TowneBank (TOWN) To Go Ex-Dividend on June 27th

TowneBank (NASDAQ:TOWN) declared a quarterly dividend on Wednesday, May 14th, RTT News reports. Shareholders of record on Friday, June 27th will be paid a dividend of 0.27 per share by the bank on Friday, July 11th. This represents a $1.08 annualized dividend and a yield of 3.06%. The ex-dividend date is Friday, June 27th. This is a 8.0% increase from TowneBank’s previous quarterly dividend of $0.25.

TowneBank has increased its dividend by an average of 8.6% annually over the last three years and has raised its dividend every year for the last 13 years. TowneBank has a dividend payout ratio of 29.2% meaning 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 Stock Performance

NASDAQ:TOWN opened at $35.25 on Friday. The stock has a market capitalization of $2.64 billion, a P/E ratio of 16.40 and a beta of 0.79. The company has a 50 day moving average price of $33.16 and a 200 day moving average price of $34.59. TowneBank has a fifty-two week low of $25.70 and a fifty-two week high of $38.28.

TowneBank (NASDAQ:TOWN) last released its quarterly earnings results on Wednesday, April 23rd. The bank reported $0.68 EPS for the quarter, topping the consensus estimate of $0.61 by $0.07. TowneBank had a return on equity of 7.77% and a net margin of 15.77%. The business had revenue of $190.04 million during the quarter, compared to analyst estimates of $191.29 million. During the same period last year, the business posted $0.48 earnings per share. The company’s quarterly revenue was up 14.9% on a year-over-year basis. Research analysts forecast that TowneBank will post 2.6 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

TOWN has been the subject of a number of research analyst reports. Stephens restated an “equal weight” rating and set a $41.00 target price on shares of TowneBank in a report on Thursday, January 23rd. Hovde Group raised their price objective on shares of TowneBank from $38.00 to $39.00 and gave the company an “outperform” rating in a research note on Monday, April 28th.

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.