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

TowneBank (NASDAQ:TOWN) released its quarterly earnings data on Wednesday. The bank reported $0.48 earnings per share for the quarter, hitting the consensus estimate of $0.48, Briefing.com reports. TowneBank had a net margin of 15.50% and a return on equity of 7.51%. The business had revenue of $167.10 million for the quarter, compared to analyst estimates of $169.68 million. During the same quarter last year, the firm earned $0.62 EPS. TowneBank’s quarterly revenue was down 9.2% compared to the same quarter last year.

TowneBank Price Performance

NASDAQ TOWN opened at $26.92 on Friday. The company has a quick ratio of 0.87, a current ratio of 0.88 and a debt-to-equity ratio of 0.10. TowneBank has a 12-month low of $21.22 and a 12-month high of $31.08. The company has a market capitalization of $1.96 billion, a PE ratio of 13.39 and a beta of 0.89. The firm’s 50 day moving average is $27.06 and its 200-day moving average is $27.07.

TowneBank Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Friday, March 29th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 3.71%. The ex-dividend date of this dividend was Wednesday, March 27th. TowneBank’s payout ratio is currently 49.75%.

Analyst Upgrades and Downgrades

TOWN has been the topic of several recent analyst reports. StockNews.com lowered shares of TowneBank from a “hold” rating to a “sell” rating in a research note on Thursday, February 8th. 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 research note on Friday, January 5th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target 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.