Towne Bank (NASDAQ:TOWN) Declares Dividend Increase – $0.28 Per Share

Towne Bank (NASDAQ:TOWN) announced a quarterly dividend on Wednesday, May 20th. Investors of record on Friday, June 26th will be paid 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 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 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% indicating that its dividend is sufficiently covered by earnings. Research 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 Trading Up 1.5%

Shares of NASDAQ:TOWN opened at $34.61 on Thursday. The company has a market capitalization of $2.73 billion, a P/E ratio of 17.48 and a beta of 0.72. Towne Bank has a 1 year low of $31.91 and a 1 year high of $37.86. The company has a debt-to-equity ratio of 0.02, a current ratio of 0.87 and a quick ratio of 0.86. The business’s 50 day simple moving average is $34.37 and its 200 day simple moving average is $34.49.

Towne Bank (NASDAQ:TOWN) last issued its quarterly earnings results on Wednesday, April 22nd. The bank reported $0.74 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.74. The business had revenue of $247.62 million for the quarter, compared to the consensus estimate of $274.02 million. Towne Bank had a return on equity of 10.48% and a net margin of 13.51%.The firm’s quarterly revenue was up 34.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.68 earnings per share. On average, research analysts anticipate that Towne Bank will post 3.15 EPS for the current fiscal 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.