TowneBank (NASDAQ:TOWN) Releases Quarterly Earnings Results, Beats Expectations By $0.02 EPS

TowneBank (NASDAQ:TOWN) posted its earnings results on Wednesday. The bank reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.02, Briefing.com reports. The business had revenue of $258.86 million during the quarter, compared to analyst estimates of $179.80 million. TowneBank had a return on equity of 7.56% and a net margin of 15.33%. During the same quarter last year, the firm earned $0.60 earnings per share.

TowneBank Price Performance

TOWN traded down $0.02 during trading on Friday, hitting $32.88. The company had a trading volume of 21,190 shares, compared to its average volume of 249,959. TowneBank has a 1-year low of $22.10 and a 1-year high of $35.74. The company has a market cap of $2.47 billion, a PE ratio of 16.37 and a beta of 0.89. The business has a 50-day moving average of $33.64 and a 200-day moving average of $30.12.

TowneBank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Monday, September 30th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.04%. The ex-dividend date of this dividend was Monday, September 30th. TowneBank’s payout ratio is currently 49.75%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on TOWN. StockNews.com raised shares of TowneBank from a “sell” rating to a “hold” rating in a research report on Monday, July 29th. Keefe, Bruyette & Woods raised shares of TowneBank from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $35.00 to $40.00 in a research report on Wednesday, October 2nd.

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.