Towne Bank (TOWN) to Issue Quarterly Dividend of $0.28 on July 10th

Towne Bank (NASDAQ:TOWN) declared a quarterly dividend on Tuesday, May 19th. Stockholders of record on Friday, June 26th will be paid a dividend of 0.28 per share by the bank on Friday, July 10th. This represents a c) dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend is Friday, June 26th. This is a 3.7% increase from Towne Bank’s previous quarterly dividend of $0.27.

Towne Bank has increased its dividend payment by an average of 0.1%annually over the last three years and has increased its dividend annually for the last 13 consecutive years. Towne Bank has a payout ratio of 32.7% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Towne Bank to earn $3.45 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 32.5%.

Towne Bank Stock Performance

Shares of Towne Bank stock opened at $35.54 on Wednesday. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 0.07. Towne Bank has a twelve month low of $31.91 and a twelve month high of $37.86. The stock has a market cap of $2.81 billion, a price-to-earnings ratio of 17.95 and a beta of 0.70. The company’s fifty day moving average is $34.79 and its 200 day moving average is $34.73.

Towne Bank (NASDAQ:TOWN) last posted its quarterly earnings data on Wednesday, April 22nd. The bank reported $0.74 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.74. The business had revenue of $247.62 million during the quarter, compared to the consensus estimate of $274.02 million. Towne Bank had a return on equity of 9.91% and a net margin of 13.51%.Towne Bank’s quarterly revenue was up 34.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.68 earnings per share. Sell-side analysts forecast that Towne Bank will post 3.15 EPS for the current year.

Hedge Funds Weigh In On Towne Bank

Several hedge funds and other institutional investors have recently bought and sold shares of TOWN. Vanguard Group Inc. grew its holdings in Towne Bank by 5.8% during the 4th quarter. Vanguard Group Inc. now owns 8,082,514 shares of the bank’s stock worth $269,713,000 after acquiring an additional 443,345 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Towne Bank by 1.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,399,012 shares of the bank’s stock valued at $148,114,000 after purchasing an additional 59,267 shares during the period. State Street Corp lifted its stake in shares of Towne Bank by 1.0% in the 4th quarter. State Street Corp now owns 2,138,398 shares of the bank’s stock valued at $71,931,000 after purchasing an additional 21,482 shares during the period. Geode Capital Management LLC boosted its position in shares of Towne Bank by 0.7% during the 4th quarter. Geode Capital Management LLC now owns 1,811,213 shares of the bank’s stock valued at $60,448,000 after purchasing an additional 12,672 shares in the last quarter. Finally, Patriot Financial Partners GP II L.P. acquired a new stake in Towne Bank during the first quarter worth approximately $51,116,000. Institutional investors and hedge funds own 55.99% of the company’s stock.

Towne Bank Company Profile

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.