Towne Bank (NASDAQ:TOWN) Announces $0.28 Quarterly Dividend

Towne Bank (NASDAQ:TOWN) declared a quarterly dividend on Wednesday, August 26th. Shareholders of record on Friday, September 25th will be given a dividend of 0.28 per share by the bank on Friday, October 9th. This represents a c) annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend is Friday, September 25th.

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 32.7% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Towne Bank to earn $3.40 per share next year, which means the company should continue to be able to cover its $1.12 annual dividend with an expected future payout ratio of 32.9%.

Towne Bank Price Performance

Shares of NASDAQ:TOWN opened at $37.53 on Thursday. The company has a market capitalization of $2.96 billion, a PE ratio of 10.54 and a beta of 0.69. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.88 and a current ratio of 0.90. The stock has a fifty day moving average of $36.86 and a 200-day moving average of $35.40. Towne Bank has a one year low of $31.91 and a one year high of $39.03.

Towne Bank (NASDAQ:TOWN) last announced its earnings results on Thursday, July 23rd. The bank reported $0.78 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.01). Towne Bank had a return on equity of 9.60% and a net margin of 25.64%.The company had revenue of $245.72 million for the quarter, compared to analyst estimates of $245.33 million. As a group, equities analysts anticipate that Towne Bank will post 3.09 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TOWN. EverSource Wealth Advisors LLC lifted its position in Towne Bank by 931.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 753 shares of the bank’s stock worth $26,000 after buying an additional 680 shares in the last quarter. Abound Financial LLC acquired a new stake in Towne Bank during the fourth quarter valued at $27,000. Quantbot Technologies LP purchased a new position in Towne Bank in the second quarter valued at about $30,000. Public Employees Retirement System of Ohio purchased a new stake in shares of Towne Bank during the 2nd quarter worth about $33,000. Finally, Los Angeles Capital Management LLC bought a new stake in shares of Towne Bank in the 4th quarter valued at approximately $42,000. 55.99% of the stock is owned by hedge funds and other institutional investors.

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.