Towne Bank (NASDAQ:TOWN) Posts Earnings Results, Misses Estimates By $0.01 EPS

Towne Bank (NASDAQ:TOWN) released its quarterly earnings results on Friday. The bank reported $0.70 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.71 by ($0.01), Zacks reports. Towne Bank had a return on equity of 10.11% and a net margin of 15.12%.The firm had revenue of $221.09 million for the quarter, compared to analyst estimates of $225.43 million. During the same period last year, the firm earned $0.55 EPS. The company’s quarterly revenue was up 25.3% compared to the same quarter last year.

Towne Bank Stock Performance

NASDAQ:TOWN opened at $35.00 on Friday. The company has a debt-to-equity ratio of 0.02, a current ratio of 0.87 and a quick ratio of 0.86. The firm has a market cap of $2.63 billion, a PE ratio of 15.91 and a beta of 0.78. The firm has a 50 day simple moving average of $34.63 and a 200-day simple moving average of $34.74. Towne Bank has a 1-year low of $29.43 and a 1-year high of $38.01.

Towne Bank Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 7th. Stockholders of record on Friday, December 26th were issued a dividend of $0.27 per share. The ex-dividend date was Friday, December 26th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.1%. Towne Bank’s payout ratio is 49.09%.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on TOWN shares. Weiss Ratings restated a “buy (b-)” rating on shares of Towne Bank in a report on Wednesday, January 21st. Wall Street Zen upgraded shares of Towne Bank from a “sell” rating to a “hold” rating in a research report on Sunday, October 26th. Two equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $41.00.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Tower Research Capital LLC TRC increased its stake in shares of Towne Bank by 314.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 10,329 shares of the bank’s stock valued at $353,000 after acquiring an additional 7,838 shares during the last quarter. Brevan Howard Capital Management LP acquired a new stake in shares of Towne Bank in the second quarter worth approximately $337,000. Sei Investments Co. grew its holdings in Towne Bank by 64.5% in the second quarter. Sei Investments Co. now owns 14,743 shares of the bank’s stock valued at $504,000 after purchasing an additional 5,778 shares during the period. Norges Bank purchased a new stake in Towne Bank in the second quarter valued at approximately $572,000. Finally, CIBC Bancorp USA Inc. acquired a new position in Towne Bank during the third quarter worth approximately $271,000. 55.99% of the stock is currently owned by institutional investors and hedge funds.

Towne Bank Company Profile

TowneBank is a Virginia?based financial services company organized as a bank holding company. Its primary subsidiary, TowneBank, operates a network of community banking offices and mortgage production facilities. The company offers a comprehensive range of commercial and consumer banking solutions, including deposit accounts, lending products, treasury management, and private banking services tailored to individuals, small businesses, and middle?market corporations.

In addition to traditional banking, TowneBank provides specialty services through affiliated subsidiaries.