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

TowneBank (NASDAQ:TOWN) posted its quarterly earnings results on Wednesday. The bank reported $0.48 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.48, Briefing.com reports. The firm had revenue of $167.10 million during the quarter, compared to analysts’ expectations of $169.68 million. TowneBank had a net margin of 15.50% and a return on equity of 7.51%. The firm’s revenue for the quarter was down 9.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.62 earnings per share.

TowneBank Trading Down 0.8 %

Shares of TOWN opened at $26.92 on Friday. The firm has a market capitalization of $1.96 billion, a P/E ratio of 13.39 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 twelve month low of $21.22 and a twelve month high of $31.08. The firm’s 50-day moving average is $27.06 and its two-hundred day moving average is $27.07.

TowneBank Dividend Announcement

The business also recently announced 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 annualized dividend and a yield of 3.71%. TowneBank’s payout ratio is currently 49.75%.

Analysts Set New Price Targets

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

About TowneBank

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.