TowneBank (NASDAQ:TOWN) Issues Quarterly Earnings Results, Hits Estimates

TowneBank (NASDAQ:TOWN) announced its earnings results on Wednesday. The bank reported $0.48 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.48, Briefing.com reports. TowneBank had a return on equity of 8.03% and a net margin of 16.33%. The firm had revenue of $167.10 million during the quarter, compared to analyst estimates of $169.68 million. During the same period last year, the firm posted $0.62 EPS. The business’s revenue was down 9.2% compared to the same quarter last year.

TowneBank Price Performance

TOWN traded down $0.90 during midday trading on Thursday, hitting $26.85. 64,070 shares of the company traded hands, compared to its average volume of 241,570. The company has a market capitalization of $1.95 billion, a price-to-earnings ratio of 13.41 and a beta of 0.89. The company has a current ratio of 0.88, a quick ratio of 0.87 and a debt-to-equity ratio of 0.10. TowneBank has a 52-week low of $21.22 and a 52-week high of $31.08. The business has a 50 day simple moving average of $27.07 and a two-hundred day simple moving average of $27.07.

TowneBank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Friday, March 29th were given a dividend of $0.25 per share. The ex-dividend date was Wednesday, March 27th. This represents a $1.00 dividend on an annualized basis and a yield of 3.72%. TowneBank’s dividend payout ratio is currently 48.31%.

Analyst Ratings Changes

TOWN has been the subject of a number of research analyst reports. Raymond James lifted their price objective on shares of TowneBank from $28.00 to $32.00 and gave the stock an “outperform” rating in a report on Friday, January 5th. StockNews.com lowered shares of TowneBank from a “hold” rating to a “sell” rating in a research note on Thursday, February 8th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, TowneBank presently has a consensus rating of “Hold” and a consensus target price of $29.00.

TowneBank Company Profile

TowneBank provides retail and commercial banking services for individuals, commercial enterprises, and professionals. The company operates through three segments: Banking, Realty, and Insurance. It accepts various deposits, including demand deposits, savings accounts, money rate savings, certificates of deposit, and individual retirement accounts.