TowneBank (TOWN) to Issue Quarterly Dividend of $0.25 on July 14th

TowneBank (NASDAQ:TOWN – Get Rating) declared a quarterly dividend on Wednesday, May 24th, Zacks reports. Investors of record on Friday, June 30th will be paid a dividend of 0.25 per share by the bank on Friday, July 14th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 4.28%. The ex-dividend date is Thursday, June 29th. This is a positive change from TowneBank’s previous quarterly dividend of $0.23.

TowneBank has raised its dividend by an average of 8.3% annually over the last three years and has raised its dividend annually for the last 11 consecutive years. TowneBank has a dividend payout ratio of 40.0% indicating that its dividend is sufficiently covered by earnings. Analysts expect TowneBank to earn $2.32 per share next year, which means the company should continue to be able to cover its $0.92 annual dividend with an expected future payout ratio of 39.7%.

TowneBank Trading Down 0.7 %

Shares of TOWN stock opened at $23.37 on Friday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.88 and a current ratio of 0.90. TowneBank has a fifty-two week low of $21.22 and a fifty-two week high of $33.42. The stock has a market capitalization of $1.70 billion, a P/E ratio of 9.39 and a beta of 0.95. The company has a 50 day moving average price of $24.55 and a 200 day moving average price of $28.65.

TowneBank (NASDAQ:TOWN – Get Rating) last posted its quarterly earnings results on Thursday, April 27th. The bank reported $0.62 EPS for the quarter, missing the consensus estimate of $0.67 by ($0.05). TowneBank had a return on equity of 10.04% and a net margin of 22.91%. The firm had revenue of $224.16 million for the quarter, compared to analyst estimates of $188.79 million. Equities research analysts predict that TowneBank will post 2.39 EPS for the current fiscal year.

Institutional Trading of TowneBank

Several institutional investors and hedge funds have recently bought and sold shares of TOWN. Tower Research Capital LLC TRC raised its position in TowneBank by 230.4% in the 1st quarter. Tower Research Capital LLC TRC now owns 1,837 shares of the bank’s stock valued at $49,000 after purchasing an additional 1,281 shares during the last quarter. Quantbot Technologies LP purchased a new stake in TowneBank in the 1st quarter valued at $123,000. Federated Hermes Inc. purchased a new stake in TowneBank in the 1st quarter valued at $128,000. Advisor Group Holdings Inc. raised its position in TowneBank by 15.3% during the 4th quarter. Advisor Group Holdings Inc. now owns 5,210 shares of the bank’s stock worth $160,000 after buying an additional 691 shares during the last quarter. Finally, Principal Financial Group Inc. purchased a new position in TowneBank during the 1st quarter worth $210,000. Hedge funds and other institutional investors own 52.75% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Keefe, Bruyette & Woods lowered their target price on shares of TowneBank from $32.00 to $28.00 and set a “market perform” rating for the company in a report on Thursday, April 6th. 22nd Century Group restated a “maintains” rating on shares of TowneBank in a report on Wednesday, May 3rd. Raymond James lowered their target price on shares of TowneBank from $34.00 to $28.00 in a report on Wednesday, May 3rd. Piper Sandler lowered their target price on shares of TowneBank from $31.00 to $28.00 in a report on Monday, May 1st. Finally, StockNews.com assumed coverage on shares of TowneBank in a report on Thursday, May 18th. They issued a “sell” rating for the company. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, TowneBank currently has an average rating of “Hold” and a consensus price target of $28.00.

TowneBank Company Profile

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TowneBank engages in the provision of retail and commercial banking services to individuals and small and medium size businesses. It operates through the following segments: Banking, Realty, and Insurance. The Banking segment offers loan and deposit services to retail and commercial customers. The Realty segment focuses on the provision of residential real estate services and originations of a variety of mortgage loans.