TowneBank (NASDAQ:TOWN) Declares Quarterly Dividend of $0.25

TowneBank (NASDAQ:TOWN) declared a quarterly dividend on Wednesday, February 26th, RTT News reports. Investors of record on Monday, March 31st will be paid a dividend of 0.25 per share by the bank on Friday, April 11th. This represents a $1.00 dividend on an annualized basis and a yield of 2.81%.

TowneBank has increased its dividend payment 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 payout ratio of 30.9% indicating that 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 Price Performance

TOWN stock traded down $0.19 during mid-day trading on Wednesday, reaching $35.57. 127,232 shares of the company’s stock were exchanged, compared to its average volume of 212,502. The company has a market cap of $2.67 billion, a price-to-earnings ratio of 16.52 and a beta of 0.93. TowneBank has a 12-month low of $25.70 and a 12-month high of $38.28. The stock’s 50 day moving average is $35.10 and its 200 day moving average is $34.59.

TowneBank (NASDAQ:TOWN) last posted its quarterly earnings results on Wednesday, January 22nd. The bank reported $0.55 EPS for the quarter, beating the consensus estimate of $0.48 by $0.07. TowneBank had a return on equity of 7.77% and a net margin of 15.77%. On average, research analysts forecast that TowneBank will post 2.6 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Separately, Stephens reaffirmed an “equal weight” rating and issued a $41.00 target price on shares of TowneBank in a research note on Thursday, January 23rd.

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.