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

Towne Bank (NASDAQ:TOWN) declared a quarterly dividend on Wednesday, November 26th. Stockholders of record on Friday, December 26th will be given a dividend of 0.27 per share by the bank on Wednesday, January 7th. This represents a c) dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date is Friday, December 26th.

Towne Bank has raised its dividend by an average of 0.1%annually over the last three years and has raised its dividend every year for the last 13 years. Towne Bank has a dividend 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 Trading Down 0.4%

Shares of TOWN stock opened at $33.66 on Thursday. The company has a quick ratio of 0.85, a current ratio of 0.87 and a debt-to-equity ratio of 0.01. The firm has a market cap of $2.52 billion, a P/E ratio of 15.03 and a beta of 0.87. The company has a 50 day moving average of $33.63 and a 200-day moving average of $34.67. Towne Bank has a 12-month low of $29.43 and a 12-month high of $38.28.

Towne Bank (NASDAQ:TOWN) last announced its quarterly earnings data on Wednesday, October 22nd. The bank reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.75 by $0.08. Towne Bank had a return on equity of 9.86% and a net margin of 15.69%.The business had revenue of $215.67 million during the quarter, compared to analyst estimates of $222.28 million. During the same period in the prior year, the company earned $0.58 earnings per share. Sell-side analysts anticipate that Towne Bank will post 2.6 earnings per share for the current year.

About Towne Bank

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.