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TowneBank announces $0.25 quarterly dividend

TowneBank (NASDAQ: TOWN) said this week its Board of Directors had authorized a quarterly cash dividend of $0.25 per share of common stock.

The dividend will be paid on July 12th to shareholders of record as of the close of business on June 28th 2024, the company said.

The dividend was kept unchanged from the previous quarterly dividend payment.

Stock Performance

The shares of TowneBank (TOWN) closed 2.46% ($0.65) higher at $27.05 on Nasdaq on Thursday, as they snapped a two-day streak of losses.

The company’s total market cap now stands at $2.029 billion.

The shares of TowneBank (TOWN) went down 3.50% in 2023, compared with a 43.42% gain for the benchmark index, Nasdaq Composite (IXIC).

The company’s shares have retreated 9.11% so far this year.

Analyst stock price forecast and recommendation

According to TipRanks, the 1 surveyed investment analyst offering 12-month price target for TowneBank’s stock had rated the latter as “Hold”. The median price target on the stock stands at $30.00, which translates into a 10.91% upside compared to the closing price on Thursday.

The high point of the analyst forecast range stands at $30.00.

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