TowneBank (NASDAQ:TOWN) Announces Quarterly Dividend of $0.18

TowneBank (NASDAQ:TOWN) declared a quarterly dividend on Wednesday, May 27th, Zacks reports. Shareholders of record on Tuesday, June 30th will be given a dividend of 0.18 per share by the bank on Friday, July 10th. This represents a $0.72 dividend on an annualized basis and a yield of 4.06%. The ex-dividend date of this dividend is Monday, June 29th.

TowneBank has a dividend payout ratio of 58.5% indicating that its dividend is sufficiently covered by earnings. Research analysts expect TowneBank to earn $0.97 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 74.2%.

Shares of NASDAQ TOWN opened at $17.75 on Friday. The company has a 50-day simple moving average of $18.44 and a 200-day simple moving average of $22.65. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.03 and a quick ratio of 0.99. The company has a market cap of $1.29 billion, a PE ratio of 9.59 and a beta of 1.16. TowneBank has a 12 month low of $15.03 and a 12 month high of $29.02.

TowneBank (NASDAQ:TOWN) last announced its earnings results on Monday, April 27th. The bank reported $0.36 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.35 by $0.01. The firm had revenue of $137.70 million for the quarter, compared to analyst estimates of $138.05 million. TowneBank had a net margin of 19.80% and a return on equity of 8.19%. On average, analysts anticipate that TowneBank will post 1.3 EPS for the current year.

TOWN has been the topic of several analyst reports. BidaskClub upgraded TowneBank from a “strong sell” rating to a “sell” rating in a report on Saturday, June 6th. Zacks Investment Research reissued a “sell” rating on shares of TowneBank in a research note on Saturday, May 2nd. Two research analysts have rated the stock with a sell rating and three have issued a hold rating to the stock. The company presently has an average rating of “Hold” and an average target price of $29.00.

TowneBank Company Profile

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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