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.
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
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.
- Get a free copy of the StockNews.com research report on TowneBank (TOWN)
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