Towne Bank (TOWN) To Go Ex-Dividend on September 25th

Towne Bank (NASDAQ:TOWN) announced a quarterly dividend on Wednesday, August 26th. Stockholders of record on Friday, September 25th will be paid a dividend of 0.28 per share by the bank on Friday, October 9th. This represents a c) annualized dividend and a dividend yield of 3.1%. The ex-dividend date of this dividend is Friday, September 25th.

Towne Bank has raised its dividend by an average of 0.1%per year over the last three years and has raised its dividend every year for the last 13 years. Towne Bank has a payout ratio of 32.7% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Towne Bank to earn $3.40 per share next year, which means the company should continue to be able to cover its $1.12 annual dividend with an expected future payout ratio of 32.9%.

Towne Bank Stock Down 0.9%

Shares of TOWN opened at $36.36 on Wednesday. The company has a quick ratio of 0.88, a current ratio of 0.90 and a debt-to-equity ratio of 0.04. The company has a 50-day moving average price of $37.34 and a two-hundred day moving average price of $35.60. The stock has a market cap of $2.87 billion, a price-to-earnings ratio of 10.21 and a beta of 0.68. Towne Bank has a 12 month low of $31.91 and a 12 month high of $39.03.

Towne Bank (NASDAQ:TOWN) last issued its earnings results on Thursday, July 23rd. The bank reported $0.78 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.01). Towne Bank had a return on equity of 9.60% and a net margin of 25.64%.The company had revenue of $245.72 million during the quarter, compared to analyst estimates of $245.33 million. Equities analysts predict that Towne Bank will post 3.09 EPS for the current fiscal year.

Towne Bank Company Profile

TowneBank is a financial services company headquartered in Suffolk, Virginia. Founded in 1999 by community leaders in Hampton Roads, the company operates as the parent of TowneBank, a community bank serving southeastern Virginia and northeastern North Carolina.

Through its banking operations, TowneBank provides personal and business deposit accounts, residential and commercial lending, cash-management services, online and mobile banking, and other financial products. Its customer base includes individuals, families, small businesses, commercial enterprises, and nonprofit organizations.

Beyond traditional banking, TowneBank offers mortgage lending, wealth management, insurance, and real estate-related services through its family of companies.