TowneBank (NASDAQ:TOWN) Plans Quarterly Dividend of $0.25

TowneBank (NASDAQ:TOWN - Get Free Report) announced a quarterly dividend on Friday, November 29th,Wall Street Journal reports. Shareholders of record on Tuesday, December 31st will be given a dividend of 0.25 per share by the bank on Tuesday, January 14th. This represents a $1.00 dividend on an annualized basis and a yield of 2.73%. The ex-dividend date is Tuesday, December 31st.

TowneBank has raised its dividend by an average of 10.8% per year over the last three years and has raised its dividend every year for the last 12 years. TowneBank has a payout ratio of 38.9% meaning its dividend is sufficiently covered by earnings. Equities analysts expect TowneBank to earn $2.53 per share next year, which means the company should continue to be able to cover its $1.00 annual dividend with an expected future payout ratio of 39.5%.

TowneBank Trading Down 0.1 %

TOWN traded down $0.05 during trading on Friday, reaching $36.63. 163,269 shares of the company's stock were exchanged, compared to its average volume of 254,911. TowneBank has a one year low of $25.70 and a one year high of $37.77. The stock has a market capitalization of $2.75 billion, a PE ratio of 18.43 and a beta of 0.89. The firm has a fifty day moving average price of $34.17 and a two-hundred day moving average price of $31.49.

TowneBank (NASDAQ:TOWN - Get Free Report) last posted its earnings results on Wednesday, October 23rd. The bank reported $0.58 earnings per share for the quarter, topping analysts' consensus estimates of $0.56 by $0.02. TowneBank had a net margin of 14.89% and a return on equity of 7.32%. The firm had revenue of $258.86 million for the quarter, compared to analyst estimates of $179.80 million. During the same period in the previous year, the firm posted $0.60 EPS. Sell-side analysts expect that TowneBank will post 2.07 earnings per share for the current year.

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods raised shares of TowneBank from a "market perform" rating to an "outperform" rating and upped their price objective for the company from $35.00 to $40.00 in a research note on Wednesday, October 2nd.

About TowneBank

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.