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

Towne Bank (NASDAQ:TOWN) announced a quarterly dividend on Wednesday, February 25th. Stockholders of record on Tuesday, March 31st will be paid a dividend of 0.27 per share by the bank on Friday, April 10th. This represents a c) annualized dividend and a dividend yield of 3.3%. The ex-dividend date is Tuesday, March 31st.

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 31.6% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Towne Bank to earn $3.35 per share next year, which means the company should continue to be able to cover its $1.08 annual dividend with an expected future payout ratio of 32.2%.

Towne Bank Stock Down 0.7%

NASDAQ TOWN opened at $33.16 on Friday. The stock has a 50 day moving average price of $34.89 and a 200-day moving average price of $34.35. Towne Bank has a one year low of $29.43 and a one year high of $37.86. The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.86 and a current ratio of 0.87. The company has a market capitalization of $2.62 billion, a P/E ratio of 15.07 and a beta of 0.75.

Towne Bank (NASDAQ:TOWN) last announced its quarterly earnings results on Friday, January 30th. The bank reported $0.70 earnings per share for the quarter, missing the consensus estimate of $0.71 by ($0.01). The business had revenue of $221.09 million during the quarter, compared to the consensus estimate of $225.43 million. Towne Bank had a return on equity of 9.95% and a net margin of 15.12%.During the same quarter in the prior year, the firm posted $0.55 EPS. The company’s revenue for the quarter was up 25.3% on a year-over-year basis. As a group, equities analysts predict that Towne Bank will post 2.6 EPS for the current fiscal year.

About Towne Bank

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.