TowneBank (NASDAQ:TOWN) to Issue $0.18 Quarterly Dividend

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TowneBank (NASDAQ:TOWN) announced a quarterly dividend on Thursday, February 27th, Zacks reports. Shareholders of record on Monday, March 30th will be paid a dividend of 0.18 per share by the bank on Friday, April 10th. This represents a $0.72 annualized dividend and a yield of 4.28%. The ex-dividend date of this dividend is Friday, March 27th.

TowneBank has increased its dividend by an average of 9.4% annually over the last three years and has raised its dividend every year for the last 8 years. TowneBank has a dividend payout ratio of 42.6% indicating that its dividend is sufficiently covered by earnings. Analysts expect TowneBank to earn $1.69 per share next year, which means the company should continue to be able to cover its $0.72 annual dividend with an expected future payout ratio of 42.6%.

Shares of TowneBank stock opened at $16.81 on Thursday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.92 and a current ratio of 0.97. TowneBank has a one year low of $15.03 and a one year high of $29.02. The stock has a market cap of $1.25 billion, a price-to-earnings ratio of 8.71 and a beta of 1.14. The stock has a 50 day moving average price of $23.60 and a 200-day moving average price of $26.81.

TowneBank (NASDAQ:TOWN) last announced its earnings results on Thursday, January 23rd. The bank reported $0.49 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.44 by $0.05. TowneBank had a return on equity of 8.69% and a net margin of 20.61%. The business had revenue of $139.67 million during the quarter, compared to analyst estimates of $139.19 million. Sell-side analysts predict that TowneBank will post 1.65 earnings per share for the current fiscal year.

Several brokerages have recently commented on TOWN. Stephens initiated coverage on TowneBank in a research note on Tuesday, January 7th. They set an “equal weight” rating and a $28.00 price target on the stock. Zacks Investment Research lowered shares of TowneBank from a “hold” rating to a “sell” rating in a report on Tuesday. Finally, ValuEngine upgraded shares of TowneBank from a “sell” rating to a “hold” rating in a report on Tuesday, February 18th. Two investment analysts have rated the stock with a sell rating and three have issued a hold rating to the stock. TowneBank presently has an average rating of “Hold” and a consensus price target of $29.00.

About TowneBank

TowneBank provides retail and commercial banking services for small- and medium-size businesses, professionals, and individuals. The company operates in three segments: Banking, Realty, and Insurance. It accepts various deposits products, including demand deposits, savings accounts, money rate savings, certificates of deposit, and individual retirement accounts, and negotiable order of withdrawal accounts.

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Dividend History for TowneBank (NASDAQ:TOWN)

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