend on Wednesday, February 26th, RTT News reports. Investors 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 annualized dividend and a yield of 2.81%.

TowneBank has increased its dividend by an average of 8.6% per year over the last three years and has increased its dividend annually for the last 13 consecutive years. TowneBank has a dividend payout ratio of 30.9% meaning 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

TOWN stock traded down $0.19 during midday trading on Wednesday, hitting $35.57. 127,232 shares of the company’s stock were exchanged, compared to its average volume of 212,502. The stock’s fifty day moving average price is $35.10 and its 200-day moving average price is $34.59. TowneBank has a one year low of $25.70 and a one year high of $38.28. The company has a market cap of $2.67 billion, a PE ratio of 16.52 and a beta of 0.93.

TowneBank (NASDAQ:TOWN) last posted its quarterly earnings results on Wednesday, January 22nd. The bank reported $0.55 earnings per share (EPS) for the quarter, topping 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%. On average, analysts expect that TowneBank will post 2.6 EPS for the current year.

Wall Street Analysts Forecast Growth

Separately, Stephens reaffirmed an “equal weight” rating and set a $41.00 target price on shares of TowneBank in a research note 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.