Towne Bank (NASDAQ:TOWN) Declares Dividend of $0.70

Towne Bank (NASDAQ:TOWN) announced a dividend on Thursday, April 23rd. Shareholders of record on Monday, May 4th will be given a dividend of 0.70 per share by the bank on Wednesday, May 20th. The ex-dividend date is Monday, May 4th.

Towne Bank has raised its dividend by an average of 0.1%per year over the last three years and has raised its dividend annually for the last 13 consecutive years. Towne Bank has a dividend payout ratio of 31.6% meaning its dividend is sufficiently covered by earnings. Analysts expect Towne Bank to earn $3.75 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 28.8%.

Towne Bank Stock Performance

Shares of TOWN stock traded down $0.23 during mid-day trading on Thursday, reaching $35.22. 631,521 shares of the company’s stock traded hands, compared to its average volume of 504,659. Towne Bank has a 12 month low of $31.91 and a 12 month high of $37.86. The firm has a 50 day moving average price of $34.45 and a two-hundred day moving average price of $34.31. 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 firm has a market capitalization of $2.78 billion, a PE ratio of 16.01 and a beta of 0.72.

Towne Bank (NASDAQ:TOWN) last issued its quarterly earnings data on Wednesday, April 22nd. The bank reported $0.74 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.17). Towne Bank had a net margin of 15.12% and a return on equity of 9.95%. The business had revenue of $247.62 million for the quarter, compared to the consensus estimate of $274.02 million. During the same period in the previous year, the firm earned $0.68 EPS. The company’s revenue was up 34.6% on a year-over-year basis. On average, research analysts forecast that Towne Bank will post 3.35 EPS for the current year.

Hedge Funds Weigh In On Towne Bank

Hedge funds have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC grew its holdings in Towne Bank by 931.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 753 shares of the bank’s stock valued at $26,000 after purchasing an additional 680 shares during the last quarter. Abound Financial LLC bought a new position in Towne Bank during the 4th quarter valued at about $27,000. Richardson Financial Services Inc. grew its holdings in Towne Bank by 150.3% during the 3rd quarter. Richardson Financial Services Inc. now owns 816 shares of the bank’s stock valued at $28,000 after purchasing an additional 490 shares during the last quarter. Quantbot Technologies LP bought a new position in Towne Bank during the 2nd quarter valued at about $30,000. Finally, Atlantic Union Bankshares Corp bought a new position in Towne Bank during the 3rd quarter valued at about $35,000. 55.99% of the stock is currently owned by institutional investors.

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.