TowneBank (NASDAQ:TOWN) Releases Earnings Results, Meets Estimates

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

TowneBank Trading Down 2.2 %

TOWN stock opened at $27.15 on Friday. The firm has a market cap of $1.98 billion, a P/E ratio of 13.51 and a beta of 0.89. TowneBank has a 1-year low of $21.22 and a 1-year high of $31.08. The business’s 50 day moving average is $27.08 and its 200-day moving average is $27.07. 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 Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Friday, March 29th were paid a $0.25 dividend. The ex-dividend date was Wednesday, March 27th. This represents a $1.00 annualized dividend and a dividend yield of 3.68%. TowneBank’s dividend payout ratio is currently 49.75%.

Analysts Set New Price Targets

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