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

Towne Bank (NASDAQ:TOWN) released its earnings results on Wednesday. The bank reported $0.78 earnings per share for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.01), Zacks reports. Towne Bank had a net margin of 13.51% and a return on equity of 9.91%. The company had revenue of $245.72 million during the quarter, compared to the consensus estimate of $245.33 million.

Towne Bank Trading Up 1.6%

Shares of NASDAQ TOWN traded up $0.56 during midday trading on Friday, reaching $36.51. The stock had a trading volume of 219,438 shares, compared to its average volume of 554,690. Towne Bank has a twelve month low of $31.91 and a twelve month high of $37.86. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.88 and a current ratio of 0.89. The company’s 50 day moving average price is $35.21 and its 200 day moving average price is $35.00. The firm has a market cap of $2.88 billion, a price-to-earnings ratio of 18.45 and a beta of 0.69.

Towne Bank Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, July 10th. Shareholders of record on Friday, June 26th were issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 3.1%. The ex-dividend date was Friday, June 26th. This is a positive change from Towne Bank’s previous quarterly dividend of $0.27. Towne Bank’s dividend payout ratio (DPR) is 56.57%.

Analyst Ratings Changes

A number of analysts have recently weighed in on TOWN shares. Zacks Research raised Towne Bank from a “strong sell” rating to a “hold” rating in a research note on Monday, June 29th. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $38.00 price objective (down from $42.00) on shares of Towne Bank in a research report on Wednesday, May 6th. Hovde Group dropped their target price on shares of Towne Bank from $42.00 to $41.00 and set an “outperform” rating for the company in a report on Monday, April 27th. Finally, Weiss Ratings upgraded Towne Bank from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, July 16th. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $39.50.

Institutional Investors Weigh In On Towne Bank

Several institutional investors and hedge funds have recently made changes to their positions in TOWN. EverSource Wealth Advisors LLC boosted its holdings in shares of Towne Bank by 931.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 753 shares of the bank’s stock worth $26,000 after buying an additional 680 shares in the last quarter. Quantbot Technologies LP acquired a new position in shares of Towne Bank during the second quarter valued at about $30,000. Los Angeles Capital Management LLC acquired a new stake in shares of Towne Bank in the 4th quarter valued at about $42,000. Comerica Bank boosted its holdings in Towne Bank by 199.8% in the third quarter. Comerica Bank now owns 1,676 shares of the bank’s stock worth $58,000 after acquiring an additional 1,117 shares in the last quarter. Finally, Empowered Funds LLC bought a new stake in shares of Towne Bank during the fourth quarter valued at approximately $93,000. Institutional investors own 55.99% of the company’s stock.

About Towne Bank

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.