TowneBank (TOWN) to Issue Quarterly Dividend of $0.25 on July 12th

TowneBank (NASDAQ:TOWNGet Free Report) declared a quarterly dividend on Wednesday, May 29th, Zacks reports. Investors of record on Friday, June 28th will be given a dividend of 0.25 per share by the bank on Friday, July 12th. This represents a $1.00 annualized dividend and a yield of 3.68%. The ex-dividend date of this dividend is Friday, June 28th.

TowneBank has raised its dividend payment by an average of 10.8% annually over the last three years and has increased its dividend every year for the last 12 years. TowneBank has a dividend payout ratio of 40.5% indicating that its dividend is sufficiently covered by earnings. Analysts expect TowneBank to earn $2.58 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 38.8%.

TowneBank Stock Performance

Shares of TOWN opened at $27.21 on Friday. TowneBank has a 1 year low of $21.63 and a 1 year high of $31.08. The stock has a market capitalization of $1.98 billion, a PE ratio of 13.46 and a beta of 0.89. The stock has a 50-day simple moving average of $27.14 and a 200-day simple moving average of $27.70.

TowneBank (NASDAQ:TOWNGet Free Report) last released its quarterly earnings data on Wednesday, April 24th. The bank reported $0.48 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.48. The business had revenue of $167.10 million during the quarter, compared to analysts’ expectations of $169.68 million. TowneBank had a net margin of 15.50% and a return on equity of 7.45%. The company’s revenue for the quarter was down 9.2% on a year-over-year basis. During the same period in the previous year, the company earned $0.62 EPS. Analysts predict that TowneBank will post 2.07 EPS for the current year.

Analyst Ratings Changes

Separately, downgraded TowneBank from a “hold” rating to a “sell” rating in a research note on Thursday, February 8th.

Get Our Latest Stock Analysis on TOWN

TowneBank Company Profile

(Get Free Report)

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.

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Dividend History for TowneBank (NASDAQ:TOWN)

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