Towne Bank Plans Quarterly Dividend of $0.27 (NASDAQ:TOWN)

Towne Bank (NASDAQ:TOWN) announced a quarterly dividend on Wednesday, February 25th. Investors of record on Tuesday, March 31st will be paid a dividend of 0.27 per share by the bank on Friday, April 10th. This represents a c) dividend on an annualized basis and a yield of 3.1%. The ex-dividend date is Tuesday, March 31st.

Towne Bank has raised its dividend payment by an average of 0.1%annually over the last three years and has increased its dividend annually for the last 13 consecutive years. Towne Bank has a payout ratio of 31.6% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Towne Bank to earn $3.35 per share next year, which means the company should continue to be able to cover its $1.08 annual dividend with an expected future payout ratio of 32.2%.

Towne Bank Price Performance

Towne Bank stock traded up $0.20 during mid-day trading on Thursday, hitting $35.26. The company’s stock had a trading volume of 92,393 shares, compared to its average volume of 464,727. The stock has a market capitalization of $2.64 billion, a P/E ratio of 16.01 and a beta of 0.77. Towne Bank has a twelve month low of $29.43 and a twelve month high of $37.86. The stock’s fifty day moving average price is $35.25 and its two-hundred day moving average price is $34.82. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.02.

Towne Bank (NASDAQ:TOWN) last announced its quarterly earnings data on Friday, January 30th. The bank reported $0.70 EPS for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.01). The company had revenue of $221.09 million for the quarter, compared to analyst estimates of $225.43 million. Towne Bank had a net margin of 15.12% and a return on equity of 10.11%. Towne Bank’s revenue was up 25.3% on a year-over-year basis. During the same quarter last year, the company posted $0.55 EPS. Research analysts forecast that Towne Bank will post 2.6 earnings per share for the current year.

About Towne Bank

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.