TowneBank (NASDAQ:TOWN) Announces Earnings Results

TowneBank (NASDAQ:TOWN) posted its quarterly earnings results on Wednesday. The bank reported $0.48 EPS for the quarter, meeting 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 8.03% and a net margin of 16.33%. The business’s quarterly revenue was down 9.2% on a year-over-year basis. During the same period last year, the firm earned $0.62 earnings per share.

TowneBank Trading Down 3.1 %

TOWN traded down $0.87 on Thursday, hitting $26.88. The company had a trading volume of 94,283 shares, compared to its average volume of 242,071. The company has a market cap of $1.96 billion, a PE ratio of 12.99 and a beta of 0.89. TowneBank has a 12-month low of $21.22 and a 12-month high of $31.08. The company has a quick ratio of 0.87, a current ratio of 0.88 and a debt-to-equity ratio of 0.10. The business’s fifty day simple moving average is $27.08 and its 200 day simple moving average is $27.07.

TowneBank Announces Dividend

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

Analysts Set New Price Targets

TOWN has been the topic of a number of recent analyst reports. Raymond James raised their price target on TowneBank from $28.00 to $32.00 and gave the company an “outperform” rating in a report on Friday, January 5th. StockNews.com cut TowneBank from a “hold” rating to a “sell” rating in a report on Thursday, February 8th. One analyst has rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average 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.