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

TowneBank (NASDAQ:TOWN) released its quarterly earnings data on Wednesday. The bank reported $0.48 EPS for the quarter, hitting analysts’ consensus estimates of $0.48, Briefing.com reports. TowneBank had a net margin of 16.33% and a return on equity of 8.03%. The firm had revenue of $167.10 million for the quarter, compared to the consensus estimate of $169.68 million. During the same quarter in the previous year, the firm earned $0.62 earnings per share. The firm’s revenue was down 9.2% on a year-over-year basis.

TowneBank Stock Performance

NASDAQ TOWN traded down $0.90 during trading hours on Thursday, hitting $26.85. The company had a trading volume of 64,070 shares, compared to its average volume of 241,570. 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 has a fifty day simple moving average of $27.07 and a 200-day simple moving average of $27.07. The firm has a market cap of $1.95 billion, a P/E ratio of 13.41 and a beta of 0.89. TowneBank has a fifty-two week low of $21.22 and a fifty-two week high of $31.08.

TowneBank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Friday, March 29th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 3.72%. The ex-dividend date was Wednesday, March 27th. TowneBank’s dividend payout ratio is presently 48.31%.

Wall Street Analyst Weigh In

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