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

TowneBank (NASDAQ:TOWN) announced a quarterly dividend on Friday, November 29th,Wall Street Journal reports. Shareholders 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 dividend on an annualized basis and a yield of 2.73%. The ex-dividend date is Tuesday, December 31st.

TowneBank has raised its dividend by an average of 10.8% per year over the last three years and has raised its dividend every year for the last 12 years. TowneBank has a payout ratio of 38.9% meaning its dividend is sufficiently covered by earnings. Equities 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 Trading Down 0.1 %

TOWN traded down $0.05 during trading on Friday, reaching $36.63. 163,269 shares of the company’s stock were exchanged, compared to its average volume of 254,911. TowneBank has a one year low of $25.70 and a one year high of $37.77. The stock has a market capitalization of $2.75 billion, a PE ratio of 18.43 and a beta of 0.89. The firm has a fifty day moving average price of $34.17 and a two-hundred day moving average price of $31.49.

TowneBank (NASDAQ:TOWN) last posted its earnings results on Wednesday, October 23rd. The bank reported $0.58 earnings per share 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 for the quarter, compared to analyst estimates of $179.80 million. During the same period in the previous year, the firm posted $0.60 EPS. Sell-side analysts expect that TowneBank will post 2.07 earnings per share for the current year.

Analyst Ratings Changes

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

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.