TowneBank (TOWN) To Go Ex-Dividend on March 31st

TowneBank (NASDAQ:TOWN) announced a quarterly dividend on Wednesday, February 26th, RTT News reports. Stockholders of record on Monday, March 31st will be paid a dividend of 0.25 per share by the bank on Friday, April 11th. This represents a $1.00 annualized dividend and a dividend yield of 2.90%. The ex-dividend date of this dividend is Monday, March 31st.

TowneBank has raised its dividend payment by an average of 8.6% annually over the last three years and has increased its dividend annually for the last 13 consecutive years. TowneBank has a payout ratio of 30.9% meaning its dividend is sufficiently covered by earnings. Equities analysts expect TowneBank to earn $3.35 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 29.9%.

TowneBank Price Performance

Shares of NASDAQ:TOWN opened at $34.45 on Friday. TowneBank has a 12 month low of $25.70 and a 12 month high of $38.28. The firm has a market capitalization of $2.58 billion, a P/E ratio of 16.02 and a beta of 0.88. The company’s fifty day moving average price is $35.64 and its 200 day moving average price is $34.84.

TowneBank (NASDAQ:TOWN) last announced its earnings results on Wednesday, January 22nd. The bank reported $0.55 EPS for the quarter, beating analysts’ consensus estimates of $0.48 by $0.07. TowneBank had a net margin of 15.77% and a return on equity of 7.77%. On average, sell-side analysts anticipate that TowneBank will post 2.6 EPS for the current year.

Wall Street Analysts Forecast Growth

Separately, Stephens reissued an “equal weight” rating and set a $41.00 price target on shares of TowneBank in a report on Thursday, January 23rd.

TowneBank Company Profile

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.