Towne Bank (NASDAQ:TOWN) Plans $0.28 Quarterly Dividend

Towne Bank (NASDAQ:TOWN) announced a quarterly dividend on Wednesday, August 26th. Stockholders of record on Friday, September 25th will be given a dividend of 0.28 per share by the bank on Friday, October 9th. This represents a c) dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Friday, September 25th.

Towne Bank has increased its dividend payment by an average of 0.1%annually over the last three years and has increased its dividend every year for the last 13 years. Towne Bank has a dividend payout ratio of 32.7% meaning its dividend is sufficiently covered by earnings. 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 0.6%

Shares of NASDAQ:TOWN opened at $37.53 on Thursday. Towne Bank has a 52-week low of $31.91 and a 52-week high of $39.03. The firm has a fifty day moving average of $36.86 and a 200 day moving average of $35.40. The firm has a market capitalization of $2.96 billion, a PE ratio of 10.54 and a beta of 0.69. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.88 and a current ratio of 0.90.

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

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of Towne Bank in the 2nd quarter valued at about $210,000. California State Teachers Retirement System boosted its holdings in Towne Bank by 3,774.5% during the 2nd quarter. California State Teachers Retirement System now owns 3,752,290 shares of the bank’s stock valued at $135,983,000 after acquiring an additional 3,655,443 shares during the period. AXQ Capital LP bought a new position in Towne Bank during the 2nd quarter worth approximately $206,000. Nykredit A S bought a new position in Towne Bank during the 2nd quarter worth approximately $45,000. Finally, Live Oak Private Wealth LLC increased its stake in Towne Bank by 48.9% in the 2nd quarter. Live Oak Private Wealth LLC now owns 28,777 shares of the bank’s stock worth $1,043,000 after purchasing an additional 9,450 shares during the period. Hedge funds and other institutional investors 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.