Towne Bank (TOWN) To Go Ex-Dividend on June 26th

Towne Bank (NASDAQ:TOWN) declared a quarterly dividend on Wednesday, May 20th. Shareholders of record on Friday, June 26th will be given a dividend of 0.28 per share by the bank on Friday, July 10th. This represents a c) dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend is Friday, June 26th. This is a 3.7% increase from Towne Bank’s previous quarterly dividend of $0.27.

Towne Bank has raised its dividend payment by an average of 0.1%per year over the last three years and has increased its dividend annually for the last 13 consecutive years. Towne Bank has a dividend payout ratio of 31.6% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Towne Bank to earn $3.45 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 31.3%.

Towne Bank Stock Performance

NASDAQ TOWN opened at $34.59 on Friday. The stock has a 50-day simple moving average of $34.39 and a two-hundred day simple moving average of $34.50. The firm has a market capitalization of $2.73 billion, a P/E ratio of 17.47 and a beta of 0.72. Towne Bank has a fifty-two week low of $31.91 and a fifty-two week high of $37.86. The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.86 and a current ratio of 0.87.

Towne Bank (NASDAQ:TOWN) last released its quarterly earnings data on Wednesday, April 22nd. The bank reported $0.74 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.74. The business had revenue of $247.62 million during the quarter, compared to analyst estimates of $274.02 million. Towne Bank had a return on equity of 10.48% and a net margin of 13.51%.The company’s revenue was up 34.6% on a year-over-year basis. During the same quarter last year, the business posted $0.68 EPS. On average, equities analysts forecast that Towne Bank will post 3.15 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on TOWN shares. Weiss Ratings cut Towne Bank from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday, May 13th. Zacks Research cut Towne Bank from a “hold” rating to a “strong sell” rating in a research report on Monday, May 4th. Keefe, Bruyette & Woods restated a “market perform” rating and set a $38.00 target price (down from $42.00) on shares of Towne Bank in a research report on Wednesday, May 6th. Finally, Hovde Group dropped their target price on Towne Bank from $42.00 to $41.00 and set an “outperform” rating on the stock in a research report on Monday, April 27th. Two research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $39.50.

Towne Bank Company Profile

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.