Towne Bank (NASDAQ:TOWN) Announces $0.27 Quarterly Dividend

Towne Bank (NASDAQ:TOWN) declared a quarterly dividend on Wednesday, February 25th. Stockholders of record on Tuesday, March 31st will be paid a dividend of 0.27 per share by the bank on Friday, April 10th. This represents a c) dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date is Tuesday, March 31st.

Towne Bank has raised its dividend payment by an average of 0.1%annually over the last three years and has raised its dividend every year for the last 13 years. Towne Bank has a payout ratio of 31.6% indicating that its dividend is sufficiently covered by earnings. Analysts expect Towne Bank to earn $3.35 per share next year, which means the company should continue to be able to cover its $1.08 annual dividend with an expected future payout ratio of 32.2%.

Towne Bank Stock Performance

Shares of NASDAQ:TOWN traded up $0.03 on Thursday, reaching $35.09. The company’s stock had a trading volume of 118,152 shares, compared to its average volume of 465,404. Towne Bank has a 52-week low of $29.43 and a 52-week high of $37.86. The stock’s 50-day moving average is $35.25 and its two-hundred day moving average is $34.82. The company has a debt-to-equity ratio of 0.02, a current ratio of 0.87 and a quick ratio of 0.86. The stock has a market capitalization of $2.63 billion, a P/E ratio of 15.93 and a beta of 0.77.

Towne Bank (NASDAQ:TOWN) last announced its quarterly earnings data on Friday, January 30th. The bank reported $0.70 EPS for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.01). The firm had revenue of $221.09 million for the quarter, compared to analysts’ expectations of $225.43 million. Towne Bank had a return on equity of 10.11% and a net margin of 15.12%.The firm’s quarterly revenue was up 25.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.55 EPS. As a group, sell-side analysts forecast that Towne Bank will post 2.6 EPS for the current year.

Towne Bank Company Profile

TowneBank is a Virginia‐based financial services company organized as a bank holding company. Its primary subsidiary, TowneBank, operates a network of community banking offices and mortgage production facilities. The company offers a comprehensive range of commercial and consumer banking solutions, including deposit accounts, lending products, treasury management, and private banking services tailored to individuals, small businesses, and middle‐market corporations.

In addition to traditional banking, TowneBank provides specialty services through affiliated subsidiaries.