TowneBank (TOWN) To Go Ex-Dividend on September 30th

TowneBank (NASDAQ:TOWN) declared a quarterly dividend on Wednesday, August 28th, Wall Street Journal reports. Investors of record on Monday, September 30th will be given a dividend of 0.25 per share by the bank on Friday, October 11th. This represents a $1.00 dividend on an annualized basis and a yield of 3.04%. The ex-dividend date is Monday, September 30th.

TowneBank has raised its dividend payment by an average of 10.8% annually over the last three years and has raised its dividend annually for the last 12 consecutive years. TowneBank has a dividend payout ratio of 39.4% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect TowneBank to earn $2.63 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 38.0%.

TowneBank Stock Down 0.1 %

Shares of NASDAQ TOWN opened at $32.93 on Friday. TowneBank has a twelve month low of $21.63 and a twelve month high of $35.10. The firm has a market cap of $2.47 billion, a PE ratio of 16.38 and a beta of 0.89. The business has a fifty day simple moving average of $33.08 and a two-hundred day simple moving average of $29.25.

TowneBank (NASDAQ:TOWN) last posted its quarterly earnings data on Wednesday, July 24th. The bank reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.48 by $0.09. The firm had revenue of $174.97 million during the quarter, compared to analysts’ expectations of $172.20 million. TowneBank had a return on equity of 7.56% and a net margin of 15.33%. The business’s quarterly revenue was down 3.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.52 EPS. On average, research analysts expect that TowneBank will post 2.15 earnings per share for the current year.

Analyst Ratings Changes

TOWN has been the subject of several recent research reports. StockNews.com upgraded TowneBank from a “sell” rating to a “hold” rating in a research report on Monday, July 29th. Keefe, Bruyette & Woods increased their price objective on TowneBank from $30.00 to $35.00 and gave the company a “market perform” rating in a research note on Monday, July 29th.

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.