Towne Bank (NASDAQ:TOWN) Announces $0.28 Quarterly Dividend

Towne Bank (NASDAQ:TOWN – Get Free Report) announced a quarterly dividend on Wednesday, August 26th. Investors of record on Friday, September 25th will be paid a dividend of 0.28 per share by the bank on Friday, October 9th. This represents a c) dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Friday, September 25th.

Towne Bank has increased its dividend by an average of 0.1%per year over the last three years and has increased its dividend every year for the last 13 years. Towne Bank has a dividend payout ratio of 32.7% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Towne Bank to earn $3.40 per share next year, which means the company should continue to be able to cover its $1.12 annual dividend with an expected future payout ratio of 32.9%.

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Towne Bank Price Performance

TOWN opened at $37.53 on Thursday. The company has a quick ratio of 0.88, a current ratio of 0.90 and a debt-to-equity ratio of 0.04. The company’s 50-day moving average price is $36.86 and its 200 day moving average price is $35.40. Towne Bank has a fifty-two week low of $31.91 and a fifty-two week high of $39.03. The firm has a market cap of $2.96 billion, a price-to-earnings ratio of 10.54 and a beta of 0.69.

Towne Bank (NASDAQ:TOWN – Get Free Report) last posted its earnings results on Thursday, July 23rd. The bank reported $0.78 EPS for the quarter, missing the consensus estimate of $0.79 by ($0.01). Towne Bank had a net margin of 25.64% and a return on equity of 9.60%. The company had revenue of $245.72 million for the quarter, compared to the consensus estimate of $245.33 million. As a group, sell-side analysts expect that Towne Bank will post 3.09 earnings per share for the current year.

Towne Bank Company Profile

(Get Free Report)

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.

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