TowneBank (NASDAQ:TOWN) Issues Quarterly Earnings Results, Beats Expectations By $0.02 EPS

TowneBank (NASDAQ:TOWN) released its earnings results on Wednesday. The bank reported $0.58 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.02, Briefing.com reports. TowneBank had a net margin of 15.33% and a return on equity of 7.56%. During the same quarter in the prior year, the firm posted $0.60 earnings per share.

TowneBank Stock Down 3.1 %

NASDAQ:TOWN opened at $32.90 on Friday. TowneBank has a twelve month low of $21.66 and a twelve month high of $35.74. The company has a fifty day moving average of $33.64 and a 200-day moving average of $30.12. The firm has a market capitalization of $2.47 billion, a P/E ratio of 16.37 and a beta of 0.89.

TowneBank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Monday, September 30th were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 3.04%. The ex-dividend date of this dividend was Monday, September 30th. TowneBank’s dividend payout ratio (DPR) is 49.75%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Keefe, Bruyette & Woods upgraded shares of TowneBank from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $35.00 to $40.00 in a research report on Wednesday, October 2nd. StockNews.com upgraded TowneBank from a “sell” rating to a “hold” rating in a report on Monday, July 29th.

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.