TowneBank (NASDAQ:TOWN – Get Rating) announced a quarterly dividend on Wednesday, May 24th, Zacks reports. Shareholders of record on Friday, June 30th will be paid a dividend of 0.25 per share by the bank on Friday, July 14th. This represents a $1.00 dividend on an annualized basis and a yield of 4.28%. The ex-dividend date is Thursday, June 29th. This is a boost from TowneBank’s previous quarterly dividend of $0.23.
TowneBank has increased its dividend payment by an average of 8.3% annually over the last three years and has raised its dividend annually for the last 11 consecutive years. TowneBank has a dividend payout ratio of 40.0% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect TowneBank to earn $2.32 per share next year, which means the company should continue to be able to cover its $0.92 annual dividend with an expected future payout ratio of 39.7%.
TowneBank Price Performance
NASDAQ:TOWN opened at $23.37 on Friday. The company has a 50-day moving average of $24.55 and a 200-day moving average of $28.65. The company has a market capitalization of $1.70 billion, a price-to-earnings ratio of 9.39 and a beta of 0.95. TowneBank has a 52 week low of $21.22 and a 52 week high of $33.42. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.88 and a current ratio of 0.90.
Wall Street Analyst Weigh In
TOWN has been the subject of a number of analyst reports. Raymond James reduced their price objective on shares of TowneBank from $34.00 to $28.00 in a report on Wednesday, May 3rd. Piper Sandler dropped their target price on shares of TowneBank from $31.00 to $28.00 in a research report on Monday, May 1st. 22nd Century Group reiterated a “maintains” rating on shares of TowneBank in a research report on Wednesday, May 3rd. StockNews.com started coverage on shares of TowneBank in a research report on Thursday, May 18th. They issued a “sell” rating for the company. Finally, Keefe, Bruyette & Woods lowered their price objective on shares of TowneBank from $32.00 to $28.00 and set a “market perform” rating for the company in a research report on Thursday, April 6th. One research analyst has rated the stock with a sell rating, one has given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, TowneBank presently has a consensus rating of “Hold” and an average target price of $28.00.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently bought and sold shares of TOWN. Vanguard Group Inc. lifted its stake in TowneBank by 12.9% in the first quarter. Vanguard Group Inc. now owns 7,253,308 shares of the bank’s stock valued at $217,165,000 after buying an additional 827,143 shares in the last quarter. Norges Bank bought a new position in TowneBank in the fourth quarter valued at approximately $18,040,000. State Street Corp raised its holdings in shares of TowneBank by 24.3% in the second quarter. State Street Corp now owns 1,709,804 shares of the bank’s stock valued at $46,809,000 after purchasing an additional 333,828 shares during the last quarter. BlackRock Inc. increased its holdings in TowneBank by 6.5% during the first quarter. BlackRock Inc. now owns 5,151,219 shares of the bank’s stock worth $154,227,000 after buying an additional 316,304 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in TowneBank by 7.2% during the first quarter. Dimensional Fund Advisors LP now owns 3,625,697 shares of the bank’s stock worth $96,624,000 after buying an additional 244,965 shares during the last quarter. Institutional investors own 52.75% of the company’s stock.
TowneBank Company Profile
TowneBank engages in the provision of retail and commercial banking services to individuals and small and medium size businesses. It operates through the following segments: Banking, Realty, and Insurance. The Banking segment offers loan and deposit services to retail and commercial customers. The Realty segment focuses on the provision of residential real estate services and originations of a variety of mortgage loans.
- Get a free copy of the StockNews.com research report on TowneBank (TOWN)
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